1) Electronic invoicing enables new forms of supply chain financing by providing banks visibility into trade transactions and relationships.
2) E-invoicing automates supply chain financing structures like factoring and invoice discounting, improving processes and risk analysis.
3) Integrating e-invoicing with supply chain financing provides opportunities for new financing products focused on payables and receivables.
Building profitable relationships with multichannel consumersPaul McAdam
ย
Building Profitable Relationships with Multi-Channel Consumers is the first in a series of Consumer Insight Briefs based on primary research conducted by FISโข Enterprise Strategy. The research findings are based on a 42-question, online survey completed by more thanover 4,000 U.S. consumers in early September 2010. The survey was fielded by FIS Enterprise Strategy to a consumer panel maintained by Survey Sampling International. The estimated margin of error rate for this sample is +/-1.6% to 2.3%.
Global payments community consulting firm and the worldโs leading advisor on business strategy. We partner with clients from the private, public, and not-for- profit sectors in all regions to identify their highest-value opportunities, address their most critical challenges, and transform their enterprises. Our customized approach combines deep insight into the dynamics of companies and markets with close collaboration at all levels of the client organization. This ensures that our clients achieve sustainable competitive advantage, build more capable organizations, and secure lasting results.
Building profitable relationships with multichannel consumersPaul McAdam
ย
Building Profitable Relationships with Multi-Channel Consumers is the first in a series of Consumer Insight Briefs based on primary research conducted by FISโข Enterprise Strategy. The research findings are based on a 42-question, online survey completed by more thanover 4,000 U.S. consumers in early September 2010. The survey was fielded by FIS Enterprise Strategy to a consumer panel maintained by Survey Sampling International. The estimated margin of error rate for this sample is +/-1.6% to 2.3%.
Global payments community consulting firm and the worldโs leading advisor on business strategy. We partner with clients from the private, public, and not-for- profit sectors in all regions to identify their highest-value opportunities, address their most critical challenges, and transform their enterprises. Our customized approach combines deep insight into the dynamics of companies and markets with close collaboration at all levels of the client organization. This ensures that our clients achieve sustainable competitive advantage, build more capable organizations, and secure lasting results.
10th Annual World Payments Report 2014 from Capgemini and The Royal Bank of S...Capgemini
ย
Ten years after publishing the first World Payments Report, Capgemini and RBS continue to provides insight into global and regional non-cash payment trends. This year it gives us a view on cross border payments and a spotlight on the U.S. market; the latest regulatory and industry initiatives including PSD2, immediate payments and intraday liquidity management; innovation within payment processing; and key changes over the last 10 years and what can we expect from the payments industry over the next 10 years.
North American banks must chart a new course to capture emerging opportunities. They must shift their operating philosophy from a product-oriented organization to a customer-driven organization and embrace and integrate new technologies, channels and strategies. Read this white paper to learn about the three building blocks for sustainable, competitive advantage for banks: optimization and simplification, agility, and continuous innovation. Adopt these building blocks and make your bank thrive in 2020.
Financial Technology (Financial Management) by Atishay JainAtishay Jain
ย
Objective: Study and analyse any current trend in the field of Financial Management with the use of case studies and research papers.
Case Study taken: Citizens Access by Citizens Bank USA.
Flow of the PPT:
1. Introduction - Meaning of Fintech
2. About Citizens Bank
3. Use of Citizens Access by Citizens Bank
4. Need Analysis and Success Metrics
5. Notable Start-ups in Fintech
6. Conclusion
7. Research Paper references
Why Banks Must Become Smart Aggregators in the Financial Services Digital Eco...Cognizant
ย
Financial institutions must embrace a partnership-driven approach to remain relevant amid fintech digital disruption, while evolving their capabilities to deliver against tomorrowโs market needs.
Alternative Data: Transforming SME FinanceJohn Owens
ย
This presentation summarizes the IFC/World Bank/G20 GPFI report on the landscape of alternative data and players that are expanding access to SME finance. This presentation was prepared jointly with the effort of my co-author Lisa Wilhelm. The complete report can be downloaded at https://www.smefinanceforum.org/post/alternative-data-transforming-sme-finance
The World Payments Report 2012 shows a healthy 7.1% gain in non-cash payments volume globally. But volume is only part of the story for the payments market, which is growing and changing in new and exciting ways. Payments continue to grow amidst volatility and increasing regulation, however the payments instrument mix is evolving fast and will never be the same.
3 Steps to Go Digital & Re-imagine Corporate Banking :
Step 1: Credit management technology to help meet corporatesโ unique credit needs.
Step 2: Specialized loan origination & servicing systems to enhance corporate loan servicing.
Step 3: Smarter trade finance process management to improve productivity and mitigates risk.
