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Maersk receives three awards

Recent one is the ‘EuroFinance award for treasury excellence’ in September 2018

Maersk UAE has recently won the EuroFinance award for Treasury Excellence in September 2018. The prize in the category of ‘Finance Process Transformation’ was awarded for its innovative digital solution – Smart Pay.

The annual EuroFinance Awards are the benchmark for treasury excellence.  Every year, the theme changes to reflect the key trends that have emerged in treasury over 12 months. According to Eurofinance, this year’s winners have taken the first steps towards building a smart treasury, applied new technology successfully to a core treasury problem and delivered genuine value to the business through innovation.

“Digital innovation has given us a chance to convert a bunch of transactions into a seamless experience. As part of a global effort, Maersk UAE began this journey nearly three years ago, to support the ambition of creating virtual counters that customers could access from anywhere and use any time. Hosted on Maersk’s MyFinance online portal, Smart Pay offers a true end-to-end automated process to our customers,” commented Nishat Deshmukh, Head of Finance for Maersk Line UAE, Oman & Qatar, while receiving the EuroFinance award.

 

3 awards for Digital Excellence in 2018

In addition to the EuroFinance accolade, Maersk received an award from Citibank in January 2018 for embracing digitization and a customer-centric payment process. In July 2018, company received another award from Treasury Today Adam Smith Awards in the ‘Best AR Solution’ category, for its digital initiatives in the Middle East that place its customers at the forefront.

Smart Pay customer benefits:

  • Access to Virtual Counter 24/7/365 with full self service
  • Reduced turn-around time to get bill of lading from 2 days to 2 minutes
  • 26,000 man-hours saved per annum in transactional activities
  • 100% bandwidth released from the frontline cashier team reinvested in customer service

 

From offline to new online convenience

With the launch of Smart Pay earlier this year, a revolution began! Customers, who had to wait in long queues at the bank for payments, now could complete their transactions within a couple of minutes from the comforts of their office, with a few clicks.

“We revamped processes and experience by leveraging existing channels with our banks and rolling out our own global solutions. Our primary focus was to front-end multiple innovations that would simplify, integrate and digitalize the customer felt flow,” explained Nishat.

 

The ‘no-hands’ solution

The ‘no-hands’ solution ensures that the customer has to only select the invoices to be paid on the Maersk MyFinance portal thus authorising the bank to collect the funds from the customer’s account based in any UAE-based bank and credit them to Maersk’s account. An automated end-of-day report allows Maersk to recognise the collection and reconcile it against the outstanding invoice of the customer.

“This innovative solution has helped save 26,000 man-hours of transactional activities per annum, that have now been reinvested back towards providing a better customer service. Hosted on Maersk’s MyFinance online portal, Smart Pay also helps customers manage their cash flow, reducing late invoice settlements, mitigating the risk of bad-debt/write-offs and improved forecasting,” Nishat added.

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