KBC and software company iController have announced a partnership that will see the bank introduce the iController software to customers who want to better organise their credit management. The collaboration serves to help customers optimise their cash flow. Credit management can be a time-consuming and inefficient process for many companies, which means they are missing out on a lot of cash flow - and therefore investment opportunities as well. The iController software helps companies to make their credit management process more efficient and clear, so that outstanding invoices can be collected faster and more working capital is available to support the growth of the company. Fewer outstanding invoices also means less credit risk and therefore less impact on a company’s profitability and cash flow.
Companies can find it difficult to keep a structured record of which invoices still have to be paid. Moreover, they are often unaware of how to improve their follow-up. Manual processes can compound this problem. The credit management software of iController helps companies monitor payments and assess risks. For example, the system indicates when and to whom reminders should be sent, or when the company should take further steps to collect the outstanding balance. As a result, invoices are paid faster and more efficiently, resulting in a better cash flow.
KBC says it helps its clients to improve and efficiently manage their working capital, and that support in the area of credit management is an important part of this. A good cash flow provides more investment opportunities and a solid financial basis. KBC will introduce the software to customers who want to optimise their financial processes.
“We attach great importance to healthy credit management of our corporate clients,” said Wim Eraly, senior general manager Corporate Banking at KBC Division Belgium. “Companies that keep a good overview of their financial flows can anticipate faster, invest more efficiently and build on their future with confidence. We are strongly committed to this with powerful working capital solutions, also in cooperation with partners outside KBC. This gives customers a real-time overview and accurate insights on their KBC Business Dashboard. The cooperation with iController fits in seamlessly with this.“
“We are convinced that the future of credit control lies with automation, a vision that KBC shares with us,” said Peter Janssens, CEO of iController. “Today, companies are often unaware of the benefits of high quality automation and centralisation of credit management. Together with KBC, we want to change that.”
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