The ‘Invoice to Payment’ will simplify, digitise and automate the entire process – from invoice presentment to final payment.
“This solution aims to simplify B2B payments in India, estimated at over $ 95 billion annually. Processing of these payments today is physical, involves a number of manual steps and corporates spend a lot of time and resources to reconcile invoices and their payments,” Axis Bank said in a press release.
Jairam Sridharan, President – Retail Lending & Payments, Axis Bank said, “Invoice to Payment is a completely automated, digital payment solution for businesses. It offers digital invoicing, electronic work flow approval and instant payment processing. This solution will build significant bottom line savings on administrative expenses.”