A leader in insurance in the non-profit sector and the 6th largest car insurer, MAIF is a mutual insurance group whose turnover reached nearly 4.5 billion euros in 2024.
To support the group's growth, the Financial Operations and Accounting departments decided to implement a new cash management and reconciliation platform. A call for tenders resulted in the selection of NEOFI, a software vendor offering the following modules:
NEOFI Payment : banking communication platform,
NEOFI Cash : cash management platform,
NEOFI : cash flow forecasting platform,
NEOFI : accounting reconciliation platform,
NEOFI : bank fee control automation platform.
Maxime Richard, Head of Financial Operations, tells us about the project's progress:
The MAIF Group was using an on-premise tool that was nearing obsolescence. To remedy this, an upgrade to a SaaS version seemed inevitable; however, at the same time, a process to streamline the solutions used within the Group was initiated.
The production launch followed the initial schedule thanks to the quality and availability of the NEOFI team. This major project was implemented in 3 months!
More broadly, the implementation provided an opportunity for the MAIF and NEOFI teams to share best practices, leading to improvements on both sides. The responsiveness of the NEOFI teams and the flexibility of the NEOFI Exchange Hub tool have resulted in significant productivity gains.
The tool's evolving ergonomics and the new features we can leverage, such as native bank fee control, interest rate management, and workflow display, are all valuable assets. Furthermore, NEOFI, through its EBICS feeds and the implementation of PSR and intraday flows, allows us to centralize and secure our cash management (eliminating "off-site" transfers). Finally, we appreciate the solution's speed of execution for all requested actions.
The MAIF Group wishes to automate its reporting on the ultimate costs of payment methods and to work with NEOFI to increase the level of automatic reconciliation.
Finally, the MAIF Group is preparing for the consequences of VoP in order to increase the security of its operations.