Saldazo, a Visa debit card product co-branded with Banamex bank, has made Mexicoโs largest corner store retail chain โ OXXO โ the countryโs number one transactional account supplier. This presentation provides a Mexican market overview and shares key success factors, challenges and insights from this project.
"To address the multiple challenges of regulation, banks need to establish a scalable, flexible, sustainable and integrated platform with proven capabilities in data management, reporting and automation." Learn how Reporting Dictionaries are able to improve compliance by reading the White Paper.
Payments innovation is Critical for Every Global EnterpriseXTRMAccount
ย
As fintech software and service innovations continue to disrupt the Financial Services market, even non-financial firms need to think about how to take advantage of this trend to improve
their payments processes for the benefit of the company, their customers and their partners.
10th Annual World Payments Report 2014 from Capgemini and The Royal Bank of S...Capgemini
ย
Ten years after publishing the first World Payments Report, Capgemini and RBS continue to provides insight into global and regional non-cash payment trends. This year it gives us a view on cross border payments and a spotlight on the U.S. market; the latest regulatory and industry initiatives including PSD2, immediate payments and intraday liquidity management; innovation within payment processing; and key changes over the last 10 years and what can we expect from the payments industry over the next 10 years.
North American banks must chart a new course to capture emerging opportunities. They must shift their operating philosophy from a product-oriented organization to a customer-driven organization and embrace and integrate new technologies, channels and strategies. Read this white paper to learn about the three building blocks for sustainable, competitive advantage for banks: optimization and simplification, agility, and continuous innovation. Adopt these building blocks and make your bank thrive in 2020.
Financial Technology (Financial Management) by Atishay JainAtishay Jain
ย
Objective: Study and analyse any current trend in the field of Financial Management with the use of case studies and research papers.
Case Study taken: Citizens Access by Citizens Bank USA.
Flow of the PPT:
1. Introduction - Meaning of Fintech
2. About Citizens Bank
3. Use of Citizens Access by Citizens Bank
4. Need Analysis and Success Metrics
5. Notable Start-ups in Fintech
6. Conclusion
7. Research Paper references
Why Banks Must Become Smart Aggregators in the Financial Services Digital Eco...Cognizant
ย
Financial institutions must embrace a partnership-driven approach to remain relevant amid fintech digital disruption, while evolving their capabilities to deliver against tomorrowโs market needs.
Alternative Data: Transforming SME FinanceJohn Owens
ย
This presentation summarizes the IFC/World Bank/G20 GPFI report on the landscape of alternative data and players that are expanding access to SME finance. This presentation was prepared jointly with the effort of my co-author Lisa Wilhelm. The complete report can be downloaded at https://www.smefinanceforum.org/post/alternative-data-transforming-sme-finance
The World Payments Report 2012 shows a healthy 7.1% gain in non-cash payments volume globally. But volume is only part of the story for the payments market, which is growing and changing in new and exciting ways. Payments continue to grow amidst volatility and increasing regulation, however the payments instrument mix is evolving fast and will never be the same.
3 Steps to Go Digital & Re-imagine Corporate Banking :
Step 1: Credit management technology to help meet corporatesโ unique credit needs.
Step 2: Specialized loan origination & servicing systems to enhance corporate loan servicing.
Step 3: Smarter trade finance process management to improve productivity and mitigates risk.
Saldazo, a Visa debit card product co-branded with Banamex bank, has made Mexicoโs largest corner store retail chain โ OXXO โ the countryโs number one transactional account supplier. This presentation provides a Mexican market overview and shares key success factors, challenges and insights from this project.
"To address the multiple challenges of regulation, banks need to establish a scalable, flexible, sustainable and integrated platform with proven capabilities in data management, reporting and automation." Learn how Reporting Dictionaries are able to improve compliance by reading the White Paper.
Payments innovation is Critical for Every Global EnterpriseXTRMAccount
ย
As fintech software and service innovations continue to disrupt the Financial Services market, even non-financial firms need to think about how to take advantage of this trend to improve
their payments processes for the benefit of the company, their customers and their partners.
Digital Banking: Enhancing Customer Experience; Generating Long-Term Loyalty ...Cognizant
ย
To stay profitable and grow in the new digital economy, banks need to adopt a customer-centric business model, diversify online delivery of products and services channels and begin making meaning from valuable trails of digital information.
The payments landscape has changed significantly and bankers must adapt or be disintermediated by those changes. Check volume will continue to diminish, remote
deposit capture will continue to proliferate, and coin and currency are here to stay.
Online and mobile banking, coupled with increased ATM functionality, will drive consumer banking while non-bank payments and digital wallet services such as Apple Pay are becoming more widely accepted among both consumers and their financial institutions.
