Siam Cement will use Deutsche Bank's electronic bill presentment and payment solution for its distribution business. Cementhai Sales and Marketing (CSM), which distributes construction materials and hardware products in Thailand, will implement db-eBills so that dealers can settle their invoices electronically.
Up until now, CSM has been confirming orders from dealers, invoicing them and settling payments using paper-based processes. The implementation of the EBPP solution will streamline the operational workflow and processes between the company and its trading partners.
The platform will allow the company to present invoices, confirm and initiate payments, and then collect funds and reconcile the receivables with its accounting system - all by electronic means. The fact that db-eBills is also bank neutral means that dealers can settle directly with their respective banks.
Dealers will also be able to pay their invoices online via db-eBills by initiating instructions to their banks via Deutsche Bank, says Jimmy Yap, Asia Pacific head of Deutsche Bank's global cash management for corporates.
"db-eBills offers clear benefits to CSM and their counterparties along the value chain, resulting in greater efficiency and convenience with improved cash flow for both them and their dealers," says Yap.
Krij Kulanet, CSM's managing director, says the platform appealed to the company because of its e-Ordering and e-Payment functions which allow orders and payments to be made via the internet. "Given the steadily increasing number of dealers who make their payments electronically, it is expected that all the dealers will be using this payment method by year end," Says Kulanet.
"db-eBills will be linked to Cementhai On-line, our website that provides information and enables dealers to place their orders via the internet. This results in a complete solution that covers CSM's processes from receiving orders to the settlement of payments."
