Enriching almost one third (33%) of the dataset for automatic reconciliation processes
Automation of all cases that would require user intervention
Total elimination of the minimal errors produced by automated suggestions
Customers save up to 10 hours per week and have reduced errors in their accounting
Innovation: This partnering puts them on the cutting edge and makes Embat a technology pioneer
The Spanish fintech company deployed a cutting-edge generative artificial intelligence model to continue tackling major challenges in the market.
The Spanish fintech company deployed a cutting-edge generative artificial intelligence model to continue tackling major challenges in the market.
The challenge of transforming
treasury into a driver of growth
Embat is a Spanish fintech company that was created with a clear purpose: to meet financial sector needs. Set up by experts for experts in 2021, the start-up stems from a decision by its founders (Antonio Berga, Tomás Gil, and Carlos Serrano) to cover a common critical point in cash and treasury management: a lack of suitable tools for rigorous and immediate control of inflow and outflow, as well as debt positions.
The first step was to design a platform capable of providing any business with a holistic view of its finances and managing all treasury tasks comprehensively and in real time. In order to swiftly adapt to changes in the financial market and the new needs of customers, it was clear that this platform had to be developed from an agile, productive, and scalable cloud. The solution? To launch the start-up with Google Cloud.
Having developed the platform, Embat gave new meaning to treasury and transformed it into a lever for growth at medium-sized and large companies. By automating their processes, its customers could now see cash positions in their banking systems, analyse cash flow ledgers, control the source of revenue and expenditure, plan reliable treasury cash flow forecasts and build different scenarios for strategic decision-making based on objective data. However, new challenges for the financial sector would soon emerge.
AI-based treasury was here to stay
Although it had already automated accounting processes and suggestions successfully, Embat wanted to go a step further. Certain complex tasks were still being performed manually and taking up most of the time spent by teams engaged in bank reconciliation, such as multicurrency accounting and invoice remittance. In early 2023, Embat and Google Cloud began searching for the best way to optimize these processes because their complexity meant they could not be tackled with standard machine learning solutions.
The solution lay in Vertex AI Generative Artificial Intelligence, the large language model (LLM) from Google Cloud capable of breaking down a complex task into simpler sub-tasks. This version, which excels at such advanced reasoning tasks as codes, mathematics, classification and natural language generation, helped to enrich almost one third (32.7%) of the dataset for automatic reconciliation processes and achieve maximums of over 60% of the data at some customers. Embat was, therefore, able to extract more relevant information, drastically reduce the amount of data being used and offer more accurate suggestions more closely suited to its customers without needing a specific data set to train the system and with a response rate of 91.5%.
The evolution achieved with the Generative AI of Vertex AI gave Embat a major competitive edge. By working with Google Cloud and accessing market-fresh solutions, Embat became one of the first Spanish fintech companies to automate the most complex financial processes.
Saving time and manual labor, and the future of Embat
Behind the scenes, implementation of the Generative AI of Vertex AI enabled Embat to automate all cases that would require user intervention (5%) and eliminate the -minimal- errors that were still being produced by automated suggestions (2.2%). From a customer perspective, it provided an automatic accounting solution with a settlement proposal engine that uses artificial intelligence and machine learning to generate an automatic daily log of receipts and payments, saving up to 10 hours per week and reducing accounting errors.
The automation of these manual and repetitive processes, both simple and complex, enabled Embat to become the solution that lets finance teams save up to 75% of their time so they can spend it on what matters most: the strategic part of the business and achieving a better work-life balance.
Today, the entire Embat solution is based on products from Google Cloud: the hosting, the microservices architecture, the external APIs for integrations with ERP, analytics and the database. The fintech will soon be launching new solutions, such as Gemini for Google Workspace, and new knowledge in the form of the training and certifications currently being undertaken by its employees. It also continues to conduct concept tests on other automation processes for implementing the latest technology from Google Cloud and maintaining its position as an innovative and agile company.
That is why this success story is far from over. Embat will continue its search for new ways to excel, constantly evolving and moving forward, listening to the needs of its customers so as to identify new opportunities and challenges. For that reason, it has cloud infrastructure that accompanies and supports it with cutting-edge technology in a productive, secure, and scalable manner.
Embat is a Spanish fintech company that has transformed treasury into a lever for global growth. Set up in 2021, it now helps finance teams at medium-sized and large companies to automate manual and repetitive processes, as well as to comprehensively manage the treasury overall; thereby achieving a time save of up to 75%.
Industry: Financial Services
Location: Spain
Products: Google Cloud, Generative AI support on Vertex AI, Gemini for Google Workspace
