The Innovators 2015 - Transactions Services,isGlobal Finance'sannual listing of key innovations in treasury and transaction services.
The financial institutions shown in the slideshow are honored for launching products or services that are transforming the corporate transaction services landscape. Global Finance uses the OECD’s Oslo Manual Of Innovation to evaluate honorees.
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Categories Of Innovation* |
|---|
PRODUCT INNOVATION |
A good or service that is new or significantly improved. This includes upgrades in technical specifications, components and materials, software, user friendliness or other functional characteristics. |
PROCESS INNOVATION |
A new or significantly improved production or delivery method. This includes changes in techniques, equipment and/or software. |
MARKETING INNOVATION |
A new marketing method involving significant changes in product design or packaging, product placement, product promotion or pricing. |
ORGANIZATIONAL INNOVATION |
A new organizational method in business practices, workplace organization or external relations. |
*From the OECD Oslo Manual Of Innovation
Akbank for e-Invoice Platform
Category of Innovation | Product/Process
Due to recent regulatory restrictions, banks in Turkey must check and collect original invoices from suppliers before processing an invoice discount transaction.
Akbank, given Ministry of Finance Revenue Administration approval as an “integrator bank”, launched its Akbank e-Invoice platform, which is embedded into Akbank Direkt Online Banking, to allow clients to generate, send, receive and archive electronic invoices.
Suppliers can select invoices submitted by buyers and initiate a discount request without physically submitting an original invoice.
NEXT
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Bank Of America Merill Lynch for Digital Disbursements
Category of Innovation | Product
Digital Disbursements is a payment solution that enables companies to make payments to their consumer customers digitally, eliminating the need to issue a check. The payments are directly routed to the bank account of the individual payee’s choosing, using either a mobile-phone number or email address as the identifier.
The solution leverages the technology behind person-to-person (P2P) payments.
NEXT
Return To Coverage
Bank Pekao for Receivables Finance/EDI Integration
Category of Innovation | Process
The bank’s receivables financing platform (TSS) has been integrated into the largest EDI document interchange environment in Poland (Comarch EDI).
The integration was rolled out via Pekao’s electronic banking system (PekaoBiznes24) and Comarch EDI Financing—a platform created at the behest of Bank Pekao to standardize and automate invoice data validation and provide a portal for invoice management.
NEXT
Return To Coverage
Barclays (Misys) for Trade & Working Capital Digital Transformation
Category of Innovation | Process/Organizational
Barclays has implemented a digital platform and global processing solution for its trade and working capital finance business.
The new platform provides advanced online client channels, transaction processing, liquidity management and data centralization/reporting, and does that via an integrated, digital solution across more than 20 countries.
NEXT
Return To Coverage
BBVA for BBVA Virtual Wallet
Category of Innovation | Product
BBVA was the first bank to launch a virtual wallet in Spain. Interestingly, the software is designed and developed 100% in-house. The BBVA Wallet is a free multilingual smartphone app that combines all payments-related functionality.
It is separate from BBVA’s primary mobile-banking app to provide a simpler and faster user experience for payments.
NEXT
Return To Coverage
Bank of The Philippine Islands for BPO Payroll Suite
Category of Innovation | Process/Marketing/Organizational
The BPO Payroll Suite includes bulk account opening within business process outsourcing (BPO) offices with onsite collection of account opening documents and release of ATM cards to employees. It includes real-time payroll crediting, ATM installation int he BPO office and a program to educate employees on financial management, conducted onsite.
Aside from the functional features of the payroll package, the bank also underwent a repricing exercise. This solution provides a competitive advantage for the bank within the Philippines’ high-growth BPO sector.
NEXT
Return To Coverage
Citi for CitiConnect ERP Integrator
Category of Innovation | Product/Process
The CitiConnect ERP Integrator is a flexible, cost-effective, and nonintrusive solution for integration between a corporate client’s ERP and Citi.
It leverages existing ERP capabilities with no additional required development and enables the ERP—via a set of templates loaded into SAP—to automatically extract all required payment details in a predetermined format that can be immediately accepted for processing.
NEXT
Return To Coverage
Commerzbank for Sustainable Trade Finance Program
Category of Innovation | Process
According to Commerzbank, with sustainability rising up the agenda for the majority of companies, banks—as a key driver of the economy—have a responsibility to set sustainable lending criteria that supports companies on that sustainable route.
Commerzbank is a pioneer in this field in its approach to sustainable trade—assessing the sustainability of every trade finance transaction it receives against a strict set of criteria.
NEXT
Return To Coverage
DBS Bank for Currency Mismatch Back-To-Back Letter of Credit
Category of Innovation | Product/Process
The tailor-made currency mismatch back-to-back letter of credit from DBS helped its client, Xing Ye Group, simplify financing for its offshore trading unit, reduce financing costs and increase the firm’s accounts payable financing tenor.
