A Financial Software Solution that Automatically Calculates Inventory Facility for ING Clients.
Alongside the ING IT team, Finaps has built an application that automatically and efficiently calculates how much of their clients’ inventories will be financed. The application provides these inventory facility calculations in one automatic system which saves the ING Back Office a significant amount of time. Once calculated, this information is communicated back to the ING clients through generated PDF files
Previously, the ING back office calculated the inventory facility for each client in separate Excel spreadsheets. However, with ING’s vast number of clients, this was a cumbersome solution. Resulting in a lack of overview as well as a lack of centralized logging. In addition to this, ING expressed their desire to be more transparent towards clients in their inventory facility calculations. Unfortunately, Excel spreadsheets are not secure enough to share with clients. Accordingly, an automatic and secure solution was needed to efficiently calculate inventory facility and safely share this data with clients.
The back-end uses the raw inventory lists of clients and settings entered by the ING Back Office, to calculate the ‘Net financing value’ (how much ING can lend the client) from the ‘Total inventory value’ (how much does the client have in stock). The front-end presents these calculations in a structured overview. A PDF file is generated and communicated back to the client. This allows ING to be faster and more transparent about their method of financing which is one of their key missions.