Case Study: Southwire achieves zero-touch payment processing with HighRadius A/R automation

Southwire automates payments with HighRadius, eliminating 100% of lockbox keying-in fees

Southwire, a major North American wire and cable producer, faced significant challenges in its accounts receivable process. Manual aggregation of remittance data from multiple sources led to delayed cash application. The company also struggled with high volumes of manual deduction research and incurred heavy operational expenses from lockbox keying fees. To address these issues, Southwire partnered with HighRadius for its artificial intelligence-enabled accounts receivable automation solutions.

HighRadius implemented its cloud-based solutions to automate Southwire's payment processing end-to-end. The solution provided seamless cash application by automatically capturing payment information and an AI-powered OCR engine to accurately capture data from check stubs. It also automated deduction coding and linked backup documents. As a result, Southwire achieved a zero-touch payment process, completely eliminating lockbox fees and automating the identification and reason code mapping of deductions. HighRadius's solution delivered substantial efficiency gains and cost savings for the customer.

Southwire