Case Study: TCL Corp achieves 97% touchless cash posting and eliminates bank lockbox fees with HighRadius Cash Application Software

How TCL Corp Achieved 97% Touchless Cash Posting with the Help of HRC AI-Powered Cash Application Software

TCL Corp, the world’s third-largest television producer, faced an extremely manual, time-consuming cash posting process with only seven analysts handling thousands of open invoices across 23 bank interfaces and 60 accounts. The complex payments landscape, low header/account hit rates and high lockbox fees made accurate and efficient cash application a major challenge, so TCL engaged HighRadius and its Cash Application software to automate the function.

HighRadius deployed its AI-powered Cash Application solution—using multi-OCR extraction, web bots and automated business rules—to auto-match payments, extract remittances and validate deductions. The implementation delivered measurable impact: 97% invoice-level hit rate for cash allocation, 73% deductions auto-coded, 45% account hit rate and 100% elimination of bank lockbox fees, significantly reducing analyst workload and operational costs.

TCL