- Client: Leading global cryptocurrency financial services company
- Industry type: Cryptocurrency
- Products or services: Cryptocurrency wallet, cryptocurrency exchange
- Areas of operations: Global presence
A leading global cryptocurrency exchange had grown to handle financial transactions 24x7 collectively worth more than $1 trillion. The sheer volume of transactions threatened to slow data reconciliation and accounting, potentially resulting in a poor customer experience and inhibiting the crypto leader’s growth. The company needed a solution to accelerate intercompany accounting without compromising data accuracy.
Working with Wipro’s ERP Finance Cloud experts and technical architects, the company assessed its existing system, environment and processes. Leveraging Wipro’s Digital Navigator Advisory (DNA), the team developed a two-year, three-phase finance transformation roadmap that aligned with the company’s future ambitions. Central to the solution, Wipro recommended Oracle ERP Cloud and EPM Cloud as the new financial and accounting system to accelerate intercompany accounting.
The first phase included Procure to Pay modules (Purchasing, AP and GL) for internal purchasing and employee expense management. The second phase resolved intercompany accounting using Accounting Hub Cloud and GL, which integrated with the cryptocurrency trading platforms. The final phase, once complete, will integrate the enterprise performance management (EPM) solution to include planning and financial consolidation, along with close and account reconciliation to reduce settlement times and provide end-to-end visibility of all financial transactions.
Using this integrated system, the cryptocurrency leader could streamline its procurement and financial reporting, accelerate its accounting processes, provide a faster (and thus better) customer experience, and have a platform ready to accommodate its future growth.
With its new Oracle ERP Cloud and EPM Cloud system, the company’s period close cycle was reduced 66.7%, from 15 days to five. The company also gained access to error-free and automated financial records, the ability to easily onboard new branches, and a system that streamlined merger and acquisition processes. Once the final phase is complete, further enhancements such as end-to-end visibility of financial transactions will help the company improve its short- and long-term strategic planning, enabling a smooth financial path for the company’s continued expansion.