back Back

Volvo Financial Services selects Payer for digital B2B payments

By Pavithra R

January 25, 2021

  • Europe
  • Volvo
Share

Volvo Financial Services(VFS), the captive financing arm of the Volvo Group, providing financing and insurance solutions to the Group’s retail customers and dealers, has announced selecting Payer, a technology company and an expert in payments, to optimize payments and improve the customer experience.

International transport companies face payment challenges in an increasingly globalized world. VFS identified some challenges when workshops are charging long-hauling companies for repairs in foreign countries when the driver is the sole representative on-site. Both workshops and haulers have a common interest in smooth and secure payment flows to quickly ensure service and repair.

Under the deal, VFS will leverage Payers’ platform as part of a solution to digitalize B2B payments for service and repairs. The solution, which is tailored for Volvo’s specific needs, sends a mobile notification to a manager at the haulage company about the service order so that he/she can approve and pay it directly. After the approval process is made, payment is done in real-time which also simplifies the back-end reconciliation of payments in Volvo Financial Services’ ERP system which is SAP. The solution is now live in Norway and Spain.

“At Payer, we are thrilled to work with one of the world’s most innovative automotive companies. Ultimately, we’re two technology companies rooted in engineering. Their engines offer safe ways to travel and our engines offer secure payments for B2B. I’m impressed by the innovation level at Volvo Financial Services and their financial services technology vision. I think it’s a great fit,” said Peder Berge, CEO and founder of Payer.

The solution that VFS designed together with their integration partners and Payer infuses transparency between the service center and the long-haul company. The solution will enable a new way of handling digital payments, including digital communication, reservations and payment captures without losing valuable time. The benefits of the solution are linked to cash flow, credit risks, and reconciliation.

“As a global leader within commercial transportation we have to find solutions that fit our international demanding customer base. Effective payment solutions is a strategic area for us that supports our business and helps our customers. Together with Payer, with its B2B focus, we have been able to deliver an internationally scalable solution in record time,” said Hampus Hansson, Director Innovation & Strategy at Volvo Financial Services.

Previous Article

January 25, 2021

National Bank of Bahrain (NBB) launches digital banking platform

Read More
Next Article

January 25, 2021

Simcorp partners with Colmore to empower buy-side with private markets asset management service

Read More










IBSi Daily News Analysis

Gen Z, Banks

December 05, 2022

Europe

Banks must keep up with Gen Z’s high expectations, thanks to Neobanks

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

Today

Svea Bank acquires Arex’s FinTech operations in Finland

Read More

Today

Emirates NBD announces partnership with Arab payment system Buna

Read More

Today

Intuit to acquire financial health start-up SeedFi

Read More

Related Reports

Sales League Table Report 2022

£1,500.00 / year

Know More
Global Digital Banking Vendor & Landscape Report Q3 2022

£1,500.00 / year

Know More
Wealth Management & Private Banking Systems Report Q3 2022

£1,500.00 / year

Know More
Global Transaction Banking Vendors and Landscape Report Q3 2022

£1,500.00 / year

Know More
Treasury & Capital Markets Systems Report Q3 2022

£1,500.00 / year

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 2022