New regulations and increased regulatory scrutiny will continue to drive up banksโ costs, while new risks will necessitate improved governance, risk management,
automation, and compliance systems. Banks must re-engineer their commercial deposit products, operations, risk management and cost structures in order to remain competitive and profitable. All of this affects the way that businesses interface with their banks and the costs they bear as customers.
Regulations are integral to the banking industry, and the extent to which the bank complies with such regulations not just maintains its bottom line in terms of avoiding hefty fines, but also has a big bearing on credibility and integrity. So how do banks comply with all that is required, and save themselves from the ill-effects of non-compliance?
Digital Banking: Enhancing Customer Experience; Generating Long-Term LoyaltyCognizant
ย
To stay profitable and grow in the new digital economy, banks need to adopt a customer-centric business model, diversify online delivery of products and services channels, and begin making meaning from valuable trails of digital information.
PaymentComponents is excited to have contributed to "The Future of Open Banking, beyond January 2018" by Pinsent Masons & Innovate Finance! Read more by the global leadership in Open Banking & PSD2.
We present to you the E-invoicing Yearbook 2017 - Q1. It shows the relevant content on e-invoicing, AP automation, e-procurement and compliance, published by us and our sponsors during the first quarter of 2017.
Our daily search for content regarding e-invoicing, AP automation and e-procurement lead to over 2,000 posts, published the past eight years.
On average, the E-invoicing Platform publishes ten posts per week. These posts are both user generated content from our sponsors, as well as content from other valuable sources.
This content is also published on Twitter, on LinkedIN and on Google (News). And every other week, the posts get extra attention via our newsletter, with currently over 8,900 recipients in 100+ countries.
As each post is interesting and newsworthy by itself, this is increased when we sort these posts in the sections underneath:
- Featured providers
- Opinions
- Mandatory and compliant e-invoicing:
- Interoperability and standardisation (in Europe):
- Case studies
- News in general
- Downloads, infographics and more
- Beyond e-invoicing: innovative and new services -
- Acquisitions, mergers and funding
- Around the globe
After each quarter of the year ends the E-invoicing Yearbook will be updated, building a picture of how the world of e-invoicing is progressing.
Publications 2017, Title only
Unveiling the Secrets How Does Generative AI Work.pdfSam H
ย
At its core, generative artificial intelligence relies on the concept of generative models, which serve as engines that churn out entirely new data resembling their training data. It is like a sculptor who has studied so many forms found in nature and then uses this knowledge to create sculptures from his imagination that have never been seen before anywhere else. If taken to cyberspace, gans work almost the same way.
Premium MEAN Stack Development Solutions for Modern BusinessesSynapseIndia
ย
Stay ahead of the curve with our premium MEAN Stack Development Solutions. Our expert developers utilize MongoDB, Express.js, AngularJS, and Node.js to create modern and responsive web applications. Trust us for cutting-edge solutions that drive your business growth and success.
Know more: https://www.synapseindia.com/technology/mean-stack-development-company.html
"๐ฉ๐ฌ๐ฎ๐ผ๐ต ๐พ๐ฐ๐ป๐ฏ ๐ป๐ฑ ๐ฐ๐บ ๐ฏ๐จ๐ณ๐ญ ๐ซ๐ถ๐ต๐ฌ"
๐๐ ๐๐จ๐ฆ๐ฌ (๐๐ ๐๐จ๐ฆ๐ฆ๐ฎ๐ง๐ข๐๐๐ญ๐ข๐จ๐ง๐ฌ) is a professional event agency that includes experts in the event-organizing market in Vietnam, Korea, and ASEAN countries. We provide unlimited types of events from Music concerts, Fan meetings, and Culture festivals to Corporate events, Internal company events, Golf tournaments, MICE events, and Exhibitions.
๐๐ ๐๐จ๐ฆ๐ฌ provides unlimited package services including such as Event organizing, Event planning, Event production, Manpower, PR marketing, Design 2D/3D, VIP protocols, Interpreter agency, etc.
