Solarisbank, the leading Banking-as-a-Service platform in Europe, aims to change all that.
“Our mission is to empower any business to offer financial services and deploy innovative customer-facing products quickly,” says Maria Skoczowsky, Head of Accounting at Solarisbank. “We achieve this through our comprehensive Banking-as-a-Service platform, which allows clients to embed advanced digital capabilities into their product offerings via APIs.”
By providing commodity-like financial services that are cutting edge, compliant and cost-efficient, Solarisbank has set its sights on rapid growth. As well as forging new B2B partnerships in its domestic market in Germany, the company is expanding into new markets in the European Economic Area and the UK.
“In the long term, we want to build a wider ecosystem for our embedded financial services,” Skoczowsky says. “As our business volumes increase year-on-year, it’s crucial that our back-office processes stay lean and efficient.”
Solarisbank identified its accounts payable (AP) workflows as a valuable opportunity for improvement. In the past, two full-time equivalents (FTEs) would process inbound invoices by hand. Each month, the AP team manually rekeyed information from scanned and PDF invoices into an electronic invoice approval tool. After securing the necessary approvals via the tool, the AP team manually keyed the data into a second system for posting and payment.
“Because we were using two manual systems for approvals and posting, there was always the risk of human error creeping into the AP process,” explains Skoczowsky. “The old way of working made essential tasks, such as month-end closing and audits, very time-consuming. Our business is growing quickly, and we knew that processing invoices by hand would be unsustainable in the long term.”
To solve these challenges, Solarisbank decided to move to the next-generation ERP, SAP S/4HANA®. The new approach promised to automate core AP tasks, accelerate key processes and deliver deeper insight into cost centers. To unlock these benefits, the company looked for a way to digitize the processing of inbound invoices from end to end.
To build accurate and compliant AP workflows, Solarisbank has augmented its SAP S/4HANA solution with OpenText™ Core Archive for SAP® Solutions, OpenText™ Core Capture for SAP® Solutions and OpenText™ Vendor Invoice Management for SAP® Solutions, hosted in the OpenText™ Cloud.