“At-a-glance, FirstHive’s dashboard provides a unified view of Channel partners across all product categories and a clear picture of how many payments were processed vs how many were pending.”
The Results
The Results
A Single Unified View for a leading education-focused NBFC.
A new amendment to a local SME legislation was enacted to support the creation and development of SMEs. This legislation affected the NBFC. To remain compliant with the regulation, this education-focused NBFC was required to process payments within 45 days to its channel partners and avoid loss of reputation due to delay in processing payments.
FirstHive deployed a Central Payout Module to enable a Single View of Channel Partner’s activity across multiple products and interfaces. This was further made accessible to every partner as well as the enterprise giving them the 360 degree view of their transactions with each other. The feature of ‘Invoice Generation’ also enabled the NBFC’s partners to generate invoices instantly via this system that too as per the format specified by NBFC. This brought in a big relief, as earlier, prior to this digitization, ‘Mandatory data missing’ was one of the major reason for delay in payment processing. The system also triggered automated notifications and reminders so that the payouts were pushed in a timely manner.
Disintegrated Payment Processing
The Problem
The local SME legislation required the NBFC to ensure that the
- Their suppliers declare the invoice details on the taxation portal on a timely basis.
- As a result, the recipient may choose to hold back payment of either the tax portion of the invoice or the entire invoice itself to such a supplier, until he declares the same on the portal.
- However, the amended legislation did not allow the recipient to hold back the payment beyond 45 days.
The main concern was to automate this payout process such that all payments are closed within 45 days. However, this problem also had a few inherent challenges that were addressed by FirstHive.
The Challenge
The NBFC had many different partners who provided leads to their loan takers and had various types of loan products. Most of these partners were SMEs. In case of any delays, there was an impact on Partner experience as well as Brand perception. Apart from this, due to manual processes, the NBFC faced many challenges and lost opportunities.
Key challenges were:
- Manual processes delayed payments and created disintegration.
- There was no unified view of who is consuming which product and what they were looking for.
- Delays could make the NBFC non-complaint.
- Delayed payouts also hurt their brand perception.
The Solution
A Central Payout Module for NBFC
FirstHive gathered that there were multiple stakeholders operating within this process. The NBFC required a central system that could be accessed from anywhere. The need was to be able to automate the payout mechanisms to remain complaint. So, here is what we did.
Single and Unified View: A Central Payout Module was deployed and made accessible to every partner. This provided the NBFC, a unified view of partners and different products that were engaged with. This enabled a seamless journey of the partner across different products that NBFC offered as the enterprise no longer had to re-start the Channel Partner engagement and repeat the process of documentation required for onboarding.
Automated Triggers: Using the unified view, the automated reminders were configured at different intervals ensuring that there is no delay anywhere in payout processing.
Annexed enhancements: The central payout module also came with a self-service mechanism to generate invoices in a desired, complaint format and process payouts.
Digitization of manual process: The module allowed for manual processes to be digitized. It was a part of the digital transformation initiative where the maker and the checker were on the same platform. The checks and balances were configured to trace gaps in the system and correct errors if any on time.
Single platform, multi-access: Access was enabled to all stakeholders within the payment processing system with role definitions and controls.
45
Days payout to partners
360
Single view of the payment processing system
99
Happy Partners