Ultimately, there are two options: hire staff to deal with increasing volumes manually or implement automation and process improvements. At CRX Markets, our teams constantly work on improving daily operational processes and continuously implementing new features to reduce manual efforts to a bare minimum.
On the CRX marketplace, all payment processes are end-to-end automated and require hardly any manual intervention. The full process runs as follows: once the system has allocated invoices to a financing partner, it automatically sends payment instructions to this financing partner via electronic channels. As soon as the early payments to suppliers are executed by the relevant financing partner, the system processes the electronic payment confirmations and matches these with open invoices marking them as financed. At invoice maturity, the system recognizes the incoming buyer payments on the financing partners’ accounts and subsequently marks the invoice as closed. Due to the high level of automation, our existing operations team could easily handle the increase in number of invoices of over 600% in 2020 compared to 2019. Within the next weeks, the one millionth invoice will be financed via the CRX marketplace, and we are ready to finance many more.
The basis for increasing financing volumes on our digital marketplace is the continuous onboarding of new clients and the extension of existing programs. To manage this, we have optimized the supplier registration process. Since December 2020, suppliers have been able to easily create their company profile, set up users and bank accounts and upload documents directly to the CRX marketplace and then sign automatically generated contracts completely digitally. The new process works which can be highlighted by the fact that we have now onboarded suppliers from over 50 different countries and all continents in the world, with the fastest suppliers needing less than 30 minutes to complete their registration and parametrization.
As more clients and more business naturally mean more questions on product and processes, we are very happy that we just went live with our improved and client-centric support concept for the CRX marketplace. The new CRX Markets HelpDesk has been seamlessly integrated into the CRX marketplace granting users access to many helpful articles and videos, e.g., on how to best configure the CRX marketplace for their use-case. If the new self-help functionality is not sufficient, users can also raise support requests directly from the HelpDesk or give us a call using our support hotlines as usual. We are always happy to provide further assistance continuing our efforts to provide above average user experience and great client satisfaction.
Automation and process improvements are the basis for further scaling the global CRX marketplace as well as meeting the growing demand for working capital financing. Simple and smooth registration processes and the best digital and personal support ensure client satisfaction and enable a quick launch of early payment programs.