“ We are trying to embed financing into these B2B workflows by inviting banks to lend through our digital ecosystem ”
NARAYAN RAMAMOORTHY CHIEF REVENUE OFFICER , GLOBAL PAYEX INC
“ The reason banks are interested is because they want to offer a differentiated service to their corporate banking customers on the receivables / payables banking or on the corporate transaction banking side , and banks don ' t necessarily have these sophisticated technologies ,” Naru explains . “ So , they use our technology ; we are the back end while the bank is the front end offering these technologies to the customer . Our latest partnership is with FIS , the payments behemoth , where they ' re white labelling a part of our stack globally to their customers . Several other global and regional banks leverage our platform such as JP Morgan , Standard Chartered , BNP Paribas and Deutsche Bank .”
Targeting new markets and enhancing product features When Global PayEX was launched , it initially focused on the Indian market , where it has now established a dominant position for itself . The company is now live in the US , where it has a few big-name brand customers and a pipeline of prospects . When Naru speaks to us , he is in London conducting due diligence and laying the groundwork for a future presence there . Global PayEX wants to be live in the UK , with boots on the ground by Q4 of this calendar year .
It marks a continued expansion for the firm , which hopes that the US and EMEA can become significant contributors to group revenues . In the next 12 months , Global PayEX will focus on growing its penetration in the US market and establishing itself both in the UK and in continental Europe . From a regulatory perspective , this provides a unique challenge : Europe has various compliance requirements to grapple with , not least GDPR .
From a product perspective , the company is working on globalisation , supporting more currencies and languages to allow for further market expansions in future . It is also looking at new requirements like e-invoicing standards and new payment mechanisms such as realtime payments , building that out from a product stack or enhancing the product stack to include them . Global PayEX will continue to invest in AI / ML technologies to improve the efficacy of its automation , giving its platform enhanced abilities to read and contextualise document formats .
Naru elaborates : “ We want to get that to at least a 9 / 10 document auto-read capability across formats over the next 12 months , with an eventual goal being a neural network which has 99 +% accuracy from day one , in terms of reading any random document related to AR and AP .”
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