NAB launches online option
(10 December 2009 – Australia) National Australia Bank has announced the launch of its new web-based platform, NAB Invoice Finance, giving businesses the option for NAB to fund approved sales invoices.
The new web based system works by businesses using their invoices as security to obtain short term funding at an agreed upon percentage.
The NAB Invoice Platform has been launched after a successful pilot program with more than 150 NAB business customers around Australia.
Traditionally, businesses offer debtors a payment period to pay their invoice, generally 30-90 days, before receiving payment. Invoice Finance provides businesses with access to these funds sooner.
The platform provides customers with access to funds based on the strength of their credit sales, helping them better manage their cash flow and grow their business.
Steve Aliferis, executive general manager, NAB Working Capital Services, said that the online platform allows customers to upload debtor information from their accounting package, eliminating the need for monthly reconciliations.
The bank believes it will be useful to business owners because funding requests can be completed online, reducing processing time and giving them immediate access to funds, Mr Aliferis said.
Traditionally, this type of product was heavily paper based. NAB Invoice Finance removes the hassle for customers as the whole process is online and user friendly, Mr Aliferis added.
Mr Aliferis highlighted that the successful pilot program showed that businesses that wanted to expand gained great benefits out of the facility as it integrates with their accounting package and allows customers to transact outside of normal banking hours.
NAB has a large team of specialists and bankers that have been trained to help customers who may have queries about the new NAB Invoice Finance facility and web based platform.
The NAB Invoice Platform has been launched after a successful pilot program with more than 150 NAB business customers around Australia.
Traditionally, businesses offer debtors a payment period to pay their invoice, generally 30-90 days, before receiving payment. Invoice Finance provides businesses with access to these funds sooner.
The platform provides customers with access to funds based on the strength of their credit sales, helping them better manage their cash flow and grow their business.
Steve Aliferis, executive general manager, NAB Working Capital Services, said that the online platform allows customers to upload debtor information from their accounting package, eliminating the need for monthly reconciliations.
The bank believes it will be useful to business owners because funding requests can be completed online, reducing processing time and giving them immediate access to funds, Mr Aliferis said.
Traditionally, this type of product was heavily paper based. NAB Invoice Finance removes the hassle for customers as the whole process is online and user friendly, Mr Aliferis added.
Mr Aliferis highlighted that the successful pilot program showed that businesses that wanted to expand gained great benefits out of the facility as it integrates with their accounting package and allows customers to transact outside of normal banking hours.
NAB has a large team of specialists and bankers that have been trained to help customers who may have queries about the new NAB Invoice Finance facility and web based platform.
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