Corporations that implement electronic invoice solutions can often get paid ten times faster and at a fifth of the cost.  Corporate leaders like to execute their business – make steel, run a hotel, open a new branch or launch a new product.  Complex, often manual processes – reconciling payments, purchase orders and invoices, time consuming communication and investigation processes – are anathema.  They need banks to streamline by replacing their existing non-revenue generating processes with faster, more efficient technology.   Just do it for me.

Yet cash is king: it is one thing to sell, it another thing to get paid for it – in time.  For many businesses that supply larger corporations, their prosperity – no, survival – depends on collecting outstanding receivables.  It is all about speed.

Banks can provide their clients with a receivables management solution to dramatically improve conversion of receivables to cash, so improving the corporation’s cash flow and so reducing the bank’s risk.  Win win.  Timely notifications on the status of payments keep the corporation well informed of the daily sales outstanding. Since a corporation’s supply chain spans geographies, both corporations and banks are required to work with multiple languages, currencies and regulations. The receivables management system thus needs to cope with this and allow easily customizing of new country specific business and regulatory requirements – and of course be language agnostic so that it can be rapidly deployed in new countries.

By automating your corporate clients’ current manual processes so improving their process efficiency, lowering cost and facilitating business growth, you are supporting your clients as trusted partners rather than as a transactional commodity payment vendor – as befits their principal bank. This is an excellent opportunity to gain additional revenue from your corporate customers as you offer them a value-added service.  What the corporate gains is enhanced visibility of the cash flow.  As the process is outsourced to the bank it allows the corporate greater freedom to focus on their core business.  And the icing on the cake is that not only does the corporation get cash in faster and cost is reduced, the net impact is a lower chance of default.