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Receivables and Collections Management Solution

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.

 
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

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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