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.