Advisory, sales and implementation support on bank account structure, system integration, bank connectivity, reporting, smooth and secure execution of all corporates’ payments. All these elements together could be labelled as a Payment Factory.
Description
A Payment factory is an Accounts Payable (AP) structure that centralises activities and standardises processes that previously took place at a subsidiary level.
The concept of a Payment Factory comprises advisory, sales and implementation support on bank account structure, system integration, bank connectivity, reporting and smooth and secure execution of all corporates’ payments.
As a Payment Factory is a concept and not a product, a Payment Factory will differ from corporate to corporate.
Distinguishing factors are:
- Industry
- Corporate organisation
- Payment methods
- Geographical scope
- ERP and TMS systems used
- Preferred communication channel between Corporates and Banks
the leaflet
Benefits
- Cost efficiency by reduction in costs related to payments, processes, labour, funding and IT.
- Control over Accounts Payable processes and related transactions.
- Harmonisation and Centralisation of payment processes.
- Cash efficiency through a faster turnover of cash within the organisation (speed-up of Cash Conversion Cycle).
- Working Capital management by reducing the need for working capital and reducing the need for external funding (reduce Cash Conversion Cycle).
- Accurate Cash Forecasts.
- Visibility on cash positions.
- Experience of a bank which has implemented over 250 payment factories in various European and Asian countries, with many different ERP systems and communication channels between corporates and banks.
the PDF