Automated payment processes
Corporates are seeking different ways to increase cost efficiency throughout their purchase to pay processes. These measures, for instance, could include automating the handling of invoices, streamlining approval cycles or examining ways to reduce the number of payment processes.
New technical solutions offered by ERP or other vendors, or ways to optimise bank connectivity could also yield benefits. Centralising the payments handling to shared service centres or establishing of a payment factory are also means of optimisation.
At the same time, you need to also focus on reducing risks whether they are related to several parallel payment processes or manual processes in supplier or salary payments.
A streamlined order to cash process is an important step towards improved working capital management. Smart invoicing, choice of collection accounts, transaction files used and data made available are key elements for automatic reconciling of your receivables. Ultimately, these are key factors to your credit risk management, your liquidity management and to your working capital.
The variety in market practices may create challenges for an international company looking for a uniform solution for their order to cash process.
As the largest Nordic bank and a major European financial institution, Nordea has the experience and best practice know-how to find the best solutions and practices that support your way of working now and in the future.