(PRWEB) April 23, 2013
As companies grow globally, banks must expand offerings to retain and grow relationships with corporate customers. However, many banks miss financing opportunities for more complex invoices, such as those for transportation and legal expenses, due to lack of industry expertise. To offer businesses the expertise required, banks can leverage a multi-bank network like Syncada from Visa to quickly deploy a financing solution—without the upfront cost of developing a new solution.
Paying complicated invoices, such as those in the transportation and legal industries, accurately and on time challenges many companies. Frequently, these invoices require careful, detailed audit of a variety of charges. In addition, complex invoices have increased processing time, routinely taking more than 100 days to process, approve, and pay. To improve efficiency and accuracy, best-in-class organizations automate processing and payments, collaborate extensively with suppliers to proactively resolve issues, and use solutions that provide global visibility to expenses. Organizations already trust banks to securely manage transactions, so banks better serve customers by offering additional, needed services to manage complex expenses.
“Customers prefer working with banks that can make things simple,” states Kurt Schneiber, Chief Executive Officer at Syncada. “With the knowledge, resources, and financial controls that Syncada brings to the table, banks can confidently create stronger bonds and address industry pain points while helping their customers succeed.”
Kurt will speak about complex expense categories and related financing opportunities at the BAFT-IFSA global annual meeting on April 29, or visit http://www.syncada.com/forbanks.aspx to learn more.
Syncada from Visa provides a business-to-business network for financial institutions to enable clients to increase control over their financial supply chains, regardless of language or currency. Syncada delivers standardized invoice processing and payment with integrated financing to corporate and government clients. Syncada processes invoices for hundreds of buyers and makes payments to tens of thousands of suppliers around the world. In 2012, Syncada processed more than US$21 billion in payments and millions of invoices and trade documents. Visit http://www.syncada.com for more information.