Sports events - Golf competitions/billiards competitions/company sports events: dynamic and challenging
โญ ๐ ๐๐๐ญ๐ฎ๐ซ๐๐ ๐ฉ๐ซ๐จ๐ฃ๐๐๐ญ๐ฌ:
โข 2024 BAEKHYUN [Lonsdaleite] IN HO CHI MINH
โข SUPER JUNIOR-L.S.S. THE SHOW : Th3ee Guys in HO CHI MINH
โขFreenBecky 1st Fan Meeting in Vietnam
โขCHILDREN ART EXHIBITION 2024: BEYOND BARRIERS
โข WOW K-Music Festival 2023
โข Winner [CROSS] Tour in HCM
โข Super Show 9 in HCM with Super Junior
โข HCMC - Gyeongsangbuk-do Culture and Tourism Festival
โข Korean Vietnam Partnership - Fair with LG
โข Korean President visits Samsung Electronics R&D Center
โข Vietnam Food Expo with Lotte Wellfood
"๐๐ฏ๐๐ซ๐ฒ ๐๐ฏ๐๐ง๐ญ ๐ข๐ฌ ๐ ๐ฌ๐ญ๐จ๐ซ๐ฒ, ๐ ๐ฌ๐ฉ๐๐๐ข๐๐ฅ ๐ฃ๐จ๐ฎ๐ซ๐ง๐๐ฒ. ๐๐ ๐๐ฅ๐ฐ๐๐ฒ๐ฌ ๐๐๐ฅ๐ข๐๐ฏ๐ ๐ญ๐ก๐๐ญ ๐ฌ๐ก๐จ๐ซ๐ญ๐ฅ๐ฒ ๐ฒ๐จ๐ฎ ๐ฐ๐ข๐ฅ๐ฅ ๐๐ ๐ ๐ฉ๐๐ซ๐ญ ๐จ๐ ๐จ๐ฎ๐ซ ๐ฌ๐ญ๐จ๐ซ๐ข๐๐ฌ."
Kseniya Leshchenko: Shared development support service model as the way to ma...Lviv Startup Club
ย
Kseniya Leshchenko: Shared development support service model as the way to make small projects with small budgets profitable for the company (UA)
Kyiv PMDay 2024 Summer
Website โ www.pmday.org
Youtube โ https://www.youtube.com/startuplviv
FB โ https://www.facebook.com/pmdayconference
Enterprise Excellence is Inclusive Excellence.pdfKaiNexus
ย
Enterprise excellence and inclusive excellence are closely linked, and real-world challenges have shown that both are essential to the success of any organization. To achieve enterprise excellence, organizations must focus on improving their operations and processes while creating an inclusive environment that engages everyone. In this interactive session, the facilitator will highlight commonly established business practices and how they limit our ability to engage everyone every day. More importantly, though, participants will likely gain increased awareness of what we can do differently to maximize enterprise excellence through deliberate inclusion.
What is Enterprise Excellence?
Enterprise Excellence is a holistic approach that's aimed at achieving world-class performance across all aspects of the organization.
What might I learn?
A way to engage all in creating Inclusive Excellence. Lessons from the US military and their parallels to the story of Harry Potter. How belt systems and CI teams can destroy inclusive practices. How leadership language invites people to the party. There are three things leaders can do to engage everyone every day: maximizing psychological safety to create environments where folks learn, contribute, and challenge the status quo.
Who might benefit? Anyone and everyone leading folks from the shop floor to top floor.
Dr. William Harvey is a seasoned Operations Leader with extensive experience in chemical processing, manufacturing, and operations management. At Michelman, he currently oversees multiple sites, leading teams in strategic planning and coaching/practicing continuous improvement. William is set to start his eighth year of teaching at the University of Cincinnati where he teaches marketing, finance, and management. William holds various certifications in change management, quality, leadership, operational excellence, team building, and DiSC, among others.
Memorandum Of Association Constitution of Company.pptseri bangash
ย
www.seribangash.com
A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
https://seribangash.com/article-of-association-is-legal-doc-of-company/
Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
www.seribangash.com
Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
https://seribangash.com/promotors-is-person-conceived-formation-company/
Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
https://seribangash.com/difference-public-and-private-company-law/
Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
Digital Transformation and IT Strategy Toolkit and TemplatesAurelien Domont, MBA
ย
This Digital Transformation and IT Strategy Toolkit was created by ex-McKinsey, Deloitte and BCG Management Consultants, after more than 5,000 hours of work. It is considered the world's best & most comprehensive Digital Transformation and IT Strategy Toolkit. It includes all the Frameworks, Best Practices & Templates required to successfully undertake the Digital Transformation of your organization and define a robust IT Strategy.
Editable Toolkit to help you reuse our content: 700 Powerpoint slides | 35 Excel sheets | 84 minutes of Video training
This PowerPoint presentation is only a small preview of our Toolkits. For more details, visit www.domontconsulting.com
Attending a job Interview for B1 and B2 Englsih learnersErika906060
ย
It is a sample of an interview for a business english class for pre-intermediate and intermediate english students with emphasis on the speking ability.
RMD24 | Debunking the non-endemic revenue myth Marvin Vacquier Droop | First ...BBPMedia1
ย
Marvin neemt je in deze presentatie mee in de voordelen van non-endemic advertising op retail media netwerken. Hij brengt ook de uitdagingen in beeld die de markt op dit moment heeft op het gebied van retail media voor niet-leveranciers.
Retail media wordt gezien als het nieuwe advertising-medium en ook mediabureaus richten massaal retail media-afdelingen op. Merken die niet in de betreffende winkel liggen staan ook nog niet in de rij om op de retail media netwerken te adverteren. Marvin belicht de uitdagingen die er zijn om echt aansluiting te vinden op die markt van non-endemic advertising.
