Electronic Invoicing

Heavens above – banks are talking XML

Banks make money, lots of money and they are very good at implementing systems that are capable of the flawless processing of mind boggling numbers of transactions daily.

The systems they implement are designed to deliver straight through processing (STP) that support a 24x7 business and use computers not people to do the grunt work and keep costs low.

With the growing interest of their customers to automate their payments/receivables, then as the Americans would say: “we're on the same page."

So, the banks are developing a fervent interest in XML – and you thought bankers were boring?

As we move our transactions off paper and onto the electronic wires (Internet) that connect us all then banks see an opportunity to deliver new services to customers and this is a really important development.

For example: banks want to unlock funds and make better use of working capital opportunities that are currently not possible as a result of inefficiencies in the reconciliation process. This is the kind of talk that treasurers and financial controllers take notice of.

Sherry anyone?

Click here to catch up on what is going on behind the scenes at your bank.

Labels: banks, Internet, payments, receivables, STP, XML

posted by FrankB @ 4:19 PM