App Hub / Banking & Finance / Banking and Finance Business Network Digitalization App

Banking and Finance Business Network Digitalization App

Digitalize connectivity with banks and financial institutions for seamless procure-to-pay and order-to-cash processes, while enabling real-time collaboration and tamper-proof transaction records.

Overview

Financial organizations involved in cross-border transactions face challenges in multi-bank connectivity and related processes involving various trade finance instruments. They should aim to connect their business operations with banks/FIs seamlessly, increasing efficiency, transparency, control, and reliability on the banking network involving multiple banks in multiple jurisdictions.

Some of the key challenges affecting these organizations include:

Poor multi-party collaboration and coordination between internal business functions (Operations, Finance) and various banks/Financial Institutions (FIs) with which the organization has financing facilities.
Manual/semi-automated submission of transaction application requests and data/document exchanges, making the process time-consuming, error-prone, and cumbersome.
Lack of visibility and transparency in treasury operations, payment status updates, and activity logs in procure-to-pay and order-to-cash processes.
Little to no exposure on third-party risk management or extended supply chains and non-compliances to multi-geographic jurisdictional requirements.
Error-prone manual steps in execution and payment reconciliations, order-to-cash applications, and order entry documentations.
Lack of a multi-bank, digital channel between an organization's ERP system and banks/FIs offering connectivity that complements SWIFT.

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App Features

Enhance collaboration with multiple parties in multiple geographies, improving communication efficiency, user efficiency, and end-user experience.

Enforce effective, risk-free contracts across distributors and customers in multiple geographies, integrating core systems of records for seamless execution of order-to-cash and procure-to-pay processes.

Increase visibility and transparency across the digital network of banks to drive enhancements in treasury operations and release working capital efficiency.

Secure real-time information on the status of each trade finance transaction with status flags that enable digital network members to triage a vast range of operational issues quickly and effectively, ensuring optimized payment flow in line with the promised date.

Streamline your banking process for transaction requests involving multiple banks and corporates in multiple geographies within a digital network, providing focused operational insights.

Maintain accurate data and digital document repositories with auditability across functional departments and ecosystem participants.

Receive real-time reports and secure tracking of payments, with verified documentation and certifications as tamper-proof digital records for future use and compliance.