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Keywords: Fundtech, b-pack, Readsoft, e-procurement, banking solutions, immediate payment, procurement
Anna Bowsher | News | 7 September 2012
Six of Singapore’s leading financial institutions are working with FUNDTECH, a company specialising in global transaction banking solutions, to provide and implement immediate payment solutions.
Gil Gadot, President of Fundtech Asia-Pacific, said, “For many years we have invested in the development of Fundtech’s products and presence in Asia. With close to 500 employees in five regional offices, we understand the needs of the marketplace, and can deliver products that are tested by the world’s largest banks. We are delighted with the selection of our product to support Immediate Payments G3 by six of the leading banks in the region.”
Singapore’s move to Immediate Payments follows a global trend in payments innovation that offers consumers and businesses near real-time low-value payments that are frequently less expensive than other similar services. These services support new payment channels such as peer-to-peer payments, and have the ability to reduce settlement risk.
Fundtech are experienced in fostering the development of payments innovation around the world. Its award-winning GPP enabled Barclays to be the first bank to offer UK Faster Payments to its business customers. The vendor is currently involved with new payment schemes being developed in Sweden and other countries around the world.
Andra, the French National Agency for Radioactive Waste Management, has deployed b-pack’s purchase-to-pay software for more than 500 employees.
The applications include e-procurement, automated approval workflows and vendor management.
Andra are hoping this will streamline their procurement and purchasing processes globally while ensuring better spend visibility. The project is part of an effort to both optimise costs and be active in their sustainable development as a company by moving towards a paperless flow as opposed to the pervious manual processing. Another main objective was to manage all types of purchases within a single platform, including their service purchases which represent the majority of their spending.
With b-pack, Andra improves the visibility of their entire process, from request to invoicing, reducing processing times and operational costs. In addition, Andra will be able to manage their supplier performance within b-pack as a single repository for purchases, allowing them to improve their supplier management and reduce risk.
Aurélien Larrat, project manager and purchasing engineer at Andra, said, “It’s the biggest IT project in over 10 years for Andra. To guarantee the success of this project, we have considered multiple tools to meet the objectives set by senior management which was to improve the performance of our internal service while having a user friendly and simple e-commerce like application; a customizable and scalable tool easy-to-use with existing processes and forms; and a tool driving visibility so everyone can see how their requests are managed. This project is a big step forward and feedbacks are already positive.
A German large plant construction and mechanical engineering company has just signed a deal with READSOFT to provide an invoice processing solution in an agreement worth €310,000.
The company, which operates worldwide, will use ReadSoft's Process Director for Accounts Payable solution to streamline their invoice processing. They have also opted for further functionality with add-ons to process EDI invoices, Mobile Approval for invoice approval via mobile phones, and Collector to automate document input from email attachments.
ReadSoft was the company's preferred option to automate invoice processing due to its seamless integration into the SAP system. The company hopes this will enable them to reduce invoice processing times, improve visibility and control over invoices, and maximize time and cost savings with mobile capabilities.
“We are delighted that our solutions continue to stand out as the leading option for SAP customers. It is also exciting to see this company choosing ReadSoft to maximize their time and cost reductions by selecting the Mobile Approval and Collector add-ons,” says Per Åkerberg, President and CEO of ReadSoft. “We are confident that we can help this company to achieve new levels of efficiency in their invoice processing operations.”
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