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”.