CENTRL Announces the Launch of Invoice360, an Advanced Invoicing Aggregation and Cost Management Solution for Securities Services Industry
CENTRL Announces the Launch of Invoice360, an Advanced Invoicing Solution for Bank Network Managers
MOUNTAIN VIEW,CA October 16, 2023 CENTRL, a leading provider of AI-powered third party risk and diligence solutions for the financial services industry, today announced the launch of its invoicing module, Invoice360. Invoice360 can be both seamlessly integrated into CENTRL’s Bank Network Management platform, BNM360, or purchased as a stand alone offering, working alongside your existing platform. Network Managers can streamline day-to-day operations to quickly scale and adapt to changing workflow processes, while increasing visibility between Network Managers and agent banks.
Invoice360 strengthens controls related to fraud, cost management, and cash flows, while providing the reporting and analytics needed to spot trends and track fees with complete accuracy and end-to-end control. Invoices are automatically ingested, dramatically reducing the time spent on manual entry.
In addition, Invoice360 includes a Fee Card set up of contractually agreed upon rates with agent banks to manage complex fee structures at the legal entity, agent bank or third party relationship level. It includes intuitive fee mapping between network fee names and agent to provide standardization for reporting. Robust reconciliation tools reduce the risk of overpayment down to the line item level offering the flexibility to model complex reconciliations and set thresholds to flag only material variances. Invoice360’s powerful reporting and analytics tools provide insights into critical data points for strategic redistribution of spending to maximize cost savings.
“Invoice360 exemplifies our commitment by offering unprecedented levels of automation, flexibility, and control in network management invoice processing. Our plan is to keep working with both banks and service providers to bring efficiency and standardization to the invoice process using technology,” stated Shailesh Alawani, Vice President of Product Management at CENTRL.
CENTRL is a leading third party risk and diligence platform for financial institutions worldwide. Its solutions deliver significant efficiency improvements and enhanced risk oversight to diligence teams across banking, investment management and other verticals.
The CENTRL platform offers the most advanced and comprehensive features including deep workflow automation, analytics, reporting, collaboration, and content management. The CENTRL platform is used by some of the largest banks across the Americas, Europe and APAC.
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