GLOBAL PAYEX INC
“ Banks are interested in Global PayEX because they want to offer a differentiated service to their corporate banking customers across receivables and payables banking ”
NARAYAN RAMAMOORTHY CHIEF REVENUE OFFICER , GLOBAL PAYEX INC
The AR / AP platforms also enable financing workflows and automation across the anchor corporates , banks and the corporate ’ s buyers and suppliers . Lastly , the PayEX platforms can enable straightthrough automation with all key ERP platforms .
The challenges in AR are very different to the challenges in AP , but there is still an interplay between them ; after all , a vendor ’ s AR is a buyer ’ s AP .
In accounts receivable ( AR ), challenges faced by sellers include lost or misplaced invoices , the cost of accepting payments ( specifically physical modes like cheques ), resolving for part-payments or deductions , and delayed payments . A lot of time is spent by AR teams , sales teams and the end customer ’ s AP teams on emails and phone calls to resolve these . EIPP solves for all of these by digitising and automating the interaction between sellers and buyers .
Another key challenge in AR with institutional customers is related to deductions . Each customer could have different deduction codes to refer to the same events – whether that ’ s a goods return , a goods short supply or a withholding tax . Even customers in the same industry can have different terminology for the same deductions . Global PayEX ’ s customer ( seller ) may also have different terminologies in their ERP to refer to those events , for example ‘ return to vendor