B2B Payments New World

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1 The Essentials of Procure-to-Pay Pay Patrick S. Lyons Vice President, Spend & Payment Solutions BMO Financial Group B2B Payments New World Trend: Payment Strategies now include all three Payments (ACH, s, Wire, EFT,Checks) AP Automation (einvoicing, Discount Management & Return on Cash) + + Supply Chain Finance (unlock working capital) = Company attains Process Transformation and Savings Enables Treasury & Finance: - move to 90% electronic payments - optimize return on cash, and working capital - realize transformation & bottom line savings A company with $1B spend targeting to save $5+ million annually. 1

2 B2B Payment Strategy transform Processes Deliver Savings 100% 0% epayments HIGH $ 21% LOW # of 5% Paper Checks 74% As is Payment Transactions epayments 60% 35% 5% Goal Payment Transactions TRANSACTIONS EFT EDI ACH Wire LOW $ HIGH # of TRANSACTIONS Pcard T&E Fleet Paper PayStream Advisors Inc. Market Study Report, B2B epayments, Q Cost Reduction - process transformation & efficiency - decrease printing & mailing costs - reduce duplicate payments and lost checks - reduce payment of incorrect invoices - earn significant card rebates - reduce data entry errors Cash Flow - improved visibility into payments & spend - make better Return on Cash decisions - better cash flow forecasting Fraud - reduce risk of payment fraud, - reduce theft of pre-printed checks Positive Green impact - remove paper Increase supplier satisfaction - reduce DSO Tie B2B Payments to Spend & Suppliers transform processes deliver savings 100% epayments 21% 5% HIGH $ LOW # of TRANSACTIONS EFT epayments EDI 60% ACH Wire 80% 15% 55% Paper Checks 0% 74% 35% 5% LOW $ HIGH # of TRANSACTIONS Pcard T&E Fleet Paper 10% 10% 30% As is Payment Transactions Goal Payment Transactions $$$ Spend # of Suppliers 2

3 Summary of Potential Savings* Income statement impact: To Be Savings epayment Savings $ 245,952 Return on Cash Discounts $2,500,000 AP Automation $1,300,000 Rebate $ 950,000 AP Process Savings $ 350, Steady State Savings (annual) $5,345,952 Balance Sheet impact: (unlock working capital) $25 million EPS impact $ * Projection from a company with $1.0 billion addressable spend Paper to Electronic Payments generates many Benefits Pit fall of paper Benefits of electronic More time Safe Minimizes incidence of Higher cost check fraud More informed credit decisions Difficulty in tracking Easy to receive and use Improves productivity Storage issues Improves customer service Reliable Target for fraud Reduces costs Green Saves paper and ink 3

4 Value & Opportunity: epayment Goal drives savings 60% of transactions 80% of Spend 15% of supplies New Functionality Makes it easy to transition from manual cheques to epayments Reduces the heavy admin by delivering up-to-date supplier banking information Resolves the remittance & reconciliation challenges. deliver detailed remittance documents. Value of Goal to Buyer (using $1,000,000,000 Spend) Buyer & Supplier costs go down while ease goes up. Total Payments = 240, ,600 Paper $1.57 = $278,832 Move another 30% to & earn rebate Move another 39% to $0.15 = $ 14,040 Leave 5% as Paper Checks = $ 18,840 Move to epayment generates Savings: $245,952 epayment Goal opens the door to AP Automation New Use of Cash Enables a new world of working capital opportunities 3% 2% 36.5% APR New Use of Cash enables stable APR sliding scale discounts at any point beyond the traditional 2- part term drop date. Greater than hurdle rate? % Disc count 1.5% 1%.5% New approval Traditional Use of Cash Days # of Invoices Current Approval 60 4

