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Payables Management |
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| The Payables
Management solution is a part of iSMARTS suite of products. Used from
the perspective of a financial institution such
as bank (acting as payment facilitator entity on
behalf of the banks customer), it offers various
functionalities to the bank, the banks customer
(buyer) and the customer's customers (sellers). |
| The main
objectives of solution include streamlining of
workflow and operational
processes between the Financial Institution (bank),
buyer, and the sellers so as to permit, facilitate
and streamline following important work flows -
(i) outsourcing of payables activities by the buyer
to the bank (ii) invoice presentment by seller
to bank and buyer (iii) matching of presented invoices
and payables information by bank, (iv) timely payments
by the bank by electronic means by the bank on
behalf of buyer and (v) any exception handling
including dispute management. |
| The solution
provides adequate workflows, application functionality and respective
portal functionality to facilitate the above so
that the bank / financial service provider can
effectively and efficiently act as a facilitator
for the buyer to lower the overheads, avoid erroneous
and or delayed payments, improve the available
window to make validated payments thus overall
reducing the cost of doing business and improve
profitability. |
| The solution
provides various means for bank to provide the value addition in
the role of facilitator thus improving their revenue
model and also increasing their market share as
the banking transactions facilitator. |
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| Some of the main features and value added benefits
include: |
- Automated Payment Cycle
- Improvement in Pre-Payment Validations
- Reduction in Erroneous Payments
- Improvement in Available Window to Validate
and Pay
- Automation of Functions between Seller,
Buyer and Bank
- Paperless Transaction or Reduced Paper-based
Operational Flow
- Optional Auto-Manual Workflow for
Approvals and Pre-View Functions
- Lower Number of Disputes
- Faster Dispute Resolution
- Ability to Interactively Resolve
Dispute at Line Item Level
- Matching Abilities
- Improved Reconciliation
- Improved Operational and
Approval Workflow
- Improved Documentation
Control and Workflow
- Configurable Alerts
- Reporting Features
for Seller, Bank
and Buyer
- Customized
Portals for Entities
with Appropriate
Workflow
based on Access-Rights
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| The solution is based on scalable J2EE architecture
using open systems deployment platform. The solution
works in a collaborative manner. It is supplemented
with other technology and integration products
such as EdiX. The solution is available on Oracle
and IBM technology components for RDBMS and Application
platform and NT/Linux operating systems. |
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