6^th Annual Edition

This business process generally is long drawn-out and riddled with problems related to receivables collection, reconciliation, and notification-related challenges. A customer's typical payment-to-dispatch cycle time can range from seven to 15 days To effectively address this challenge, the ING Vysya Bank's IT team created ING Inwards, which re-engineers the industry value chain and provides flexibility to its corporate clients by setting up an instantaneous credit payment system with no changes to their ERP. Instantaneous credit through domestic electronic payments can be triggered online or through more than 62,000 bank branches that support such payments to an ING Vysya bank account. It also captures relevant details, such as invoice numbers, customer codes and order numbers, and communicates through instant SMS alerts, MIS reports that are e-mailed, or even host-to-host interfaces directly to the corporates' ERP systems. The ING Inwards has dramatically reduced the reconciliation-to-shipment turnaround time from days to less than 2 hours.