It helped XYG to increase utilization of its second- and third-tier banks, and improved document handling efficiency. It also helped to raise DBS’s profile in China.
NEXT
Return To Coverage
Eurobank for Exportgate.gr B2B Trade Facilitator
Category of Innovation | Marketing
Exportgate.gr is a Cloud-based digital B2B trade platform to support online multilateral trade between Greek businesses and their international counterparts across 180 countries.
It provides trade-finance and trade-related data and information for both Greece and its trading partners worldwide, promotion of Greek companies, and a networking and communication hub for Greek firms and global business partners.
NEXT
Return To Coverage
HDFC Bank for Delfin Inventory Finance Platform
Category of Innovation | Product
The Delfin dealer inventory finance platform lets companies in India handle inventory finance and associated document management electronically.
It allows dealers to place stock indent orders with major suppliers without physical bank document handling. It provides a portal for dealer inventory management that helps reduce costs and improve financial planning.
NEXT
Return To Coverage
Moldindconbank for MICB Web-Business Platform
Category of Innovation | Product
MICB Web-Business is a first in Moldova: an Internet banking service for corporates with a customer-centric design and interface and incorporating best-of-breed technology, such as “Mobile signature” and digital file exchange with banking partners.
NEXT
Return To Coverage
Standard Bank for Mobile Salesforce Program For Business
Category of Innovation | Process/Marketing
Standard Bank of South Africa rolled out a mobile sales management solution to its business and corporate sales teams to improve customer engagement, reduce the administrative burden in managing sales efforts, improve cross-sell opportunities and assist in managing compliance across the institution.
NEXT
Return To Coverage
Union Bank Of The Philippines for Mobile Money Cash Management
Category of Innovation | Product
Mobile Money Cash Management leverages Union Bank’s cash management solutions for the Philippines and its partnership with electronic money issuer Globe GCash to provide mobile collections and disbursement services to corporate clients.
NEXT
Return To Coverage
Wells Fargo for CEO Mobile Biometric Authentication App
Category of Innovation | Product
The CEO Mobile biometric authentication app uses voice and facial recognition in place of passwords, PINs, and tokens for access and authentication.
The app uses a bimodal fusion biometric algorithm that matches two unique characteristics of the human body (face and voice) to authenticate and grant access to a user.
NEXT
Return To Coverage
Westpac (Fiserv) for Online Transformation Program
Category of Innovation | Organizational
In a three-year digital transformation process, Australia’s Westpac moved to a single platform for online, tablet and mobile banking.
The platform was rolled out on the retail side in 2014 and for corporate clients in 2015 and is part of a larger initiative to simplify its products and business processes, while strengthening the underpinning technology.
NEXT
Return To Coverage
The firms shown in the slideshow are honored for launching products or services that are transforming the transaction services landscape. Global Finance uses the OECD’s Oslo Manual Of Innovation to evaluate honorees.
Categories Of Innovation* |
|---|
PRODUCT INNOVATION |
A good or service that is new or significantly improved. This includes upgrades in technical specifications, components and materials, software, user friendliness or other functional characteristics. |
PROCESS INNOVATION |
A new or significantly improved production or delivery method. This includes changes in techniques, equipment and/or software. |
MARKETING INNOVATION |
A new marketing method involving significant changes in product design or packaging, product placement, product promotion or pricing. |
ORGANIZATIONAL INNOVATION |
A new organizational method in business practices, workplace organization or external relations. |
*From the OECD Oslo Manual Of Innovation
Akbank for e-Invoice Platform
Category of Innovation | Product/Process
Due to recent regulatory restrictions, banks in Turkey must check and collect original invoices from suppliers before processing an invoice discount transaction.
Akbank, given Ministry of Finance Revenue Administration approval as an “integrator bank”, launched its Akbank e-Invoice platform, which is embedded into Akbank Direkt Online Banking, to allow clients to generate, send, receive and archive electronic invoices.
Suppliers can select invoices submitted by buyers and initiate a discount request without physically submitting an original invoice.
Bank Of America Merill Lynch for Digital Disbursements
Category of Innovation | Product
Digital Disbursements is a payment solution that enables companies to make payments to their consumer customers digitally, eliminating the need to issue a check. The payments are directly routed to the bank account of the individual payee’s choosing, using either a mobile-phone number or email address as the identifier.
The solution leverages the technology behind person-to-person (P2P) payments.
Bank Pekao for Receivables Finance/EDI Integration
Category of Innovation | Process
The bank’s receivables financing platform (TSS) has been integrated into the largest EDI document interchange environment in Poland (Comarch EDI).
The integration was rolled out via Pekao’s electronic banking system (PekaoBiznes24) and Comarch EDI Financing—a platform created at the behest of Bank Pekao to standardize and automate invoice data validation and provide a portal for invoice management.
