Businesses benefit immensely from a straight through process from invoice generation to sending to reminder, payment, collection and reconciliation, all automatically integrated with their accounting package or ERP system. But in the absence of international standards that is for most businesses, this is out of reach today. Therefore we offer PocketCollector which offers two clear benefits:

  • Digitising the information exchange between two businesses using SMS and email
  • Facilitate the collection of payments without needing a direct debit or request to pay (bank) instrument

The PocketCollector is available as a stand-alone service in an existing environment or as part of the PocketTreasurer functionality.

Once the integration between the ERP package and business’ account information is in place, the business owner can easily leverage these data sets and optimise working capital. BankiFi’s PocketCollector builds on the existing integration with a variety of accounting packages that exists within the BankiFi platform. This allows the automated transfer of electronic invoices across different accounting packages without the need to set up an e-invoicing scheme. The user can simply rely on the accounting packages to implement dedicated interfaces to such e-invoicing scheme.

Additionally, existing payment schemes are starting to support the so-called Request to Pay functionality, allowing a creditor to send a request for payment to a debtor, based on which a pre-filled payment initiation can be created and authorized by the payer.

This solution increases the level of automation for the offering an easy, convenient option for the SME to collect funds without requiring access to direct debits. It decreases the cost to chase outstanding payments and makes reconciliation between the invoice and the actual payment much more straightforward.