Payables Automation

Automate your payment processes to optimise working capital.

Payables Automation

33% of leading regional corporations still manage their payables manually*. It is observed that even those that wish to automate payables may be limited as their suppliers are not set up to receive their dues electronically. (*1 The 2014 Visa Cash Flow Visibility Index research was done in August-September with CFOs / Treasurers of 811 leading corporations in ten countries/regions to better understand challenges that organisations may face with managing cash flow and ensuring visibility and predictability. The research was done by East & Partners, an independent specialist business banking market research and analysis firm. Regional data cover findings of Australia, Hong Kong, India, Japan, Malaysia and Singapore.)

Payables automation is software or technology capability that works independently or in conjunction with existing financial management systems. It automates accounting and payment processes that begin with information extraction from an invoice, verification against purchase orders, business systems, and approvals to making payments. Payables automation leads to cutting down of staff time, payment cycles and costs while increasing controls throughout the AP cycle.

How does Payables Automation work

Deploying payables automation capability allows you to send your account payables files directly to Visa or your financial institution from your Enterprise Resource Planning (ERP) system, eliminating processing steps.

Visa’s 16-digit accounts assigned to each of your key suppliers can help them to receive payment. A supplier onboarding process will also be managed so that they, in turn, can process card payments and reconcile receivables without altering existing business practices.

Benefits

Increase Efficiency by Decreasing Paperwork

Electronic processing is more efficient than paper-based systems. Payables automation substantially reduces staff time in manual processing. It requires less time and effort than traditional invoice processing and reconciliation, and avoids exposing reports to potential human error. Visa will send you reconciliation reports electronically so you can match invoices to payments more easily.

Control Spending, Credit Extension and Optimised Cash Flow

Payables automation enables you to adjust your Visa 16-digit account to match approved invoices, reducing the risk of unauthorised payments and increasing your control over spending. Also, compared to other electronic payment channels such as Electronic Funds Transfer (EFT), payment through your financial institution using a Visa’s 16-digit account can give you an on-demand, off-balance sheet credit for up to 55 days. Since your supplier will be charging a Visa account, pay only when the consolidated bill from your financial institution comes, allowing you more flexibility and access to funds as working capital.

Payables Automation brochure

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Make the change now

Seize the full benefits of Visa’s payables automation with minimal or no disruption to your existing business systems or processes:

• Interoperable with existing ERP and other financial management systems
• Eliminate manual processing time while increasing controls throughout the account payables cycle
• Avoid exposing reports to potential human error
• Get a credit extension of up to 55 days from your financial institution, allowing you access to more funds as working capital
• Flexible to corporate policy changes, which can be quickly incorporated into the payment system
• Fast, easy and cost-efficient set-up

Let Visa and your financial institution do the heavy lifting so that you can focus on growing your business.

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