NEC Asia Pacific deploys Invapay e-payments platform

Information and communications technology provider NEC Asia Pacific has chosen fintech company Invapay to help optimise its working capital and extend its days payable outstanding (DPO). The technology specialist chose Invapay for its proven track record and experience within the e-payments arena.

NEC's solution, developed in conjunction with Invapay, Visa and WMD, utilises Invapay’s ePayables web portal, Visa's card solution and WMD’s invoice processing automation. The solution delivers full credit utilisation and payment automation.

Shawn Damon, Commercial Director, Invapay said, “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 said the payment automation system has helped to improve 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, (which) are largely small and medium sized enterprises (SMEs), receive their payments ahead of time so that they can manage their cash flow more effectively.”

Volkmar Ahrens, MD, WMD Asia said, “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 said, “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.”