IVECO CAPITAL launched the new online payment hub: a significant step in the digital world
Published: Sep 2024
Best Emerging Technology Solution
Highly Commended Winner
IVECO CAPITAL
Photo of Francesco Donadel, J.P. Morgan and Maura Olivero, Elio Fonti, Martina Meringolo and Frans Alpaert, IVECO CAPITAL.
Elio Fonti
Head of Business Development & Strategy
IVECO CAPITAL, the financing arm which supports IVECO and all other brands of Iveco Group, serving as the cornerstone of new business models.
Industrial Vehicles Corporation, Iveco Group is an Italian multinational transport vehicle manufacturing company with headquarters in Turin, Italy. IVECO the brand of Iveco Group N.V. (EXM: IVG), that designs, manufactures and markets a wide range of light, medium and heavy commercial vehicles, off-road trucks, buses and vehicles suitable for any body type.
in partnership with
The challenge
For companies with complex invoice processes characterised by disjointed, semi-manual collection and reconciliation, Iveco Group’s new payments hub shows how getting paid is changing gears.
The company was seeking online payment solutions to support a wide range of IVECO services like telematics, maintenance and repair. It also wanted to automate and simplify payment processes, including automatic invoice-payment reconciliation.
The solution
The new digital payment hub developed by IVECO CAPITAL allows customers to create a personalised payment profile, register multiple payment methods and manage their invoices in one digital environment.
The range of payment options on the hub includes credit cards, BACS and SEPA with the potential expansion to local direct debits and other payment methods like PayPal. The entire front-end platform is connected to payment facilitation services to seamlessly process transactions in different currencies so that the company has a fully automated reconciliation process that meets treasury requirements for liquidity management with like-for-like and FX settlements.
Besides bringing value to IVECO’s customers, the new payment hub has laid the technological foundations to serve Iveco Group (Treasury and Wholesale departments) and any further future inclusion of third-party merchants.
Creating the new hub brought more than 15 teams across the organisation together. From Wholesale to Accounting, Strategy, Legal and Customer Service, the initiative has involved every corner of the company.
“It has been an opportunity for the entire team to grow, enlarge and evolve professionally and personally in a great experience which is still going on,” says Elio Fonti, Head of Business Development & Strategy, Iveco Group Financial Services. “We are going beyond, constantly improving our customer experience and optimising our internal processes.”
“We go beyond … That’s what we do at Iveco Group. Being recognised as one of the Adam Smith Awards’ Highly Commended Winner highlights our commitment to innovation and digital transformation and confirms the value of what we’re building for our customers and our people.”
Best practice and innovation
IVECO CAPITAL worked with J.P. Morgan Mobility Payments Solutions team to create the tailored payment facilitation platform. The new hub is fully integrated with SAP ERP reporting and billing, increasing the group’s payment options and diversity, improving reconciliation, and supporting liquidity management and compliance. It can also be scaled to meet the needs of the company’s global customer base.
Key benefits
Customers benefit from personalised profiles and various payment options, facilitating a smooth checkout. Use cases span traditional propulsion connected vehicles and maintenance and repairs, and EV charging, showcasing Iveco Group’s commitment to industrial mobility. Leveraging J.P. Morgan’s MPS PayFac, the innovation introduced by IVECO CAPITAL redefines treasury excellence, fostering customer-centricity digitisation and industry leadership.
Francesco Donadel
Executive Director, J.P. Morgan Payments
Thanks to an intense cross functional collaboration involving the Finance, IT, Customer Services, Sales, Special Projects and Marketing teams and with constant senior executive engagement, IVECO CAPITAL developed an innovative digital payment gateway where customers can create a personalised payment profile, register multiple payment methods and manage their invoices all in one place.
This portal is future-proofed and will allow the Iveco Group to face the challenges of a transformed mobility environment where payment functionalities need to adapt to hyper technological vehicles and respond to the needs of their users.
in partnership with
The Adam Smith Awards are the industry benchmark for best practice and innovation in corporate treasury. The 2024 awards attracted 389 nominations. To find out more please visit treasurytoday.com/adam-smith-awards
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