Infinitium’s B2B ACE is designed with the goal of simplifying and transforming B2B payments and receivables. Free from the restrictions of legacy banking systems, this solution runs on established scheme network rails to deliver the end-to-end process of corporate payments.
Through B2B ACE, Infinitium is able to address the payment requirements of a bank’s clients in a simple and cost-effective manner, without the need for system changes, as well as bring further efficiencies and better user experiences to the payments process.
B2B ACE makes and accepts virtual card payments in a STP manner. The STP mechanism allows for secure transactions to be made without the need for any form of manual interventions. This reduces chances of fraud and improves efficiency.
B2B ACE enables quick reconciliation by having each virtual card payment transaction tagged with enriched data. This allows the bank’s clients to gain greater visibility and clarity over high-volume payments, which is especially beneficial as each transaction is matched accurately with no manual intervention.
B2B ACE brings the capability to view near real-time detailed transaction data via email notifications and portal access for the bank’s clients. For any bank client, the ability to track its payments and past-due receivables accurately and quickly is of great importance; failing which, cash flow would be adversely affected, especially for SME clients. While streamlining the end-to-end payment processes, B2B ACE also ensures the inclusion of SMEs in benefiting from the larger payment ecosystem.
An Insurer wishes to provide a better payment experience to the hospitals submitting insurance claims on behalf of their patients. Infinitium’s B2B ACE leverages on virtual card capabilities to deliver timely payment notification and enriched payment information to the hospitals. This enables the Insurer to build a stronger working relationship with the hospitals by helping them with timely payments reconciliation.