[Note: This is a partial preview. To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
Leading companies such as Nike, Toyota, and Siemens are prioritizing sustainable innovation in their business models, setting an example for others to follow. In this Sustainability training presentation, you will learn key concepts, principles, and practices of sustainability applicable across industries. This training aims to create awareness and educate employees, senior executives, consultants, and other key stakeholders, including investors, policymakers, and supply chain partners, on the importance and implementation of sustainability.
LEARNING OBJECTIVES
1. Develop a comprehensive understanding of the fundamental principles and concepts that form the foundation of sustainability within corporate environments.
2. Explore the sustainability implementation model, focusing on effective measures and reporting strategies to track and communicate sustainability efforts.
3. Identify and define best practices and critical success factors essential for achieving sustainability goals within organizations.
CONTENTS
1. Introduction and Key Concepts of Sustainability
2. Principles and Practices of Sustainability
3. Measures and Reporting in Sustainability
4. Sustainability Implementation & Best Practices
To download the complete presentation, visit: https://www.oeconsulting.com.sg/training-presentations
Cracking the Workplace Discipline Code Main.pptxWorkforce Group
ย
Cultivating and maintaining discipline within teams is a critical differentiator for successful organisations.
Forward-thinking leaders and business managers understand the impact that discipline has on organisational success. A disciplined workforce operates with clarity, focus, and a shared understanding of expectations, ultimately driving better results, optimising productivity, and facilitating seamless collaboration.
Although discipline is not a one-size-fits-all approach, it can help create a work environment that encourages personal growth and accountability rather than solely relying on punitive measures.
In this deck, you will learn the significance of workplace discipline for organisational success. Youโll also learn
โข Four (4) workplace discipline methods you should consider
โข The best and most practical approach to implementing workplace discipline.
โข Three (3) key tips to maintain a disciplined workplace.
Fundtech white paper, e invoicing provides new avenues for credit
1. E-Invoicing Provides
New Avenues for Credit
Trade finance is one of the most stable forms of
lending and can become an important profit
generator for banks. Electronic Invoice Presentment
can help banks promote and expand this business.
2. ย
E-Invoicing Provides New Avenues for Credit | White Paper 2
E-invoicing Provides New Avenues for Credit
Electronic invoicing enables effective supply chain financing and
provides banks with a platform to pursue low-cost, low-risk financing strategies.
Executive Summary
With credit availability remaining tight following the financial crisis, banks and corporations alike are more attuned to the
financing opportunities linked to supply chain transactions. With the visibility and transparency of trade transactions and the
link between funding and trade activities, supply chain finance lessens the risk associated with traditional lending. Electronic
invoice presentment and payment (EIPP) systems can amplify the many benefits of supply chain finance by automating a
process that traditionally has been hampered by paper-based manual methods. By automatically delivering real-time
information to banks involved in trading transactions, EIPP makes it possible to automate efficient financing based on current
insights into companiesโ health. This paper will describe the various methods of supply chain finance and how EIPP can be
deployed to magnify their benefits.
Scarce Credit
The global financial crisis may be easing, but corporations and financial
institutions are still feeling its impact. Concerned about the macroeconomic
outlook as well as the impact of Basel III and other regulations, the financial
industry continues to maintain a tight rein on credit.
In a recent report (โTrends in Lendingโ, Bank of England. January 2011), the
Bank of England reported that the loans made to small and medium-sized
businesses declined through 2009 and 2010.
A separate survey (โCredit Conditions Surveyโ, Bank of England, 2010 Q4)
further illustrates a steady decline in the amount of credit available to
businesses through 2009 and 2010.
In a logical reaction to the crunch, corporations are seeking to unearth
assets by better managing their cash flows and working capital. โThe lack of
credit requires more attention to the dynamics of cash,โ said Enrico
Camerinelli, senior analyst at Aite Group and the author of a recent report
on strategies for cash and trade finance. Aberdeen Group quantified the
increased focus on optimizing working capital, finding that 83% of 115
surveyed companies cited working capital management as a high priority in
2010, up from 65% in 2008.
Aside from credit capacity, firms have reason to be concerned about the
health of their suppliers. Since the financial crisis triggered the recession,
the number of businesses that annually file for bankruptcy protection has
increased 126%, said the research firm Oliver Wyman in a recent report on
supply chain finance, citing figures from U.S. Bankruptcy Courts. Oliver
Wyman noted the โdevastatingโ effect that a supplier bankruptcy can have โThe lack of credit requires
on companies, citing increases in the prices of supplies of 10% to 15%, lost more attention to the
customers, and a decline in shareholder value. dynamics of cashโ
Enrico Camerinelli, Aite Group
Fundtech FSC 2011 | www.fundtech.com | sales.fsc@fundtech.com
3. E-invoicing Provides New Avenues for Credit | White Paper 3
A Resurgence of Transaction Based Lending
The twin pressures of scarce traditional bank credit and concern for supplier health are leading banks and corporations alike
to explore financing options that revolve around trading and transaction activity. While these options encompass a wide range
of solutions, their common value lies in their ability to bypass traditional lending structures, while providing valuable insight to
the health of participants in the supply chain.