Barclays( Misys) for Trade & Working Capital Digital Transformation
Category of Innovation | Process/Organizational
Barclays has implemented a digital platform and global processing solution for its trade and working capital finance business.
The new platform provides advanced online client channels, transaction processing, liquidity management and data centralization/reporting, and does that via an integrated, digital solution across more than 20 countries.
BBVA for BBVA Virtual Wallet
Category of Innovation | Product
BBVA was the first bank to launch a virtual wallet in Spain. Interestingly, the software is designed and developed 100% in-house. The BBVA Wallet is a free multilingual smartphone app that combines all payments-related functionality.
It is separate from BBVA’s primary mobile-banking app to provide a simpler and faster user experience for payments.
Bank of The Philippine Islands for BPO Payroll Suite
Category of Innovation | Process/Marketing/Organizational
The BPO Payroll Suite includes bulk account opening within business process outsourcing (BPO) offices with onsite collection of account opening documents and release of ATM cards to employees. It includes real-time payroll crediting, ATM installation int he BPO office and a program to educate employees on financial management, conducted onsite.
Aside from the functional features of the payroll package, the bank also underwent a repricing exercise. This solution provides a competitive advantage for the bank within the Philippines’ high-growth BPO sector.
Citi for CitiConnect ERP Integrator
Category of Innovation | Product/Process
The CitiConnect ERP Integrator is a flexible, cost-effective, and nonintrusive solution for integration between a corporate client’s ERP and Citi.
It leverages existing ERP capabilities with no additional required development and enables the ERP—via a set of templates loaded into SAP—to automatically extract all required payment details in a predetermined format that can be immediately accepted for processing.
Commerzbank for Sustainable Trade Finance Program
Category of Innovation | Process
According to Commerzbank, with sustainability rising up the agenda for the majority of companies, banks—as a key driver of the economy—have a responsibility to set sustainable lending criteria that supports companies on that sustainable route.
Commerzbank is a pioneer in this field in its approach to sustainable trade—assessing the sustainability of every trade finance transaction it receives against a strict set of criteria.
DBS Bank for Currency Mismatch Back-To-Back Letter of Credit
Category of Innovation | Product/Process
The tailor-made currency mismatch back-to-back letter of credit from DBS helped its client, Xing Ye Group, simplify financing for its offshore trading unit, reduce financing costs and increase the firm’s accounts payable financing tenor.
It helped XYG to increase utilization of its second- and third-tier banks, and improved document handling efficiency. It also helped to raise DBS’s profile in China.
Eurobank for Exportgate.gr B2B Trade Facilitator
Category of Innovation | Marketing
Exportgate.gr is a Cloud-based digital B2B trade platform to support online multilateral trade between Greek businesses and their international counterparts across 180 countries.
It provides trade-finance and trade-related data and information for both Greece and its trading partners worldwide, promotion of Greek companies, and a networking and communication hub for Greek firms and global business partners.
HDFC Bank for Delfin Inventory Finance Platform
Category of Innovation | Product
The Delfin dealer inventory finance platform lets companies in India handle inventory finance and associated document management electronically.
It allows dealers to place stock indent orders with major suppliers without physical bank document handling. It provides a portal for dealer inventory management that helps reduce costs and improve financial planning.
Moldindconbank for MICB Web-Business Platform
Category of Innovation | Product
MICB Web-Business is a first in Moldova: an Internet banking service for corporates with a customer-centric design and interface and incorporating best-of-breed technology, such as “Mobile signature” and digital file exchange with banking partners.
Standard Bank for Mobile Salesforce Program For Business
Category of Innovation | Process/Marketing
Standard Bank of South Africa rolled out a mobile sales management solution to its business and corporate sales teams to improve customer engagement, reduce the administrative burden in managing sales efforts, improve cross-sell opportunities and assist in managing compliance across the institution.
Union Bank Of The Philippines for Mobile Money Cash Management
Category of Innovation | Product
Mobile Money Cash Management leverages Union Bank’s cash management solutions for the Philippines and its partnership with electronic money issuer Globe GCash to provide mobile collections and disbursement services to corporate clients.
Wells Fargo for CEO Mobile Biometric Authentication App
Category of Innovation | Product
The CEO Mobile biometric authentication app uses voice and facial recognition in place of passwords, PINs, and tokens for access and authentication.
The app uses a bimodal fusion biometric algorithm that matches two unique characteristics of the human body (face and voice) to authenticate and grant access to a user.
Westpac (Fiserv) for Online Transformation Program
Category of Innovation | Organizational
In a three-year digital transformation process, Australia’s Westpac moved to a single platform for online, tablet and mobile banking.
The platform was rolled out on the retail side in 2014 and for corporate clients in 2015 and is part of a larger initiative to simplify its products and business processes, while strengthening the underpinning technology.
