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| Receivables
and Collections Management Solution |
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| The receivables
management solution is a part of iSMARTS suite of products. Used from
the perspective of a financial institutions such
as bank (acting as collections entity on behalf
of the banks customer), it offers various functionalities
to the bank, the banks customer (seller) and the
customer’s customers (buyers). |
| The main
objectives of solution include streamlining of
workflow and operational
processes between the Financial Institution (bank),
seller, and the buyer so as to permit, facilitate
and streamline following important work flows -
(i) outsourcing of collections and invoicing activities
by the seller to the bank (ii) presentment of invoice
by electronic means by the bank to buyer (iii)
settlement by buyer of the presented invoices providing
means for the bank to get and collate appropriate
invoicing data (iv) matching and timely collections
realization by the bank on behalf of seller 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 seller to lower the overheads, and shorten
the cycle for invoicing and collections 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: |
- Reduction in billing costs
- Reduction in sales to collections cycle time
for seller
- Automation of invoicing, payment (by buyer)
and collections functions
- Paperless transaction or reduced paper-based
operational flow
- Improved level of collections
- 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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