Centralise your intercompany payments with Allmybanks
Do you want to rationalize the number of your accounts and banks in order to optimize your banking fees?
The Payment Factory feature in Allmybanks allows you to achieve this goal.
Payment on behalf of (PoBo - Pay on Behalf)
The Pay on Behalf facility allows a Shared Service Centre (SSC) to centralise the payments of several of the group’s entities. The SSC directs the payments to the bank of its choice to obtain more favourable processing costs and to negotiate financing terms. The Allmybanks software allows you to optimise your group’s payments by applying the Pay on Behalf (PoB) principle.
The Allmybanks payment factory
n Allmybanks, you can create as many payment factories as you need (by currency, geographical or regulatory area, etc.) and associate the subsidiaries attached to each.
Each subsidiary can therefore pass all or a part of its banking orders to the payment factory.
A double validation workflow is available, composed of one internal workflow for the subsidiary, and a transmission to bank workflow by the payment factory administrator. In this way, the subsidiary retains its rights in relation to order validation.
From then on, payment factories can consolidate statements received from the different participating subsidiaries and aggregate them according to predefined rules in order to send transactions which conform to contractual agreements (financing and pricing conditions) to the partner banks.
The amounts corresponding to these payments are automatically transferred to the current account of each subsidiary.
In Allmybanks, the subsidiaries and the SSC each have a search engine, allowing the status of orders passed to the factory to be tracked.
The centralisation of payments in the SEPA zone
The goal of the SEPA project in Europe is to create a standardised payment market. The 37 countries of the SEPA zone now operate according to the same regulations and pricing. This makes it easy for companies to compare the pricing conditions of their various banks, and also simplifies the installation of a payment factory within a group.
Prerequisites for the Pay on Behalf service
In order to set up a Payment on Behalf facility, you must have:
- A cash management agreement
- A current account
- Agreed terms of remuneration between the SSC and the subsidiaries