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Archive for tag: Corporate

Building a Bridge Between Banks and SMEs

 

 

Our recent focus on companies is based on the idea of replicating the success of FinTP for banks at corporate treasury level, by means of FinOps Suite*.

 

 

We have been sharing with you bits about this EU-funded project ever since we started it in August last year, but there are always new perks to be put in the spotlight.

 

 

Please know that FinOps Suite can be used in a wider setup, serving not only treasuries of large retailers, but also their suppliers and these parties’ relationship with banks. How? FinOps Suite processes invoice based payments going to banks the retailer works with.

 

 

Suppliers often face liquidity issues, driven by long due dates of invoices. It would make sense for banks to offer automated short term financing for these invoices, especially as they are already approved for payment by the big customer of the supplier. FinOps Suite has access to this type of data and can therefore work seamlessly with the factoring solution of the bank, the internet banking application of the bank, the EDI the supplier and retailer work with, with the accounting systems of both the supplier and the retailer.

 

And this cumbersome and somewhat bureaucratic process can be then easily turned into seamless business operation. A fully automated process for the plumbing system and interconnections of these players. It also reduces the risk of financing for the banks. As factoring is an easier method to access than the usual credit line, it is also a riskier one. Oversight of invoices and payment details sets the premises for financial advisory, predictive cash flow analysis, reconciliation and the automation of these flows in between all parties involved - supplier, buyer, bank.

 

Keen to know more about this project? Please drop us a line and we’ll get back to you asap.

 

 

 

*FinOps Suite is the business name of the software solution being developed within our Treasure Open Source Software (TOSS) project. This project is co-financed by the European Regional Development Fund under the Competitiveness Operational Programme 2014-2020, Priority Axis 2 "Information and Communications Technology (ICT) for a competitive digital economy".

 

 

FinOps Suite Building Blocks

 

 

 

Having FinTP as a starting point, FinOps Suite (our SMEs & corporate treasury open-source software solution) follows the same high-level architecture, but features a new user interface and reworked functionalities and workflows.

 

As its tagline suggests (Making financial operations easy), FinOps Suite is aimed to automate a company’s processes and flows in treasury departments.

 

It is positioned in the center of financial flows within a company, integrating core systems that process financial transactions (Human Resources Application, ERP, EDI, Accounting) and applications connecting to banks, either directly (Internet Banking / Cash Management application) or via market infrastructures such as SWIFT or local CSMs.

 

 

FinOps Suite Key Benefits


  • Consolidation of all corporation/group financial transactions
  • Streamlining operations by:
    • integrating payments from other applications
    • flow automation
    • automatic generation of consolidated reports
    • risk containment of duplicate or invalid payments
  • Reducing fraud-related risks in connection with bank interface access
  • Generating reports and company relevant statistics
  • Reconciliation between payments and bank statements and/or invoices

 

 

Product Features


All custom FinOps Suite configurations / deployments are made up of the following mandatory features:

  • Administration
    • Users and Rights
    • Application Management and configuration (including routing logic, parameters, alerts, validations)
    • Business Management configuration of various lists (partner banks, entities and accounts, partners and accounts, black lists and so on)
  • Application Interfaces – external interfaces to other applications, for importing / sending financial transactions in various structured formats
    • Payments from Back-Office
    • Bank Statements
    • Invoices from Back-Office
  • Transactions Processing
    • Create/Edit Transactions (including enriching them based on the lists defined in FinOps Suite)
    • Transaction Templates
  • Reporting – predefined or customized reports based on persistent data stored in FinOps Suite
  • Audit Trails – ensure the basis for tracking workflows and exceptions or recording user actions within the application, necessary for performing investigations for exceptions or consistency checks
  • Archiving – automates the export of processed data from FinOps Suite into backups (external files), based on criteria specific for each workflow

 

While optional, Reconciliation is a highly sought feature, providing support for automatic or manual matching between two sources of data.

 

 

 

*FinOps Suite is the business name of the software solution being developed within our Treasure Open Source Software (TOSS) project. This project is co-financed by the European Regional Development Fund under the Competitiveness Operational Programme 2014-2020, Priority Axis 2 "Information and Communications Technology (ICT) for a competitive digital economy".

 

 

 


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