Many banks, including ABF, have offered payment breaks to businesses and entrepreneurs. This helped to reduce the risk of bankruptcy and to mitigate against business slow-down for their customers, thus supporting them through the difficult and uncertain Covid-19 pandemic.
ABF offered deferred payment options for six months (payment holiday) primarily to their B2B SME customers, particularly those with high levels of service and contractual needs. To handle the accumulated workload, credit and cash flow processes and process large volumes of incoming and default payments effectively within a short timeframe, the Credit Management Services Department at ABF needed an efficient and powerful tracking system for credit management.
The team were primarily using Excel Worksheets to track details of invoicing status at the customer level, but there were challenges in extending this reporting to enable a deeper overview at portfolio level.
As an existing SAP ECC customer and having worked with SOA People for 10 years, ABF selected SOA People’s Ready4 Credit Management Suite as the preferred solution over alternatives on the market. Three modules from the Ready4 Credit Management suite were chosen: Cash Collection, Risk Management and Information Management.