Buyers and sellers tend to work on different systems in a non-eXchange environment. Often the prevailing systems are manual intensive, and create a mismatch in terms of accounts payable and accounts receivable (AP-AR), resulting in delayed transaction cycles.
Frequent use of cheques instead of online transfers is still predominant, leading to mismatched AP-AR, as a buyer cuts a cheque and declares a transaction complete, even before the seller receives or cashes it. In certain scenarios, significant efforts are required from the seller's team to collect their dues, other times the payments are cleared just as the efforts are expedited. A mismatch in AP-AR leads to time and information lag, followed by trade inconsistencies. For a sound audit, most companies make adjustments in there AP-AR, which is done in silos and further adds to the complexity.
The eXchange assists to make adjustments in real time, as it allows complete visibility amongst trade partners. The moment a noteworthy activity takes place an alert is immediately sent out to the trade partner to streamline dealings and encourage agility to help speed through transactions without any concern for errors.
The eXchange offers:
- Transaction alerts in real time
- Increased transaction output
- Reduced transaction cycles
- Efficient AP-AR Management
The eXchange helps to achieve overall efficiency in terms of payment processes, delivers instant transaction alerts, to help better manage accounts payable and accounts receivables, and enhance the overall transactional experience amongst trade partners.
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