5 Goal AP Automation drives Return on Cash & Discount $ Savings 1. Standing Discounts with Effective Terms - Offer Standing Discounts to suppliers greater than Hurdle Rate - Effective Term provides Treasury control i) dynamically turn on/off ii) seasonal control 2. Dynamic Discounts - At end of fiscal periods, surge in supplier need for cash - Historically, Treasury is unable to take advantage of this need - Now Treasury can dynamically propose a discount to a supplier against specific invoices. dropping to bottom line profit. - Suppliers can dynamically propose to buyers - Target strategy at specific c suppliers s at a specific c point in time Annual Addressable Spend: $1 billion Savings: $2,500,000 Sources Hackett, IOMA & Aberdeen 2008 say 0.3% 1.0% per $1B spend Goal AP Automation generates AP Compliance & $ Savings New Functionality 5% of invoices contain errors (IOMA AP Department Benchmark) Invoice compliance validation takes place at multiple stages - Network Test: Accurate invoices are passed into the Network. - Matching Test: 3 & 4 way match. - Workflow Test: Approval workflow Savings Drives high compliance savings. Spend: $1,000,000,000 Projected Compliance Savings: 0.13% Compliance Savings $1,300,000 (Hackett: 0.2% 0.7% of spend in savings leakage) 5

6 To Be state generates savings 35% of transactions 10% of Spend 55% of suppliers What are they? Credit cards issued to designated employees and/or key vendors to purchase business-related goods and services, fleet and travel and entertainment. Why use them? Rebate: $950, Assume Annual Spend: $1 billion - Best in Class put 10% on Corporate Sources Hackett, AP Top Performers streamline purchase process for high volume, low $ transactions eliminate paper improve controls improve management information take costs out.. Up to 68% as per Purchasing Benchmark Survey improve payment terms to supplier earn rebates 11 Goal state drives AP Process Savings (FTE) FTE potential reassignment: 1) Due to & epayment processes 15% - 20% 2) Due to einvoicing processes 20% - 30% P S i (FTE) $ Process Savings (FTE) $350,000 (Save 7 of 17 $50,000 loaded cost) 6

7 Goal Supply Chain Finance solution use with Strategic Suppliers to unlock Working Capital Overall Metrics Status Benchmark Total Targeted Spend ($) $1,000,000,000 $1,000,000,000 Spend Target for SCF (%) 20.00% Days Payable Outstanding (Target) Valuation Rate for Working Capital Unlocked 7.00% 7.00% Working Capital Unlocked w/ terms extension $ 25,000,000 Total Incremental WACC 7% $ 1,750,000 Supply Chain Finance Benefits Win Win Buyer Benefits Increase days payable outstanding Maintain trade payable accounting treatment Negotiate better terms Supplier Benefits Accelerate cash flows Manage concentration risk Lower working capital financing costs Collaborative & win win approach to working capital management 7

8 Summary of Savings* Income statement impact: To Be Savings epayment Savings $ 245,952 Return on Cash Discounts $2,500,000 AP Automation $1,300,000 Rebate $ 950,000 AP Process Savings $ 350, Steady State Savings (annual) $5,345,952 Balance Sheet impact: (unlock working capital) $25 million EPS impact $ * Projection from a company with $1.0 billion addressable spend DIFFICULT Ease of Implemen ntation EASY P H A S E Where do I start? Ease vs. Opportunity Grow all solutions to include all suppliers Grow Discount mgnt SCF Grow AP Compliance 4 3 Next 6 months Next 9 12 months Discount epayment P Grow Mgnt P H epayment H A A S Grow S E AP Compliance E 2 1 Next 6 9 months First 6 9 months Low Savings Opportunity P H A S E High 8

9 Summary of Value Move 90% of Payments to Electronic Manage Liquidity and optimize working capital Increase Return on Cash & Earnings per Share Achieve Process Transformation & Efficiencies Win Win with Suppliers Helps supplier optimize its working capital needs Reduce DSO and take-out costs Infrastructure Enhance (not replace) current solutions Thank You Contact: Pat Lyons

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