Danske Bank has won a financial innovation award for its dynamic discounting solution, DynamicPay. The prize has been awarded by the respected international financial industry publication, Global Finance.
Danske Bank won in the Transaction Services category on the basis of parameters such as solutions benefits, an innovative approach to problem solving, and the overall idea generation methodology applied in the organisation.
Global Head of Transaction Banking, Las Sjögren, comments:
"We are proud and humble about this sign of recognition from Global Finance. Danske Bank is on a transformational journey getting closer to the customers in all the things that we do. When launching new solutions, we have a strong focus on coming up with answers that add to convenience, simplicity and transparency for customers and in close customer collaboration. DynamicPay is just one example of this: it is intuitive and easy to use, and helps buyers and suppliers more effortless deal with their mutual payment handling.”
A number of customers and suppliers by now save time on their invoice administration, using DynamicPay.
The solution in brief
It has become steadily more common that businesses do not get paid until long after they have delivered their service. Small businesses are especially vulnerable in this respect, as lack of liquidity might stop them from taking in new orders or may ultimately trigger bankruptcies, and society pays the price in the form of fewer jobs and lower growth. DynamicPay is one solution to combatting these challenges.
DynamicPay offers suppliers of goods and services the possibility of early payment against a dynamic discount. The solution aggregates all buyer approved invoices from suppliers, once a buyer and supplier have signed up for DynamicPay. Based on the buyer’s bank payment instructions, DynamicPay calculates a dynamic discount on behalf of the buyer, ensures the required funding and presents an early payment offer in DynamicPay. The supplier may choose to accept payment now or on due date (default). Suppliers do not need to be customers in Danske Bank to use DynamicPay.
Learn more about the solution here
(for buyers) or here