22 August 2022 – PT Bank Danamon Indonesia Tbk (Danamon) together with PT Prodia Widyahusada, Tbk (Prodia) earned international recognition by receiving an award from 'The Asset Triple A Treasury, Trade, Sustainable Supply Chain (SSC) and Risk Management Awards 2022' in the Best Payments and Collections Solution category. This distinction acknowledged Danamon's successful efforts in creating and providing a fully customized payment portal solution for Prodia, which has been its long-term client for over 30 years.
The Asset Triple A 2022 award acknowledges Danamon's consistency in providing the best financial solutions suitable to customer needs. In this case, the achievement highlights Danamon’s digital solutions through the AR-Match Invoice Management portal developed and integrated with Prodia's internal system to facilitate its reconciliation of account receivables for Business-to-Business (B2B) clients. This digital portal supports payment processing and reconciliation using Virtual Account (VA) and Non-VA (Real Account). In addition to minimizing the risk of human error, the portal is expected to improve the efficiency of Prodia's business processes in carrying out their daily operations. Danamon’s services to Prodia include loan facilities and complete Cash Management solutions such as the Virtual Account API, Account Mutation API, Cash Deposit Machine and Internet Banking for transactions, taxes and employee payroll.
“We are honored to receive this prestigious award Asia. This is an acknowledgement of our efforts for continuous innovation in order to develop a customer-centric organization by listening to and understanding customer needs. Danamon commits to consistently provide strong support to Prodia to ensure quality user experience,” said Andrew Suhandinata, Transaction Banking Head of PT Bank Danamon Indonesia Tbk.
On 9 August 2022, Danamon representatives symbolically presented the award certificate to Liana Kuswandi, Finance Director of PT Prodia Widyahusada Tbk at Prodia Tower. This award signifies Prodia and Danamon’s strong collaboration as a corporate partnership that prioritizes service satisfaction for customers and stakeholders.
At the ceremony, Liana Kuswandi said: “Prodia is proud to be a part of this award with Danamon as our partner and trusted banking institution. Through the Asset Asian Award 2022, Prodia believes its partnership with Danamon represents a strategic step in providing solution-based, integrated and comprehensive digital financial and banking services. Prodia will maintain this partnership through collaborative programs and support activities that strengthen Prodia's financial system for the future."
“Moving forward, Prodia and Danamon will once again collaborate through the Prodia AR-Match Invoice Management program, which is expected to help Prodia build a comprehensive digital financial platform, increase productivity and payment efficiency, and optimize reconciliation of receipt and payment system,” added Liana.
The Asset Triple A Treasury, Trade, SSC and Risk Management Awards 2022 recognizes excellence among companies and financial institutions that have launched or helped implement initiatives on corporate treasury management, trade finance, supply chain and/or risk management. These initiatives can be domestic or regional, particularly in Asia Pacific, Middle East, Europe and North America.
The awards program is organized and presented by Asset Publishing and Research Ltd, an integrated multimedia company that connects leading financial decision makers with curated content across new media, print, events and Big Data. In assessing nominees, the Asset’s board of editors evaluates nominations based on the criteria for input provided by the client, business statistics during the review period, and information collected during meetings or telephone calls.
In the Best Payments and Collections Solutions category, in which Danamon became one of the winners, the award is bestowed to a bank or financial institution that has supported its client’s development through digital solutions including Application Programming Interface (API) connectivity and integration, and financial solutions including regular reconciliation of reports online.
Danamon's Keys to Develop the Right Customer Digital Solution: Listening and Understanding
Danamon strongly aspires to provide relevant and innovative financial solutions and services to meet customer needs through various conventional and sharia products across diverse channels in order to maintain its position as the bank of choice for its customers.
"We expect this award to increase effectiveness and productivity of Prodia employees, so the time gained from this automation process can be devoted and focused on other value-added activities," added Andrew.
AR-Match Invoice Management: Add Value, and Increase Effectiveness and Productivity for Prodia
The development of the Prodia AR-Match Invoice Management was necessitated by Prodia's rapid development in the corporate segment, which required an automated and digital means to assist their corporate clients in processing invoices and reconciling incoming payments in their ERP system. This motivated the development of the Prodia AR-Match Invoice Management portal. To replace the previous process which entailed manual processing involving client telephone calls to confirm bills and payments, Prodia automated its invoice management and reconciliation process to effectively serve thousands of corporate clients.
With Prodia’s needs in mind, Danamon developed the AR-Match Invoice Management portal to support AR invoice management that processes and reconciles payments using a Host-to-Host (2H) integrated Virtual Account (VA). This portal, which speeds up invoice cycle times, positively impacting process efficiency and minimizing the possibility of disputes in the invoice management process, and improves control of the invoice management process by automating the existing manual processes.
This new system allows for the management and reconciliation of invoices belonging to Prodia and the Payment Bank, via Danamon and Prodia API. Through this new system, Prodia corporate clients can simply login, upload payment receipts and select their respective invoices that have been paid. Afterwards, the portal sends payment data to be posted as a journal in Prodia's internal system. Prodia can access reports in real-time through the AR-Match Invoice Management portal.
Piloting of the portal commenced in October 2021. At present, Danamon continues its synergy with Prodia for continuous improvement of the system which will be gradually implemented at Prodia’s head office and regional branches.
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Ni Luh Putu Utami
PT Bank Danamon Indonesia
PT Bank Danamon Indonesia