Managing high-volume or complex payment flows can be expensive. It can also create friction in an organisation’s cash flow, slowing down your ability to convert revenue into usable cash.
Our integrated transaction banking solutions simplify processes, reduce transaction costs, optimise returns and eliminate risks.
Our Transaction Banking specialists will invest time with your finance team to understand your business and processes. Our clients often comment on how quickly they analyse even the most complex businesses.
This diagnostic analysis allows the Transaction Banking team to understand every aspect of your cash management, payables, receivables and connectivity requirements, within the context of your strategic goals and growth plans.
They then give you an innovative and integrated transaction banking recommendation. These recommendations are optimal for your immediate needs, and flexible enough to cope with the demands of the future. They identify ways to reduce your strategic costs associated with cash flow management and optimise returns, improve efficiency and maximise your capital holdings.
Sue Tindal, Auckland Council Group CFO, was faced with a huge transformation task after the amalgamation of eight councils into the one super city five years ago. “Auckland Council continues to drive the pace of change towards achieving our vision of becoming the world’s most liveable city, with an economy that delivers opportunity and prosperity for all Aucklanders and New Zealanders. But, we can’t do this on our own! ASB embraced the challenge, earned the opportunity to support us and has clearly brought their passion for transformational change to the table.”
Four starting points for improving cash flow capacity
1. The first step is reducing paper-based transactions. Electronic alternatives are faster and cheaper to process, and usually preferred by customers and suppliers. Innovative solutions like electronic invoicing help to increase visibility and control, reduce paper costs, and result in fewer outstanding payments.
2. Another source of efficiency is integrating accounting and banking platforms. That could be as simple as switching on our existing Xero integration. But most larger organisations create a direct link to our systems. Both approaches eliminate double-handling, which saves time and removes a potential source of error.
3. The third change is to put in place better online banking systems. Many large organisations say FastNet Business is the best online banking platform in New Zealand. It has high capacity, a wide range of online services and mobile capability through ASB Mobile Business. You can check and authorise payments with hundreds or even thousands of payees, online or on mobile, with full permissions control and security.
4. Finally, there are often opportunities to extend efficiencies across the business. Better expense management systems and simpler supplier management tools can reduce the unprofitable overhead costs of receipt checking and authorising.