The project is under Aston University’s Knowledge Transfer Partnerships (KTP) scheme, a world-leading programme that connects businesses with academic sources.
Rimilia designs, develops and implements intelligent finance solutions that harness artificial intelligence and machine learning algorithms to automate accounts receivable processes including, cash allocation, credit management and bank reconciliation.
The new KTP project will uncover factors behind payment behaviour that will help businesses and financial professionals. As part of the programme, Dr Ali Rezaei Yazdi, a KTP associate who gained his PhD in Artificial Intelligence from Aston University, has joined the Rimilia research and development team as data scientist.
Dr Yazdi will lead the three-year project to analyse financial big data to investigate payment behaviours and trends using AI, machine learning and other mathematical and computational modelling tools. Techniques used will include probability analysis, decision trees, neural networks, regression models and other classification models, and advanced data visualization tools.
He said: “This cutting-edge project is an invaluable extension to Rimilia’s AI-based fintech products and experience. Rimilia’s data is rich, complex and ideal for this type of detailed analysis and modelling.
“My job is to extract valuable insight from data analysis to help financial teams make informed and fast decisions. I’m excited to be part of the Rimilia family and to work alongside the R&D team to uncover new opportunities in fintech and AI."
Jamie Cunningham, CTO, Rimilia said: “As a company that has in-house R&D and product development we are continuously looking for ways to push the envelope and to unveil opportunities to innovate – a dedicated project such as this, in partnership with an academic resource as prestigious as Aston University, will allow us to go steps further and to study and harness patterns, opportunities and explore new fintech technologies.”
Martin May, KTP Manager at Aston University added: “The Knowledge Transfer Partnership (KTP) with Rimilia is a great opportunity for Aston University’s Systems Analytics Research Institute to apply its latest research to real world data in a commercial context. This project demonstrates the power of KTP to address strategic business issues by embedding knowledge that supports growth.”
Notes to the editor
Knowledge Transfer Partnerships (KTP) is a UK-wide programme that has been helping businesses for the past 40 years to improve their competitiveness and productivity through the better use of knowledge, technology and skills that reside within the UK Knowledge Base.
A Knowledge Transfer Partnership serves to meet a core strategic need and to identify innovative solutions to help that business grow. KTP often delivers significant increased profitability for business partners as a direct result of the partnership through improved quality and operations, increased sales and access to new markets. http://ktp.innovateuk.org/
Rimilia provides intelligent, automated financial solutions to dramatically improve cash application, remittance services and credit collection processes. Harnessing machine learning, predictive analysis and artificial intelligence, Rimilia enables corporates, lockbox providers and Fortune 1000 businesses to increase throughput, resolve unaccounted payments, gain transparency of transactions, and apply valuable predictive insight and dynamic decision-making into payment processes.
Rimilia’s Alloc8 Cash software automates the manually-intensive process of matching payments with expected receivables with auto-matching rates up to 94 percent, dramatically improving the quality and speed of cash allocation and revenue recognition.
Founded in 2008, Rimilia is headquartered in Bromsgrove, UK with US offices in Richmond, Virginia. Customers include Adecco U.K., Avis, Biffa Waste Services, Hitachi, TalkTalk, Santander and Wesco Aircraft. Investors include Eight Road Ventures and Kennet Partners. It employs 92 people and is privately held. For more information go to: www.rimilia.com
Aston University. Founded in 1895 and a University since 1966, Aston is a long established research-led university known for its world-class teaching quality, and strong links to business and the professions. Aston University is located in Birmingham and at the heart of a vibrant city and the campus houses all the university’s academic, social and accommodation facilities for our students. Professor Alec Cameron is the Vice Chancellor & Chief Executive.
Aston has been a leading university for graduate employment success for over 25 years and our students do extremely well in securing top jobs and careers. Our strong relationships with industry partners mean we understand the needs of employers, which is why we are also ranked in the top 20 for graduate employability.
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