back Back

FinTech FreePay automates AR of USD 10 bn for Goldmedal Electricals

By Leandra Monteiro

February 15, 2021

  • Goldmedal Electricals
  • UK
Share

FinTech, Freepay, Goldmedal Electricals, Account Receivables

In order to tackle delays in invoice collections and in offering real time discounts to its 6,000 dealer across India, Goldmedal Electricals has automated more than 70% of its Account Receivables (AR) through B2B FinTech Global PayEX’s FreePay – an Electronic Invoice Presentment and Payment (EIPP) solution. This will result into unlocking the potential of working capital worth USD 10 billion 9 days earlier.

Tightened working capital has been a serious concern for B2B players, especially during the pandemic. Also, the expanding AR numbers due to the usage of traditional methods of invoice collection via Post Dated Cheques (PDCs) and manual reconciliation of each payment on company’s enterprise resource planning (ERP) software has been another concern.

With the adoption of the Artificial Intelligence (AI) powered cloud-based Software-as-a-Service (SaaS) solution, Goldmedal Electricals has witnessed faster online collection, 2X faster reconciliation, a 9-day reduction in Daily Sales Outstanding. This has altogether boosted working capital efficiency and increased visibility on company cash flows by 99%.

Global PayEX Chief Revenue Officer Narayan ‘Naru’ Ramamoorthy said, “Traditional methods and manual processes of AR continues to lock up billions of dollars of working capital across the globe. Our technology unlocks this value to empower businesses in cash flow planning and deployment while also creating value for their dealers by having better access to digital payments and channel finance. We are proud to partner with Goldmedal Electricals in its journey of digital transformation and working capital optimisation.”

Goldmedal Electricals Director Kishan Jain said, “Around five years back, Goldmedal started on this path to become a digital organization. We started investing majorly in technology to drive efficiencies and productivity in various aspects of our functioning and are thrilled by the results. Integrating Global PayEX’s FreePay solution into our systems has been an important part of this initiative and we are delighted to share that we have noticed a significant improvement in our revenue collections along with gaining key insights that have helped shape our business. We are excited about this initiative and look forward to working with Global PayEX on this transformational journey.”

For just above two years, dealers and distributors of the electrical brand have used the EIPP solution to make highly secure digital payments. In addition, Global PayEX has provided Goldmedal Electricals with a real time dashboard that tracks the payments and status of invoices received, which helps in reconciling the payment against the invoice into its ERP.

In addition to automating AR, Goldmedal Electricals through this platform offers multi-slab discounts, product and season incentives by region to its dealers and distributors, most of whom are Micro, Small and Medium Enterprises (MSMEs).

Previous Article

February 15, 2021

Riyadh-based FlexxPay raises USD 3 million in pre-series A round

Read More
Next Article

February 15, 2021

Mastercard Love Index reveals South Africans splashing out over Valentine’s Day

Read More






IBSi Daily News Analysis

Complaints Fraud

May 22, 2024

Goldmedal Electricals

UK SMEs lack fraud protection, facing significant financial risks, study shows

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

May 21, 2024

Cuckoo renews relationship with GoCardless for direct debits

Read More

May 14, 2024

Presidents Choice Financial® selects Temenos to expand banking business

Read More

May 13, 2024

PayNearMe taps Trustly to enhance Open Banking technology

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023