The companies recently joined forces to improve digital invoicing, and their new solutions will be present at the Congress.

For banks, adapting to new technologies and forms of consumption is not only limited to having a website or promoting a financial services App.

Technological advances allow economic sectors to evolve and adjust, more and more, to new trends to provide a more efficient experience for their employees and customers.

Faced with this reality, Bradesco and Xerox began a journey to evaluate how to improve the process of receiving and paying invoices through a project in which the bank’s systems and accounts payable departments participated.

Xerox will be presenting the results of this project and the solutions derived from it at the 8th America Digital Tech & Business Mexico 2023.

You will be able to visit booth D34 on the exhibition floor and learn about the billing tools that have been developed to evolve the banking industry.

Improvements to the billing process

“One of the biggest challenges was to create a platform that would integrate all the processes, rules and functionalities, according to the Brazilian tax system and Bradesco’s needs”, explains Ricardo Karbage, General Director of Xerox Brazil.

“In the previous format, 60 departments received, analyzed and validated documents, which took up to 10 days to be received by the accounts payable area, to initiate the tax settlement, tax withholding and payment flow from the physical document.

Now, with the electronic process, all movements are digital, eliminating the transfer between areas and the risk of document loss”, he says.

In total, the cycle was carried out in an average of 20 days, with high processing and storage costs, great operational work and greater exposure to risks.

In addition to the significant consumption of paper – if stacked, a year’s worth of physical invoices would be equivalent to a tower of 48 meters or 16 floors.

Currently, this entire process of validating documents in public databases, verifying taxes and making them available for payment is done in just one day.

Expanding opportunities

Xerox and Bradesco identified important improvements with the implementation of a digital process, which in the first phase absorbed more than 240 thousand payments / year.

With the implementation of the second phase, 420,000 payments per year will be automatically processed, leveraging the benefits already verified:

• Agility in the payment chain

• Integration with the purchasing conveyor (approval, management and monitoring)

• Reduction in paper consumption: 420,000 documents per year, not counting attachments, which can double this amount

• Automatic validation of documents with Regulatory Agencies.

• Assertiveness and security in tax analysis

• Lower incidence of penalties for late payments

• Less exposure to operational risks

• Increased information security

“With Xerox Capture and Content Services, we have a truly digital platform, without the need to print or use paper. With the electronic invoice project, we achieved greater digitization, process optimization, payment system integration, better performance, and cost reduction,” adds Ronaldo Lira, Accounts Payable Manager at Bradesco.

“Due to the sensitive nature of the information and the urgent need to speed up these processes, Xerox proved to be the best option, since its broad portfolio of work includes government agencies, universities and companies relevant to our context,” concluded Lira.

Participate in the 8th America Digital Congress Mexico 2023 and learn about Xerox solutions and its new billing partner. Buy your tickets here