Payment processes in the digital age

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The financial services sector is an extensive and vital part of the economy, encompassing businesses and organizations that offer financial services to both commercial and retail customers. The sector features entities like banks, card issuers, and insurers - which are all expected to operate with efficiency, clear processes, and compliance with regulations.

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Despite this, numerous firms continue to contend with outdated paper-based or manual methods for handling their invoices, which hampers their ability to digitally transform their business processes and benefit from digital transaction information.

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Process automation through e-invoicing

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With e-invoicing, you can send and receive invoices with the same information you would find on a traditional invoice, but in an electronic format. This means that the data in the invoice is structured to allow for further digitization and automation of business processes.

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E-invoicing solutions from Logiq can be connected to any ERP, financial system, or AP Automation platform easily. Through a single connection you can exchange electronic invoices with all your customers and suppliers.

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Benefits for AP teams

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The unification of all your electronic invoices into one standard format revolutionizes the potential for automated processing. Logiq offers a reliable and scalable solution that receives, validates and converts all AP invoices into an agreed format – preparing them for seamless integration with your existing systems. With our focus on data quality and additional services such as Document Control, this means that you can:

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• Lower your processing costs
• Significantly reduce the number of errors
• Validate industry-specific fields, such as insurance claims number
• Speed up invoice processing and approval
• Get better visibility into your spending

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Benefits for AR teams

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Logiq empowers you to connect with your commercial and retail customers by delivering invoices tailored to their preferences. Alongside our suite of services like Logiq Multichannel, this enables you to:

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• Lower your invoice distribution costs
• Lower your processing costs
• Reach customers across borders
• Improve visibility
• Send invoices securely, promptly, and correctly

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Logiq for financial services companies

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Logiq is a Nordic EDI service provider with global reach, helping companies connect electronically with their customers and suppliers worldwide. We serve many companies in the financial services industry and have gained their trust through our focus on security, transparency and compliance.

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With Logiq, you can confidently connect with all your customers and suppliers through e-invoicing and EDI, knowing that our reliable platform and uncontested support will set you up for success.