10 Apr FLOOR TO OUR MERCHANTS: MERCEDES-BENZ FINANCIAL SERVICES
Eugenio Di Vita
Accounting & Treasury Manager at Mercedes-Benz Financial Services Italia S.p.A.
Mercedes needs no introduction. How has the company performed over the past year?
The automotive industry as a whole is undergoing deep change, as the objectives of technological innovation coincide with an increasing need of clean energy and sustainable mobility. Despite the technological challenges the automotive sector faces today, Mercedes-Benz Financial Services Italy managed to consolidate its growth over the past few years, closing out 2019 positively.
How important are innovation and digitalization for you? What are your main challenges and priorities? And, what objectives have you achieved?
At Mercedes, digitalization of processes plays a strategic role, it is one of the key challenges for business innovation and our integration of MyBank is a clear example of this. The digitalization process is constantly ongoing, we are putting a lot of investments behind providing added value services with the aim to further improve our customers’ user experience and, at the same time, streamline our internal processes.
Do payments represent a critical area of focus in your company strategy?
Initially, our digitalization efforts mainly focused on customer acquisition with the objective of streamlining and digitalize the process of bringing new customers, via an innovative platform providing real-time data. Later on, as a result of our leasing and financial services offer, the focus has moved to the customer in order to improve and optimize the end-to-end process.
In this context, payment digitalization is certainly not an option: it becomes a key service to ensure an effective, frictionless customer journey. Therefore, we decided to use MyBank, a solution providing a seamless payment process which makes internal processes automation as well as significant administrative cost savings possible.
Why did you decide to use MyBank and how does it fit your digital development strategy?
We definitely needed a solution that could combine an efficient and secure payment method for the customer with a tool able to help us optimize internal administration processes. This is why we adopted MyBank and continue to fully benefit from its three key features: the immediacy and irrevocability of the transaction providing certainty of payments, and the streamlined administrative work.
What changes have you experienced and how has MyBank contributed to the digitalization and innovation of your administrative processes and those of your counterparts?
To date, we use MyBank for the settlement of credits with our network of resellers, however we aim to integrate and use its solution within the entire corporate ecosystem. The choice to use MyBank came from our need to streamlime our processes and make them more efficient for all stakeholders. And with MyBank we have, in fact, managed to optimize internal processes with a significant reduction in administrative costs and to provide an efficient process to our partners.
Previously, with the traditional wire transfer, credit was not received on the same day, it could be cancelled, there was no immediate authorization: all this resulted in several issues with the reconciliation task, due to the discrepancies between manually entered data and actual transaction information.
MyBank has made end-to-end process automatization (customer-bank-reseller) possible, payment rollback is eliminated and real-time confirmation of the irrevocable transaction is received at our end. Real-time information represents an extremely valuable feature of MyBank, which also allows 100% automatic reconciliation, contributing to the efficacy and efficiency of our processes. Furthermore, MyBank is even more performing than an instant wire transfer in terms of reach and reconciliation, and –in addition to this– it has no amount limits, which is a critical feature in our business. Last, but not least, the immediate collection allowed by MyBank supports our company’s cash flow.
SCA (Strong Customer Authentication) is among the major implications of PSD2, but in fact a key feature of MyBank since its launch. Which benefits have you seen in terms of transactions’ security with MyBank?
MyBank has definitely been an early adopter!
Being SCA integrated in its solution, MyBank has made its implementation much easier. Generally speaking, users are increasingly aware of phishing and frauds, therefore offering them a payment tool already PSD2, GDPR e AML compliant –thus already in full compliance with the latest requirements– has helped further usage growth among our partners.
10 Apr 2020