Conduent Inc., a global technology-led business solutions and services company, launched its latest Finance, Accounting, and Procurement (FAP) software solution, FastCap Finance Analytics, the company said Thursday (Oct. 19).
The platform aims to uncover hidden working capital, enabling businesses to free up cash for operations, enhance financial security, and support growth. With fragmented technology and limited automation tools often hindering finance teams’ ability to pinpoint cash leakage, the company said that FastCap provides accurate and timely analytics and reporting to address these challenges.
Access to working capital is an ongoing issue for small to medium-sized businesses. Earlier this week, European small business lender iwoca said it raised $243 million in new funding that is earmarked for SMBs for working capital projects.
According to Conduent, FastCap combines its expertise and advanced technology to deliver the highest value in capital recovery. By utilizing an outcome-based pricing model, Conduent can quickly identify the best areas to recapture significant funds without causing disruption or risk to a business. The implementation of FastCap has already demonstrated remarkable results, the company said, delivering $69 million in cost savings through recoveries, optimizing the supply base, and improving contract compliance by 33% across 17 clients within 12 months.
FastCap Finance Analytics offers a range of tools and capabilities to drive improved business outcomes. These include Spend Forensics, which analyzes financial data across targeted categories to provide recommendations and identify opportunities for quick wins, enabling businesses to optimize their spending. The software also features Accounts Payable Post Payment Audit & Recovery, which identifies and recovers erroneous payments, overpayments, duplicate payments, and other errors after payment has been made, ensuring financial accuracy and preventing future losses.
Another key feature is Vendor Statement Solicitation & Recovery, which validates outstanding statement credits to determine the root cause of issues and recover the credits, improving vendor relationships and financial efficiency. FastCap also offers Contract Audits, which digitizes contracts, purchase orders and invoices to identify key leakage areas, enabling businesses to address contract-related financial discrepancies. Additionally, the software includes Freight Audits, focusing on small parcel shipments via freight payables, identifying and auditing to improve rates, collect overpayments and recover duplicate payments, resulting in cost savings.
Conduent’s Procure to Pay Solutions, including FastCap Finance Analytics, has been recognized as a “Rising Star” by ISG Information Services Group, a leading global technology research and advisory firm. This acknowledgment highlights Conduent’s domain expertise and P2P analytics platform, which deliver actionable insights, prevent revenue leakage, and achieve optimal business outcomes.
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