Bank of Ireland UK has invested £4m ($5.01m) in technology, aimed at improving its invoice finance proposition.
This move provides corporate, business, and commercial customers with new self-serve capabilities.
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The technology ensures more security and allows customers to access cashflow facilities through a single online portal, including the Stockline supplier payment facility.
It introduces several new features, including 24/7 access to invoice finance systems via laptops, tablets, or mobile phones.
Customers can now request and receive daily cashflow funding more quickly and frequently, the bank said.
Additionally, the system allows the creation of personal dashboards tailored to individual information needs.
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By GlobalDataThe upgraded service offers full currency ‘flexibility’ and customers can control all aspects of user access for their business, benefiting from enhanced reporting and export functionality.
Bank of Ireland UK head of commercial finance Liz McKee said: “We know the vital role working capital solutions play in the cash management mix and our offering of both invoice discounting and supplier payment facilities is proving increasingly attractive to many businesses.
“This multi-million investment equips colleagues and customers with the latest technology, making it easier and faster for them to access the solutions they need alongside the support provided by our dedicated, local Commercial Finance team who work closely with businesses to fully understand and meet their cashflow needs.”
Profast Group, based in Belfast, utilises Bank of Ireland’s invoice finance products to support its growth plans.
The company supplies fasteners, fixings, window and door hardware to the construction and manufacturing sectors across Ireland and the UK.
Profast Group CEO Stephen Clarke said: “Having access to Stockline which increases our purchasing ability as well as more mainstream invoice discounting facilities means we have support when buying and selling, all of which is tailored to suit our business needs.
“The team at Bank of Ireland have helped us make the most of the invoice finance facilities and the investment in the systems now means we can access the facilities and tailor the reports we need any time we want. It’s a real asset to our business planning.”