While traditional lending requires the knowledge and expertise of highly paid loan officers, transaction-based lending or supply
chain finance relies on the invoice as a key document in enabling lending. Using the visibility gained through the invoice onto
the trade - including the partners involved, the ability of the buyers to pay, and the expected receivables of the suppliers --
banks can make knowledgeable judgments about the creditworthiness of trade participants. Perhaps even more valuable,
banks gain visibility into the viability of their customersโ trading partners, giving them the opportunity to forge new credit
relationships.
Buyer and Supplier Led Relationships
There are a number of ways banks can take advantage of the growing supply chain
finance market. In supplier-driven financing, the bank only has a relationship with the
supplier. In buyer-driven financing, which is considered more attractive, the bank has a โThe (SCF) market
relationship with both the supplier and the buyer. This approach is appealing because the grew from about ยฃ100
buyer is responsible for managing the suppliers and resolving issues. In addition, buyers million in 2008 to ยฃ1
tend to be better credit risks than suppliers, lessening funding risk. billion in 2010โ
Supply chain finance is not a new concept. Often it is introduced when buyers want to UK SCF Working Group
extend their payment terms and suppliers require funding to cover the cash-flow shortfall.
Since its introduction in the 1990s, the method has grown to include a wide variety of
permutations. The difference today is that the end of easy credit is taking away the
stigma that traditionally has been attached to companies seeking financing outside of standard lending venues. The technique
is no longer the province of cash-strapped companies, but the natural outgrowth of an e-commerce-fueled economy. It is not
surprising then, that the market for supply chain finance is on an upswing. According to the UK Supply Chain Finance Working
Group, the market grew from about 100 million pounds in 2008 to one billion in 2010.
The Growth of Open Account Trading
Traditionally, banks were involved in providing letters of credit to suppliers, acting as trusted third parties, vouching for
payment on behalf of buyers to the suppliers, should certain pre-defined conditions be satisfied. However, over the years, an
increasing amount of trade is conducted on an open account basis as the volume of trade has increased. The diagram above
illustrates the demise of letter of credits. Currently about 90% of world trade is on open account. The demise of letters of
credits has opened the door to alternative trade financing mechanisms based on the invoice - and on the electronic invoice in
particular.
Fundtech FSC 2011 | www.fundtech.com | sales.fsc@fundtech.com
4. E-invoicing Provides New Avenues for Credit | White Paper 4
Electronic Invoicing Unleashes Supply Chain Finance
A number of areas have proven to be barriers to the adoption of widespread supply chain financing. Many of these barriers are
now being eliminated by the growing popularity of open B2B networks:-
โข Legal and Compliance Constraints have stymied the full electrification of documents used in support of SCF
activities. E-invoicing networks have largely addressed this issue by ensuring the service offered in each participating
country is fully complaint with local requirements. There are further market trends to clarify and harmonize country
compliance requirements - especially in Europe.
โข Document Standards. Historically, there has been a lack of clarity and agreement on document standards for
electronic invoicing - and this confusion has held back the market. EIPP vendors now provide services which handle
the multitudes of formats in existence, consequently the lack of a single global standard has not been a real practical
barrier - but merely a perceived barrier. However, ISO have recently released a global e-invoicing standard based on
ISO 20022 format which will in all probability stymie the format debates.
โข Manual Business Processes. A class of SCF solutions - like early payment discounts - rely on the fast and
efficient processing of trade documents. To be able to approve an invoice for payment within a matter of days
requires an automated accounts payables process based on electronic transactions. Furthermore, if the transaction
requiring financing results is a high administrative burden, the value of the transaction needs to be of sufficient
magnitude to cover the costs. This makes it prohibitively expensive to provide financing on the larger volume of lower
value transactions. With the increasing use of fully automated procure-to-pay solutions receiving dematerialized
business documents over a B2B network, the whole SCF offering can be fully automated and made available on
transactions of much lower value than has been the case.
