What is Cash Management?
The process of management of cash inflow and outflow within the organization or amongst various businesses is known as cash or treasury management. Cash management is a primary aspect of any industry’s financial stability. It is essential for organizations and individuals equally. Edgeverve’s cash management software platform offers sophisticated solutions to enable efficient cash management.
Achieving Cash Management
Banks are the most trusted institutional providers of cash management services. However, various other private organizations like Infosys also have various software that can assist you in achieving your cash management goals and resolve cash management problems like investing, seeking the best returns, managing daily cash flow, etc.
Understanding Cash Management
In the corporate sector, cash management is often managed by higher officials who look after the cash flow management of the company and keep a record of the payments done by the company. Various key calculations are made by the officials to monitor cash management solutions on a yearly, quarterly, and monthly basis.
Some organizations also monitor their cash management system daily. In the modern era, cash management systems are digitized and all the inflows and outflows of cash transactions are done through computerized programs that make cash management solutions simpler and easier.
Digital Cash Management
In the times when technology is fast-evolving, there is a minimal difference in the products offered by banks and financial institutions. The only way to differentiate is the tools and systems available with these institutions for customer support, and what value enhancements can they offer. Moreover, customer service is also what matters.
This means, upgrading their legacy cash management systems with digital systems having the latest technology to remain competitive. In current times, when everyone is going digital, it is necessary that even banks should handle all their liquidity digitally. Hence, digital cash management is even more important now.
Moreover, the digital transaction systems in the banking sector are estimated to generate higher revenue in the near future. This means it will be a wise decision for those banks to upgrade their existing legacy systems to digital cash management systems as soon as possible. This opens up avenues for banks to select software to a wide variety of options available in digital cash management systems. One such option is digital cash management systems by Edgeverve.
What is Edgeverve?
Edgeverve is a wholly-owned subsidiary of Infosys which has partnered with Infosys Validation Solutions for simplification of test automation to rapidly build and scale automation journeys of users with AssistEdge RPA.
Edgeverve is a robust automation platform that has capabilities for continuous testing and improving software’s efficiency and effectiveness. Thus, scaling journeys of enterprise for their DevSecOps.
The power-packed combination of Edgeverve’s AssistEdge RPA with Infosys’ engineering-led QA capabilities leads to effortless scaling, real-time testing, flexibility, and speed-to-market delivery with unprecedented accuracy. This has resulted in bridging the gap between automated test cases and test management tools. Thus, Edgeverve has now simplified the creation of systems for digital cash management. It has also aided in the transition of manual to digital cash management for banks and financial institutions.
What has changed with digital cash management?
Banks are already investing millions and billions in banking software with cutting-edge technologies that are easy to use, and secure. Since cash management is one of the major aspects that involves high volume transactions, digital cash management has now gained importance. Especially in current times of worldwide pandemic.
Edgeverve’s cash management solutions have simplified cash management and cash handling for banks on a daily basis. These digital cash management systems can:
- Integrate all digital receivables and payables with core banking channels
- Help banks interact with banks with various types of corporate and business systems
- Provides a holistic view of real-time banking, payables, receivables, utility and other transactions
- Execute collections through automated workflows
- Facilitate payments through single account usage (collection on behalf of or payment on behalf of, i.e. COBO, POBO), etc.
Benefits of Digital Cash management:
- Improved Transparency: With digital cash management solutions, it now is possible to receive real-time updates of transactions and track cash flows from one place.
- Optimized payments: POBO & COBO ensures an optimized life cycle and cost-efficient payment methods.
- Reduced Fraud risks: Due to regular surveillance of cash transactions, receivables and payables, it is possible to track and manage discrepancies. This helps in mitigating risk of frauds, and reducing suck risks
- Monitoring subsidiaries: Centrally created SOPs help in standardizing the processes even for the subsidiaries and helps in monitoring cash inflows and outflows. Thus, providing direct feedback to the HQ.
All in all!
Cash management is an important and major aspect of all banks and financial institutions. This is where they earn their major revenues and profits. However, since products offered are mostly the same across banks, a pivotal differentiating factor for banks is the services they offer and the charges they collect for these services.
Offering a seamless user experience by using the latest systems with cutting-edge technology is where banks can differentiate themselves from their competitors. Moreover, using the latest digital cash management solutions to manage their cash flows is also another aspect where they can reduce costs, increase process efficiency, and generate revenues.
Hence, upgrading to the latest systems with trending technologies is beneficial and cost-effective in the long run for all the banks and financial institutions. It is also advisable and will be considered a wise decision to take.
- Time to Embrace Crypto Banking
- 8 Lessons in Managing Large Accounts
- Knowledge Management 101
- Pros and Cons of Financing a Business
- How to Start a Business in the UK if you’re in Debt