The PayNOW and InvoiceNOW ( PEPPOL e-Invoicing ) Solutions will be implemented with seamless integration to the existing Microsoft Dynamics NAV / Microsoft D365 Business Central Solution of your company. These solutions will digitally transform and automate the payment collection and invoicing business processes to the finance and operations in the back office, further improving customer experience, empowering the workforce to use advanced digital technologies, raising productivity and efficiency, and enabling the company to achieve business growth and attain industry leadership in an increasingly disruptive new normal.
PayNOW and InvoiceNOW ( PEPPOL ) Solution
PayNOW is a service offered by 9 participating banks in Singapore that lets individual / business sends and receives Singapore Dollar funds instantly from one bank to another using the payee’s designated mobile number or NRIC / FIN or UEN number instead of the payee’s bank account number.
WINSPIRE SOLUTIONS provides the PayNOW Solution in collaboration with DBS Bank. When implemented, this Solution helps your business to overcome key challenges in business-to-business ( B2B ) last-mile collection and payment reconciliation :
- Provide flexibility to collect payments based on consolidated credit for multiple invoices;
- Allow instant settlement and receipt of funds;
- Reduce risks and handling cost of cash and cheques;
- Minimize manual work involved in payment journal creation and bank reconciliation.
This solution uses Dynamic QR Code and automates the payment collection process from the bank to Microsoft Dynamics NAV / 365 Business Central, as described in the step-by-step flow below.
PayNOW Solution : Automated Payment Collection Business Process
Electronic invoicing ( e-Invoicing ) allows direct transmission of invoices in a structured digital format from one finance system to another resulting in faster payment. IMDA launched the nationwide e-Invoicing network in 2019. The network is an extension of the International PEPPOL e-Delivery Network.
The implementation of this InvoiceNOW ( PEPPOL e-Invoicing ) Solution allows your company to send and receive invoices efficiently :
- Connect the Microsoft Dynamics NAV / 365 Business Central Solution to the PEPPOL Network adopted for Singapore to send and receive sales, purchase invoices and credit notes;
- Make cashflow more efficient through quick and electronic transmission of these documents;
- Enable registration to PEPPOL Network and transmission of documents automatically from the Microsoft Dynamics NAV / 365 Business Central Solution.
InvoiceNOW ( PEPPOL e-Invoicing ) Solution Electronic Invoicing