Nordic tech vendor TietoEnator has launched a white labelled on-demand service that enables banks to capture payments information exchanged through corporate supply chains.
The TietoEnator Financial Service Hub extracts real-time trading information relating to purchase orders, invoices and payment initiation sent between corporate buyers and suppliers.
The service works on the principal that if banks are party to the information on a purchase order or, more importantly an invoice, they can provide new services such as cash management and cash forecasting and predicted cashflows based on the greatly improved 'visibility' provided by the streams of information between the business partners.
Recent estimates claim that up to €580 billion of working capital could be freed-up and invested through the automation of the financial supply chain.
Patricia Pittomvils, vice president, offering management, TietoEnator says: "By using the information exchanged between corporate buyers and suppliers for the benefit of their corporate customers, banks can provide new services thereby ensuring stronger client relationships, better customer retention and greater revenue potential".