NEC Asia Pacific Pte Ltd selects Invapay to optimise their Working Capital
1 March 2017 - Leading information and communications technology provider NEC Asia Pacific Pte Ltd (NEC APAC) has chosen award winning payments Fintech Invapay to help optimise their working capital and extend their DPO (Days Payable Outstanding). The technology specialist chose Invapay for its proven track record and experience within the ePayments arena.
Working closely with Invapay, VISA and WMD, utilising Invapay’s ePayables web portal, VISA’s card solution and WMD’s invoice processing automation, NEC have realised a solution which not only meets their goals but delivers the additional benefit of full credit utilisation, 100% supplier acceptance and payment automation.
Shawn Damon – Commercial Director – Invapay “We are delighted to be working with NEC, in partnership with UOB and WMD to drive forward their strategic goal of extending their DPO by using our payment innovation. Our ePayables technology has delivered the required DPO extension along with 100% supplier acceptance which has enabled NEC to fully utilise all UOB credit lines when settling accounts regardless of the size of the supplier.”
Sandra Kwok-Finance Director-NEC Asia Pacific: “NEC APAC is pleased to implement the payment automation system to help us improve our internal operational efficiencies. This implementation was a challenging one as it involves multiple partners, however, thanks to the resilience, knowledge and passion demonstrated by the teams from Invapay and WMD, the payment automation system was successfully rolled out. The solution has enabled the Finance team to reduce the time spent on reconciling payments, and also minimise human error as the process is now largely automated. It also ensures that our suppliers, who are largely SMEs, receive their payments ahead of time so that they can manage their cash flow more effectively.”
Volkmar Ahrens - Managing Director - WMD Asia “We are honoured to have NEC leverage on our xFlow Capture Solution to create a paperless environment, drive transparency across departments and assist their Finance Team to streamline their daily operations. Since the pilot run, our solution has helped reduce more than 80% of manual data-entry activities thereby allowing their team members to increase work efficiency and productivity. “
Vikram Kshettry - Head of B2B Partnerships, Asia Pacific - Visa “As the global leader in payments, Visa looks to introduce new technology partners which offer secure and efficient payment processes to corporations. These corporates are looking to solve for efficient processing and payment of supplier invoices, resulting in substantial cost savings and better working capital management. With Invapay, Visa is able to bring in the best available partner with proven payment technology for B2B payments. For the suppliers as well, this will deliver more certainty on their payments and faster receipt of funds. We are confident that with Invapay, we will deliver a pioneering solution much needed in Singapore and Asia Pacific”
About Invapay: Invapay is a UK based payment technology company. They offer an efficient, flexible way to manage payments and working capital and are connected to over 800 banks. Invapay operates across three continents, processes all major currencies and provides a flexible payments alternative that ensures long-term buyer and supplier benefits.
The cloud-based solution can be operational in 24 hours and provides more access to credit lines at the flick of a switch. The enhanced transaction data enables efficient processing and reconciliation of payments. This enables CFOs to be confident of financial control and compliance.
About NEC APAC: Singapore-based NEC Asia Pacific (NEC APAC) is the regional headquarters for NEC Corporation (HQ: Japan) in the Asia Pacific region (South and Southeast Asia and Oceania). As a leading information and communications technology provider, NEC APAC provides innovative solutions and infrastructure to promote safety, security and enhance the quality of life for individuals and the community. NEC APAC’s expertise includes solutions for carrier networks, biometric identification, enterprise applications and infrastructure, unified communications, transportation solutions, multimedia displays and smart energy, as well as the provision of managed services and contact centre services.
Our regional competency centres, together with our research laboratories, provide cutting-edge public safety, cybersecurity technologies and enterprise solutions to enable safer cities, with a vision to create a brighter future.
About WMD: Based in Singapore, WMD Asia is the APAC HQ of WMD Group (German-based company), covering the APAC region. We provide industry-leading solutions ranging from Process Automation, to Workflow and Document Management as well as Data-Retention with our product suite - xSuite®.
Since establishment 23 years ago, we have been working with C-Level Executives and their teams from global enterprises worldwide to deploy our state-of-the-art technologies, that can interconnect and communicate with disparate technologies. Our software offers numerous intelligent, high-performance workflows and process solutions, mapping the entire lifecycle of a document from scan to archive, and it supports more than 180+ languages.
We aim to help businesses succeed by getting rid of bottlenecks, boring and repetitive processes, thereby empowering their users to take charge and focus on researching new ways to improve their businesses.
About Visa: Visa Inc. (NYSE:V) is a global payments technology company that connects consumers, businesses, financial institutions, and governments in more than 200 countries and territories to fast, secure and reliable electronic payments. We operate one of the world's most advanced processing networks — VisaNet — that is capable of handling more than 56,000 transaction messages a second, with fraud protection for consumers and assured payment for merchants. Visa is not a bank and does not issue cards, extend credit or set rates and fees for consumers. Visa's innovations, however, enable its financial institution customers to offer consumers more choices: pay now with debit, pay ahead of time with prepaid or pay later with credit products.