Invapay partner with Australian bank ANZ to deliver payment innovation to clients
13th December 2016, London - UK based Invapay and ANZ (Australia and New Zealand Banking Group) announce that they are working together to deliver automated payments innovation to their business customers.
ANZ’s vision to use technology and innovation to help solve the payment challenges faced by CFO’s has been realised by utilising Invapay’s cloud based automated payment platform.
Invapay complements ANZ's existing corporate product portfolio. In the absence of any development and integration work, the association made good sense and was easy to achieve.
Adam Grant, Head of Transaction Banking, ANZ Australia had this to say of the association: “Working with Invapay has enabled ANZ to deliver a proven payables solution which allows our customers to fully utilise the available credit lines delivered by ANZ and in so doing, optimise their working capital, realise operational efficiencies, increase visibility and control and improve their supplier relationships.Working with Invapay will serve as an important boost for ANZ's corporate and institutional customers and addresses one of themain payments challenges faced by both buyers and suppliers globally.”
Con Archis - MD - Invapay Australia and New Zealand said of the association “ANZ has heralded a shift in strategy towards technology and innovation. An association between ANZ and Invapay serves the objectives of both organisations; Invapay leverages technology to reimagine solutions for everyday challenges in company finance, treasury and procurement departments. We are delighted to be working with a customer focused and forward thinking partner like ANZ.”
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Notes to Editor
Since time was invented Buyer and Supplier relationships have ebbed and flowed with Payment being a significant event and causing the greatest strain.
Buyers historically like to delay payment and suppliers prefer to be paid early and this mismatch of ideals is the cause of much frustration and leads to a less than perfect harmony.
Traditionally, Buyers have been seeking solace from their Banks, in the hope that they will solve all cash flow problems and provide the Buyer with extended DPO and the Supplier with shortened DSO (factoring; supply chain finance)– only to be frustrated by the lack of supplier acceptance.
So what does Invapay do to help solve this seemingly intractable problem?
Invapay’s role is to provide 100% supplier acceptance for its payment program, assisting the Buyer to maximize working capital benefits and for the Bank to fully utilise its credit lines (including cards) to maximise yield – therefore everybody wins.
Invapay’s Global Supplier Acceptance Platform has a proven track record of frictionless integration and delivering maximum benefits to all stake holders - email us for more details on how we make the impossible possible....firstname.lastname@example.org
ANZ provides a range of banking and financial products and services to over 9 million customers.
Our history dates back over 180 years. We are committed to building lasting partnerships with our customers, shareholders and communities in 34 countries in Australia, New Zealand, throughout Asia and the Pacific, and in the Middle East, Europe and America.
Using a ANZ Virtual Card, an Invapay transaction occurs when a buyer submits a payment instruction file to Invapay, who then charge the buyers’ ANZ Virtual Card for the approved amount and distribute funds directly into supplier’s bank account via Electronic Funds Transfer. The buyer is then sent an invoice containing enhanced data, while the supplier receives a purchase order and invoice data for reconciliation.
A buyer will lodge their ANZ Virtual Card’s 16 digit number within the Invapay platform. When an invoice is authorised by the buyer, Invapay will charge the buyer’s ANZ Virtual Card for the invoice amount. This allows customers to leverage off balance sheet credit extending working capital and providing a number of other benefits such as enhanced data, process automation and spend controls delivered by the ANZ Virtual Card.
Con Archis - Managing Director
Invapay Australia & New Zealand
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