Payment Factory Solutions
A Payment Factory is a central unit that executes payments on behalf of one or more subsidiaries.
The ING Payment Factory (PAF) can be defined as an overlay service that offers the opportunity to build end-to-end connectivity between the company and the banking environment and that covers a broad range of payment products and clearing systems.
The concept has been developed to handle bulk transactions. This centralised payments process improves visibility and control and increases negotiating power with bank partners.
Benefits:
- Reduced transaction costs, thanks to the access offered to the local clearing systems.
- Automatic file generation by ERP, accounting software or payroll management systems with built in intelligence in the PAF engine to help the process. open system.
- Possibility of including several banks in the PAF solution.
- Improved Working Capital Management with centralised liquidity management