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.