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South Africa, Technology
When customers make purchases with credit cards, the process involves multiple intermediates and is subject to cancellations, delays and losses. For large companies that realize thousands of credit card transactions each day, monitoring this process is virtually impossible without the appropriate software. Wagner and Mauricio Furtado, both from the financial services sector, launched Cash Monitor in 2005 to help CFOs address this challenge.
In 2005, after 25 years of executive advising, Wagner decided to apply his knowledge and start a new venture. He set about designing an automated solution to help financial executives monitor their company’s cash. In need of a partner, Wagner approached his son Mauricio who had just graduated from Brazil’s top business university.
In the beginning of 2009, the father and son team started calling prospects. After some refining work, the company got its big break in 2011, when GXS, the world leader in electronic data interchange services, selected Cash Monitor as the best credit card reconciliation solution to offer to its clients.
Cash Monitor’s cloud based solutions receives all of a company’s financial information from its banks and credit card acquirers, and automatically standardizes and organizes it into easy-to-read formats. Through the company’s portal, clients can monitor their credit card receivables to ensure that each transaction is being processed correctly. This prevents companies from overestimating cash for investment and enables them to recover funds that may otherwise be lost. The entrepreneurs have built from scratch a technology that has the potential to change an industry.
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