Case study
FINVERITY
How did Credit Europe Bank automate and expand reverse factoring in 30 days?
Finverity Team
The Challenge
Credit Europe Bank’s (CEB) reverse factoring set-up prevented the bank from processing large numbers of invoices, ruling out many profitable transactions. Harnessing a fintech's expertise and technology would automate that process, but implementing a system typically takes years and managing multiple open account products often requires multiple platforms.
The Solution
CEB partnered with FinverityOS, the only system that allows banks to seamlessly manage all open account trade finance & SCF products from a single, unified platform.
From contracting to deployment, FinverityOS was delivered within 30 days, including SFTP connectivity to integrate with CEB’s core systems and achieve four critical process automation goals:
• Automatic update of interest and fx rates on a daily basis
• Workflow automation for various stakeholders in the bank
• Automatic generation and execution of payment instructions
• Automatic reconciliation of invoice repayments based on incoming payments
The efficiency savings mean that CEB can now focus on profitable transactions, with no limits on the number of counterparties or invoices involved.
What they said
“FinverityOS fully matches our requirements and adds real value to Credit Europe Bank’s supply chain finance proposition. The integration was quick and seamless. The impact was transformational. In our view, the best solution in the market.”
Olivier Den Tex
Unit Manager, Supply Chain Finance, CEB
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What’s next?
CEB will expand its FinverityOS capabilities beyond reverse factoring to include factoring, with more products to follow.
Are you among the majority (70%) of local and regional banks turning down opportunities due to operational limitations? If yes, Finverity can help in as little as 30 days!
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The only system that supports all open account trade finance & SCF products
FinverityOS is a single, unified system designed for banks & NBFIs to streamline and digitise open account trade finance & SCF operations. Upgrade from fragmented, outdated systems and effortlessly expand into new products and markets.
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