โข Lack of SME Engagement. SMEs (small and medium sized businesses)
have the most to gain from SCF arrangements. However, they have not really
been involved in SCF initiatives on any significant scale. There are many โAs a new delivery
reasons for this - not least is the highly specific nature and limited utility of model ... SCF requires
conventional SCF portals. One of the key areas of focus within the e-invoicing banks to bring large
market is the SME sector. Arguably only banks have the reach to provide corporates and SMEs
e-invoicing services to millions of SMEs in a cost effective manner. Being able
to provide financing services integrated into their SME e-invoicing offering
on board through the
greatly enhances the attractiveness of the service for both the SME and the
development of new
bank. infrastructure, new
value propositions and
โข Critical Mass. Proprietary SCF solutions and portals have struggled to new sales and
achieve a useful critical mass of suppliers. However, broad based B2B marketing strategiesโ
networks are increasing in popularity and utility. A key technological and
Supply Chain Finance: From
strategic advance occurring in the marketplace is the fusion of electronic Myth to Reality, McKinsey
invoice presentment networks with transaction-based lending solutions and
services. Currently the number of B2B e-invoices is growing at a cumulative
rate of about 35-40% per annum in Europe [Billentis]. With the European
Commission championing activities to make electronic invoicing the
predominant method of invoicing by 2020, the electronic invoice transaction
volumes are likely to grow further in the near future. Billentis predicts that
most European member states will have more than 50% of their invoice
volumes electronic by 2015 with the overall average across Europe exceeding
50% by 2017.
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5. E-invoicing Provides New Avenues for Credit | White Paper 5
E-invoicing Support for Supply Chain Finance Structures
The increasing prevalence of e-invoicing networks has far reaching implications on the supply chain finance market. For the
first time, there will be a critical mass of business transactions dematerialized and available in an electronic form to feed SCF
services. Multiple competing SCF vendors will connect to existing massive B2B networks to provide innovative financing
services. The following sections look at different supply chain finance instruments and consider how they can be implemented
on top of an e-invoicing network, and what benefits are to be gained from the integration.
E-invoicing and Factoring
Perhaps the most widely known method is factoring, in which a supplier sells its receivables to a third party factor, often a
bank, at a discount in exchange for immediate cash to continue financing its business.
The specific steps are as follows:-
1. The factor โbuysโ the receivables obligation (invoice) from the supplier.
2. The factor advances a part payment to the supplier which is significant fraction of the invoice value.
3. The factor is responsible for collecting the receivables from the buyer.
4. The factor receives full payment for the invoice.
5. Upon receiving payment, the factor pays the remainder of the funds to the supplier, minus its fees.
Key benefits of integrating e-invoicing and factoring are:-
โข Fully automated, straight-through processing for supplier, factor and buyer.
โข Granular control on factoring arrangement.
โข E-invoice presentment to buyer with automated support for receivables collections.
(e.g. reminders, e-dunning, direct-debits, etc).
โข Real time communication of documents and messages.
โข Improved reconciliation and payment status tracking.
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6. E-invoicing Provides New Avenues for Credit | White Paper 6
E-invoice Discounting
Invoice discounting is similar to factoring. As with factoring, the business obtains cash from its receivables at an early stage -
however the supplier is still responsible for collecting the receivables. In effect, the bank allows the business to draw down
funds against its outstanding sales invoices, essentially using the invoices as collateral. The bank charges a monthly fee, as
well as interest on the amount borrowed against the invoices. It may choose to refuse to lend against any invoices it deems too
risky.
In addition to receiving all the benefits of factoring, the supplier can minimize disruption to the day-to-day operations of the
company. That is because the receivables process proceeds as normal, except that the receivables are used to enable loan
facilities.
The specific steps are as follows:
1. The supplier sends an invoice to the buyer - but also sends a copy to the bank.
2. The supplier requests a loan based on the future receivables. โThe integration of
3. The bank approves the loan request and immediately makes a facility -- generally a B2B networks,
fraction of the receivables value -- available to the supplier.
corporate cash
4. At some point in the future the supplier receives payment from the buyer.
5. The supplier pays the bank the full value of the receivables to cover the loan.
management and
6. The bank then reimburses the supplier the remainder of the balance, after trade financing
deducting fees. offers many exciting
new innovationsโ
The key benefits of e-invoicing based discounting are:-
Ifor Williams, Fundtech FSC
โข Fully automated communication of e-invoices eligible for discounting to the
financial institution. Full authentication of the e-invoice source.
โข Increased security of transaction with the identity of the supplier and buyer being
authenticated within the e-invoicing network.
โข Improved reconciliation and payment visibility.
โข Historic transaction history for risk evaluation.
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7. E-invoicing Provides New Avenues for Credit | White Paper 7
E-invoicing and Supplier Financing
Supplier financing (also known as reverse factoring and occasionally as buyer driven receivables program โ BDRP) is a more
solid form of financing than standard factoring or invoice discounting. While those methods revolve around the supplierโs
receivables of many -- perhaps unknown -- buyers, reverse factoring is based on the payables of one buyer that is well known to
the bank, thus reducing risk.
