, an independent and privately-owned European specialist financing small and middle-market companies, recently partnered with Finologee to automate its AIF payment processes.
Kartesia: ENPAY for more control, security & efficiency
Prior to this cooperation, Kartesia’s company payment processes were cumbersome and time-consuming, requiring multiple steps and approvals, including faxes and signature scans. “On the one hand, there were too many manual daily tasks, on the other hand, we saw the potential to automate and optimise our workflows”, said Marc Housieaux, Group Finance Manager at Kartesia during a with Finologee co-founder .
One of Kartesia's managing partners was also heavily involved in authorising payments: “He had a bag with ten different tokens to approve transactions through various bank interfaces”, Housieaux explained. This was a tedious undertaking, especially considering the regular payments to up to 50 entities with more than 200 different IBANs.
Working with ENPAY, Kartesia's finance team is benefiting from unlimited bank reach via SWIFT, as well as customised access rights and validation workflows – a great advantage in terms of risk management and efficiency.
According to Housieaux, one of the reasons for the existing inefficiencies in corporate payments is that banks have been surprisingly reluctant to allow more automation for their corporate clients and to collaborate with other banks. "They are quite late in terms of digitalisation."
Flexible co-creation mode with Finologee
Finologee works closely with client teams to define user roles and permissions that accurately reflect internal organisation rights and mandates, and to configure authorisation workflows according to internal procedures. Also, custom reports can be implemented to meet specific business needs and monitoring rules can be specified for counterparty risk levels.
“The team is willing to adapt to our needs and special circumstances and also literally “breaks new ground” for us, i.e., when integrating new partners into the processes”, Housieaux described, “one of the strongest aspects that convinced us to work with the Finologee team.“ ENPAY easily integrates with any ERP, TMS, process or endpoint in the client's environment and is hosted and operated in a software-as-a-service setup, that complies with Luxembourg regulation.
ENPAY: payments digitalisation and automation for AIFs
ENPAY simplifies the process of setting up payments through its interfaces, reduces the likelihood of human errors, enhances security through its built-in validation mechanisms, and addresses a wide range of anti-money laundering (AML) and countering the financing of terrorism (CFT) concerns.
The gateway was developed in response to the growing frustrations among financial industry players with manual and ineffective corporate payment processes. Its purpose: Empowering regulated financial industry actors, businesses seeking to digitalise their payment flows, and institutional and intermediary players with the ability to optimise and monitor their payment initiation, validation, and reporting workflows, all while ensuring higher levels of compliance.
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