Working Capital Management

INTEGRATED ACCOUNTS RECEIVABLES MANAGEMENT SYSTEM- I-ARMS:

FinnAxia with Business Internet Banking supports corporates' need to reconcile bank transactions against the activities/events in the operating cycle that may have led to such transactions; be it a payments debit in their account or an incoming credit to their account. It is able to support corporate fund manager's need to understand these transactions in order to allocate expenses and revenues in the right account head as part of their excellence in management accounting to identify the right cost of product or operations and also for right financial reporting. Developments in regulations like Sarbenes-Oxley Act in the USA have ensured that the exercise of reconciling funds under correct head and reporting facts need to be handled with utmost professionalism.

The solution provides the user following reconciliation options:

• Instrument vs Invoice and Invoice vs Instrument i.e. it supports one-to-one, one-to-many and many-to-one reconciliations. The system provides
• Invoice Management services that enable processing and reconciliation of customers Receivables (invoices) with Payments Received (instruments, Cash, Electronic)
• Reports for invoices captured and reports providing data on reconciliation of invoices with payments

Features:

• Flexible and parameterized solution for tailor-made offerings
• Multiple matching criteria supported for a client to be applied to different buyer-seller relationship
• Reconciliation Reports available to client via email, host-to-host or on demand through front end
• Auto and manual reconciliation available
• Seamless Integration with downstream systems

Business Benefits

• Reduced Operating Costs and enhanced operational efficiency
• Auto reconciliation rules are able to reconcile most invoices reducing manual workload
• Supports bank to enter into new business areas by in-sourcing corporate manual workload
• Efficiency gains for corporate and improved bank advisory capabilities for cash management

Electronic Invoice Presentment and Payment -EIPP

Corporates increasingly prefer to work with banks which can offer effective solutions to help them cut costs as supported by EIPP solution. It often saves the cost of printing & postage and subsequent follow up required for payments and reconciliation of payments with invoices. The corporates are therefore keen to outsource this activity to banks for efficiency so that they can focus on their core business activities. EIPP application of the FinnAxia Product suite support Bank customers to offer Electronic invoice Presentment and Payment services via the hosted model, where invoice data is hosted on bank’s EIPP application/push model as well as service model, where payee customers of bank can make a request to check their invoice from registered service providers and the application will pull invoice data from customer’s application in real time.
It also support payee customer to make payment against reference numbers quoted by them without actually checking the invoice subject to such payments being acceptable to the billing customer.

Features:

• Flexible and parameterized solution
• Multiple Biller set up criteria supported
• Payer can be corporate customers of the bank or application may be interfaced with retail internet banking
• EIPP Reports available to client via email, host-to-host or on demand through front end
• Alerts for billers and payers as per defined rules
• Seamless Integration with downstream systems

Business Benefits

• Reduces Cost of Printing and Postage
• Automates follow-up
• Supports clear reconciliation of payment against invoices
• Efficiency gains for corporate and improved bank advisory capabilities for cash management

FinnAxia Mobile Transaction Banking (mTB) is an offering for Additive (existing bank customers) and Transformational (new bank customers) transaction banking services. This banking software offers a wide range of mobile banking services with out of the box features across Payments, Receivables, Liquidity Management and Account services encompassing multi entity, multi-currency transactional banking solution.

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FinnAxia Business Internet Banking is a delivery channel for bank’s customers, offering convenience to bank anytime and anywhere. It allows banks to provide easy access to information from multiple back-end systems as relevant data into a single customer view.

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