Payments, Internet-based automated finance (IBAF): automating process chains with integrated financing solutions
Automated payments – the cornerstone of supply chain automation
The years since the pandemic have exposed the vulnerability and inefficiency of supply chain processes. Supply chain automation aims to optimise these processes across the entire supply chain – from raw materials extraction right up to the end customer.
Integrating financial solutions is central to this innovation. With IBAF, Telekom subsidiary T-Systems and Commerzbank are harnessing technologies such as 5G campus networks, cloud, artificial intelligence, the Internet of Things (IoT), sensor technology and blockchain/distributed ledger technologies (DLT). The partner’s aim is to significantly reduce manual billing processes by automating payment flows along supply chains based on events – and to pave the way for automated supply chain finance and other networked financial services.
The automated financial solution helps manufacturers, suppliers and logistics companies to bill and finance the flow of their goods. The IoT sensors and T-Systems’ integration platform trigger orders and payments, which Commerzbank then executes fully automatically.
Keep track of your goods at all times
The delivery of and payment for materials on time is especially important for manufacturing companies. This physical process can be automated and digitalised using modern technology – for example with data generated by sensors on pallets. The movement of goods in transit along supply chains can be determined with the help of tracking technologies. This creates a solid basis of data that can be used by manufacturers, suppliers, transport service providers and Commerzbank to communicate digitally and in real time about the flow of goods.
Supply chain integration in 3 steps, An example of how automation is made easy
Step 1: Defining smart contracts
Buyer sets conditions (i.e. “trigger events”) in immutable electronic contracts (“smart contracts”) that must be met in order for subsequent processes to be initiated automatically.
Step 2: Collecting data
Supplier feeds data (sensor, ERP, transport, and/or warehouse data, etc.) via API interface.
Step 3: Triggering subsequent processes
If the data from the physical supply chain confirms that the smart contracts have been fulfilled, financial transactions (e.g. SEPA credits or debits) are automatically triggered.
Three easy steps
Make an appointment
Make an appointment with your Cash Management Sales Specialist or directly via IBAF-Sales@commerzbank.com
Needs analysis
Together with the experts from our cooperation partner T-Systems, we analyse your specific requirements and show you ways to save costs and optimise potential.
Implementation
We help you implement your customised IBAF solution with our partners from T-Systems. If required, we can also provide a project team to help you set up your IT.