Achieve operational readiness with eInvoicing
The financial services industry is being increasingly defined by disruption. ‘Fin-Tech’ start-ups and non-financial giants like Apple, Google and Samsung are redefining the ecosystem with their innovative applications and services, posing significant threats to traditional financial services institutions.
- Structural changes in the offing due to slowing global economy, low interest rates, and uncertain policy climate
- Increased regulatory thrust on digitization; this is led by the direction from the federal government's Office of Management and Budget (OMB) to certain federal agencies to shift toward E-Invoicing for business-to-government (B2G) procurements, by the end of fiscal year 2018
- Greater thrust for secure and faster digital payments
- Growing focus on value based customer experience solutions
- Rise of new transaction banking models, focused on cost optimization
- Cloud based platforms gaining importance
Incumbent companies are looking to respond to the heightened competition by investing in emerging technologies including block-chain, robotic automation and advanced analytics. Besides this, banks and financial services institutions are also striving to streamline processes, increase efficiencies and reduce costs, to improve their bottom line.
Driving down costs, managing risk, and improving compliance are top goals of financial institutions. No wonder they are increasingly opting for E-Invoicing and accounts payable (AP) software to gain better control over their spend.
Key challenges in BFSI
Banks and financial services institutions operate in a tough environment characterized by margin pressures, growing services spending, and stringent compliance mandates. However, many organizations grapple with inefficiencies due to the lack of robust and integrated financial services and purchasing solutions. Manual AP processes are well entrenched in these organizations, causing a significant drain on firm-wide resources.
Need to ensure effective compliance amid greater regulatory scrutiny
Streamlining working capital management
Lack of scalable spend management solutions
Manual, error-prone processes and inadequate controls that hinder accurate audits
Improve your competitive stance, with Invocus.
With Invocus’ E-Invoicing solution suite, banks and financial services institutions can confidently take the automation route and achieve greater operational readiness. Our end-to-end solution, with inbuilt workflows and analytics, enables you to implement well-streamlined invoicing processes, thus reducing the order-to-cash cycle, and improving cash flow. By partnering with us, you can also plug cash leaks, and ultimately establish a strong and efficient financial supply chain.
Strengthen your competitive stance by embracing an automated approach to invoice receiving and processing.
What we help you achieve
- Reconcile account information with greater ease
- Strengthen working capital management processes
- Drive cost efficiencies across the supply chain
- Enable greater liquidity for vendors through prompt payments
- Enhance transparency and financial reporting
- Make quicker and smarter decisions related to supply chain finance
BENEFITS OF INVOCUS PORTAL BASED TOUCHLESS E-INVOICING SUITE
SUPPLIER INFORMATION MANAGEMENT
- Compliant onboarding via supplier portal for self-registration
- Effective data management via centralized repository, hassle-free document tracking, and audit trail management
- Supplier risk management through data enrichment, risk alerts and risk scores
SUPPLIER SELF-SERVICE E-INVOICING
- Easy payment tracking along with status updates, and configurable alerts on pending requests
- Any format invoicing, with ICR to extract invoices from images
- Early payment discounts with automatic calculation of discount due dates and amount
TOUCHLESS INVOICE PROCESSING
- Automated 2-way and 3-way matching, along with easy exception handling
- Customizable and condition-based approval workflows
- Downloadable pre-canned reports, with easyconversion to charts and graphs
- Customization of your dynamic discounting program based on savings targets
- Easy collaboration with suppliers on program roll-out, payment dates and discount values
- Centralized tracking of program savings and supplier acceptance