Revolutionizing Local Payments in India

ARTICLE - Streamlining Payments with a NEFT Solution

India's growing economy has become an attractive destination for many North American companies, prompting them to expand their offerings to the country. However, CFOs using NetSuite as their ERP face payment challenges when dealing with local vendors and employees. iCloudAuthority's ePayables for NetSuite solution can help CFOs streamline their local payment processes in India.

The need for digitization in India's supply chain is urgent. According to a study by PwC, only 17% of Indian companies have entirely digitized their supply chain processes, and 70% still rely on manual processes for payment and reconciliation. This has led to significant delays in payments to vendors and employees, causing frustration, lost productivity, and increased costs.

Traditional payment methods, such as Real Time Gross Settlement (RTGS) and National Electronic Funds Transfer (NEFT), have limitations that can cause payment delays. RTGS, for example, has cut-off times that can lead to missed payment deadlines, while NEFT used to take time to process and was mainly used for smaller transactions.

However, NEFT has undergone significant upgrades and is now the leading payment method for local payments in Rupees. The NEFT system processed a staggering 2.8 billion transactions in 2020-21, worth Rs 2.9 trillion, according to the Reserve Bank of India (RBI). These numbers demonstrate the growing adoption of NEFT as the preferred payment method for local transactions in India.

A NEFT Solution in NetSuite

iCloudAuthority's solution has built-in functionality to connect to several Indian banks to send NEFT payments. CFOs can quickly generate a payment file for vendors and employees, securely send it via SFTP or API (bank dependent), and track the status of their payments. This streamlines local payment processes, saving time and effort while eliminating the limitations of other payment methods.

With iCloudAuthority's ePayables for NetSuite solution, NetSuite CFOs can efficiently manage their local payments in India, allowing them to focus on business growth and expansion. CFOs can generate payments in any currency and amount, all natively built inside NetSuite. The integration also will enable CFOs to reconcile their accounts and track their payments in real-time, simplifying the entire payment process.

Furthermore, iCloudAuthority's ePayables for NetSuite solution can help CFOs take advantage of early payment discounts. This strategy can significantly reduce costs. By paying their vendors early, CFOs can negotiate better terms and strengthen their supplier relationships, leading to more opportunities for growth and expansion.

The urgent need for digitization in India's supply chain is becoming more apparent. Manual processes for payment and reconciliation are causing significant delays and costs. With iCloudAuthority's ePayables for NetSuite solution, CFOs can streamline their local payment processes in India, eliminating the limitations of traditional payment methods. CFOs can generate payments in any currency and any amount, reconcile their accounts, and take advantage of early payment discounts, all natively built inside NetSuite.

If your organization needs new automation of your payable processes, contact iCloudAuthority today to learn more about their ePayables for NetSuite solution.

For more information about, contact iCloudAuthority for a free consultation.