Exploring Global Payex and Invoice Fintech

• 9 September 2019 | 1852 Views | By Mint2Save

The fintech sector has seen rapid growth in India along with the government’s push to digitise every service with its flagship “Digital India” program. Ever since demonetisation took place in November 2016, we have already seen a slew of fintech Start-ups emerging and dominating this space, be it Paytm, RazorPay, PhonePe, etc., all are leading the race while Google Pay and Amazon Pay are catching up fast and are not far behind.

For any new company to thrive in such a competitive space, it needs to be different and carve a niche for itself. This is where Global Payex steps in, it’s not just another next genaration Fintech Start-up with a goal to simplify payments, but it also provides a host of other essential services in relation to payment systems like Invoice Presentation, Accounts Payable, accelerating working capital efficiency, reconciliations etc. Let us have a deeper insight into this Fintech Start-up.

What is Global Payex all about?

Global PayEx Pvt Ltd. basically develops a cloud-based platform for business payment solutions. Incorporated in 2011 and a company limited by shares, Global Payex is the brainchild of Mohan Krishna, a well-known IT entrepreneur in the investor circle. Mohan had prior to this cofounded MphasiS, India’s 5th largest IT & BPO company after which it was acquired by EDS/HP in 2008. Post-acquisition, Mohan served as the head of Software applications business managing more than 15,000 people under him. He also served as the EDS vice president. He is also an angel investor in multiple startups in various sectors.

He managed to solve the problem wriggling in B2B payments – how it lacked a proper process and integration with multiple software and Accounts Payable, reconciling with different parties and integrating with a different set of software.

Global Payex as on date is led by Mr. Brij Sharma, a Banking veteran, who has more than 15 years of experience in the sector. He has served as Head of Finance for various multi-billion dollar manufacturing groups with their operations spanning over 27 countries. 

Global Payex has rolled out Freepay (also written as “F₹eepay”) which is a working capital management tool. It helps basically in maintaining funds, electronic invoice presentation, Dynamic Trade Terms application, Analytics-driven multi-channel Dunning, Straight through Processing (STP), Intelligent Fund Allocation (IFA) and Automated Reconciliation which is far more advanced than classic AR Management products. These attributes coupled with Freepay’s ability to adapt to industry-specific business nuances is the reason Freepay has become the product of choice for their customers. Freepay can also seamlessly integrated into any software and can connect with multiple lenders to ensure a smooth flow of funds and optimum financial management.

Freepay puts itself in the unique position of being an integrated EIPP, AP & AR solution provider, it is due to this USP of Global Payex, it has become the preferred AR management product of Fortune 500 Companies and many leading Indian corporates. Global Payex currently has more than 30 live clients actively using their Freepay product, 50 more clients are in the pipeline of integrating it with their own ERP.

Freepay is also the chief fintech partner for 8 major Global banks and 9 top most Indian banks for EIPP and AR. Not only in the financial sector but also Freepay has spread its wings in multiple industries like electricals, paints, tyres, textiles, beverages, heavy machinery, agriculture, logistics, pharmaceuticals etc. Global Payex is fast-becoming a leading provider of EIPP – self-service portals that facilitate the exchange of invoices online in India.

What makes Freepay so attractive?

There is not one but tonnes of reasons why Freepay has become famous in such a short span of time. Some of these reasons are:

• Reduction in payment disputes
• Allows Advance Payments
• Customizable real-time MIS and Reports delivered to management, which in turn accelerates the decision-making process.
• One of the key features includes improvisation in working capital efficiency hence reduces costs.
• Improves and accelerated revenue channels and supports intelligent fund allocation.
• Freepay seamlessly handles NEFT, RTGS, IMPS, NACH, UPI, Debit/Credit Cards, PSD2, and SEPA. Thus supports multi-mode payments.
• Supports end-to-end reconciliation.
• A unique feature of Freepay includes reverse reconciliation with channel financing core systems.
• Supports configurable multi-channel alerts
• A very secure network as Freepay implements Industry grade access control security coupled with interlocking, closed loop, transactional process control.
• Additionally, it can configure all or any other best practice that the customer desires.

Global Payex in news-The JP Morgan Investment

Global PayEx had declared a strategic investment by JPMorgan in May 2019. JPMorgan has made its first equity financing in a domestic fintech company. As part of a wider plan to build complete payments support and supply-chain finance management infrastructure for their India-based corporate clientele. With the amount of investment being undisclosed, the multinational investment bank has acquired a minority stake in B2B payments fintech Global Pay-Ex. 

The Indian fintech investment plan for this multinational bank is in-line with their strategy in global markets such US and Europe where they partner with nimble technology companies for product-based solutions while also providing space for startups to grow through incubation labs. 

The Global Payex service is especially attractive in a market like India, which is the most upcoming and fast-growing economy, where corporate clients often tussle with too much documentation, heavy invoicing and then the associated problems with much reconciliation. Thus comes up with a solution to manage all this for many sectors in India.