Advanced Core Engine for Banks

Out with Cash and Cheques,
In with Card and Digital Payments

With increasing popularity of cards and digital payments, cash and cheques as B2B payment instruments have seen a clear downward trend over the years.

Yet, their decline is not fast enough to free the banks from having to continue supporting such low-value transactional activities. With stiff competition from industry players and alternative payment providers constantly beating down the door, banks need to quickly move their clients away from inefficient processes, and supplant them with innovative and profitable services.

A bank’s position of strength is in its strong reputation, robust infrastructure and wide client base. Infinitium’s position of strength is to build on the bank’s existing capabilities – to package new services to their clients and accelerate their adoption – all done without breaking the proverbial bank.

Creating Value with Infinitium B2B ACE

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.

Embedding STP into Existing Business Processes

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.

Increasing Efficiency with Automated Reconciliation

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.

Improving Visibility of Transaction Data in Near Real-Time

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.

Case Study: Insurer Reimbursements to Hospitals

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.

Infinitium as a Payment Facilitator to the Banks

Infinitium’s business model is not to compete but partner and complement the banks. We enable an end-to-end payments and receivables process in a STP manner for the banks’ clients. Whether these commercial transactions are buyer-initiated or seller-initiated, we have the solution to support them. For banks who require assistance to onboard multiple merchants for B2B payments, Infinitium is also able to take on the role of a Payment Facilitator to facilitate the process.

To find out more about how Infinitium can partner you through our B2B ACE solution, please reach out to our experts for more information.

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