Sidetrade announced that it has signed a worldwide contract with a Fortune 500 German life sciences company. signed for an initial five-year period, this agreement will specifically deploy the Sidetrade AI Cash Application module. A Global Fortune 500 agrochemical and pharmaceutical giant has kick-started a strategic global IT program.

One of the objectives is to streamline Contract-to-Cash processes by implementing cutting-edge technologies. Against this background, the company issued a worldwide request for proposal to select the best-in-class automated Cash Application leveraging AI and machine learning algorithms to allocate customer incoming payments against open items. The company, strongly committed to innovation, involved its Finance and IT departments in a rigorous global selection process. The company eventually selected Sidetrade's CashApps solution on an initial five-year contract, to equip its entities across the globe.

Over a hundred people in multiple shared service centers worldwide will benefit from Sidetrade by enhancing their performance and increasing their visibility in the allocation of millions of customer invoices with banked payments. CashApps solution is designed to automate the allocation of invoices which were previously managed manually or using alternative market solutions. Thanks to its machine learning algorithms, the CashApps solution will be able to allocate customer payment notices to open invoices, offering automated allocation in over 90% of cases.

This German multinational joins an extensive group of life sciences companies that already entrust Sidetrade with the continuous improvement of their Order-to-Cash processes.