MINNEAPOLIS - Thursday, November 15th 2012 [ME NewsWire]
(BUSINESS WIRE)-- European invoice audit, processing, financing, and payment is highly complex and difficult to manage, varying by country, currency, and payment category. Corporates, governments, and their suppliers often must work with multiple banks in different countries. Today, Syncada from Visa enhanced its patented system to assist organisations operating in Europe address these challenges.
In Europe, logistics invoices represent 6% of all corporate spend, according to a recent study, “E-Invoicing/E-Billing: Opportunities in a challenging market environment”, by Billentis. As regulation increases the complexity of globalisation, organisations achieve best-in-class by collaboration, visibility, and data analysis at every stage of the transaction. Thus, organisations require agile partners who provide flexible tools, robust knowledge, and constant innovation.
A typical scenario would be a Poland to Portugal export requiring multiple carriers: one by road from Warsaw to Gdansk, a second for short sea transport to Lisbon, and a third by road to Coimbra. Automation of several steps delivers a competitive advantage, including audit and rating using multicurrency contracts, reporting value added tax (VAT) reverse charge, data conditioning for robust analysis, and settlement through a Single Euro Payments Area (SEPA) debit. With Syncada’s enhancements designed for European needs, organisations can automate processes, improve capabilities, and offer supply chain finance (SCF) through bank partnerships.
“Industry leaders recognize the inextricable link of global capabilities and regional knowledge,” states Kurt Schneiber, Chief Executive Officer at Syncada. “Syncada's expertise in Europe provides tangible advantages to customers, whether offering smarter tools, operating flexibly to work across countries, or supporting compliance requirements. By leveraging the Syncada network, organisations can deftly manage logistics, strengthen supply chains, and better compete in the marketplace.”
For more information about how Syncada can help organisations succeed in Europe, visit http://www.syncada.com.
Syncada from Visa provides a business-to-business network for financial institutions to enable clients to increase control over their financial supply chains, regardless of language or currency. Financial institutions use Syncada to deliver standardized invoice processing and payment with integrated financing to their corporate and government clients. Syncada processes invoices for hundreds of buyers and makes payments to tens of thousands of suppliers in 47 countries. In 2011, Syncada processed more than US$21 billion in payments and millions of invoices and trade documents. Visit www.syncada.com for more information.
Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=50478306&lang=en
Kara Pritchett, 612-436-6311