The specific steps are:
1. The buyer approves a purchase invoice for payment.
2. The buyer then allows a third party to offer to pay the supplier on its behalf.
3. The supplier receives a funding offer from a third party for its receivables in a process overseen by the buyer.
4. The supplier accepts the advance funding offer.
5. The financing institution advances a payment to the supplier. The amount is a substantial portion of the invoice value.
6. At some later date, the buyer pays the financing institution. The remainder of the invoice amount is paid to the supplier
minus fees.
This process benefits both the buyer and supplier. The buyers are able to tap into third-party sources of liquidity to fund their
payables in the short term, as well as gain flexibility in managing their working capital. The process also matches buyersโ
payables with underlying cash flow, improves the stability of the supplier base while reducing supply chain risk, enhances the
buyer-supplier relationship and improves the competitiveness of the buying organization. Since the buyer approves the invoice
and initiates the financing opportunity, the cost of financing is based on the creditworthiness of the buyer, a significant benefit
to smaller suppliers. Other benefits to suppliers include having ready access to funding on a day-to-day basis, reducing debt
and days sales outstanding, and increasing the flexibility of managing working capital.
The key benefits of e-invoicing based supplier finance are:
โข Immediate communication of invoice approval status between the buyer and the financing institution - initiating the
payment process.
โข Automated communication of payables details to the financial institution.
โข Support for the entire procure-to-pay process with electronic purchase orders and electronic goods documentation.
โข An existing critical mass of payables than can be selected for financing.
E-invoicing Allows Dynamic Payables Discounting
An effective dynamic payables discounting solution can only be implemented using an e-invoicing service. In this scenario, a
buyer receives a discount for paying an invoice early. The discounts can be calculated a number of ways. Suppliers may agree
to accept early-payment discounts on all invoices, or only those that meet certain criteria. They may offer a discount on
payments made by a single cut-off date, or impose a sliding scale based on when an invoice is paid. The main early-payment
discount mechanisms are:
Simple discount: A single Tiered discount: where multiple cut- Scaled discount: The discounts
discount (e.g. 2%) if an invoice is off dates are defined. In addition to the are available on a continuous
paid within a specified number of simple scenario, additional intervals sliding scale, proportional to the
days (e.g. 10 days). Otherwise the are defined (e.g. 1% discount if the number of days since the invoice
invoice is paid in full at the due date. invoice is paid within 20 days). was issued.
within 20 days).
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8. E-invoicing Provides New Avenues for Credit | White Paper 8
Buyers able to fund early-payment discounts from their own working capital can achieve excellent returns. A buyer regularly
paying invoices after 10 days and earning 2% discounts is effectively receiving a 2% return on the amount over 20 days every
payment cycle. Over the course of a year, the 2% return translates into an effective annual interest rate of 44%.
Financial institutions may step in on behalf of buyers unable to fund early-payment discounts from their own working capital.
The steps of this scenario are as follows:
โข A buyer agrees to pay an invoice, creating a payment obligation
โข This payment obligation is presented to a third party for funding
โข Invoice data is matched against the purchase order and against goods-received data.
Besides earning a return on their capital, buyers benefit by proving liquidity at critical junctures to their suppliers, promoting
their growth and stability. Suppliers meanwhile gain low-cost access to capital, as well as greater certainty around the timing
and amount of payments. They also reduce their days sales outstanding and collection costs.
Dynamic payables discounting is virtually impossible without an e-invoicing system to support the process. That is because in
the paper world, invoices often do not even get to the accounts payable department until they are already past due, putting
discounts out of reach. An effective e-invoicing system enables invoice data to be exchanged in real time. Queries can also be
communicated in real time, smoothing and speeding the process.
Summary and Conclusions
While the financial crisis has brought the end of cheap credit, it has also accelerated the trend toward supply chain finance.
Such loans work well in a regulatory environment that emphasises capital and continues to put pressure on traditional credit.
The loans also live up to heightened risk-management requirements. Because the loans are extended based on approved
transactions, risk is contained.
Banks can more fully take advantage of all the benefits of supply chain finance when they also deploy an e-invoicing service in
support of it. E-invoicing permits supply chain finance to occur automatically, without the involvement of human staff. With a
fully functional e-invoicing system working in support of supply chain finance, banks can achieve greater levels of revenue and
growth, while keeping risk at bay.
For further details please contact:
Fundtech
Fundtech FSC Ltd
Llys Helyg, Ffordd y Llyn
Parc Menai, Bangor
Gwynedd LL57 4EZ
Tel: +44 (0) 845 120 8050
Email: sales.fsc@fundtech.com
E-invoicing Product Website: www.accountis.com
Fundtech FSC 2011 | www.fundtech.com | sales.fsc@fundtech.com