V-for (VakifBank Financial Operations) Qorus-Infosys Finacle Banking Innovation Awards 2024

Our bank aims for effective management of payment processes related to the procurement of goods and services. To achieve this, we have developed a modern Enterprise Resource Planning (ERP) system that integrates processes, adapts to changing conditions and new needs with rich functionality and flexibility, supported by systematic controls and automations. This system ensures high efficiency, easy monitoring, and quick reporting capabilities. Below are the improvements and benefits provided by the V-FOR Supplier Payment System, which has been implemented in line with our bank's digital transformation and technological development goals:

• Control and approval mechanisms have been systematized from the initiating business unit to completion. • As invoices on behalf of our bank are entered, they are integrated with the e-invoice system, automatically filling in the relevant fields. • Accounting records for expense transactions are instantly made using a discount-dependent product/service mapping created according to the needs of the business units, allowing systematic budget tracking. • Prepaid expense transactions are automatically accounted for in accordance with the accounting principle of periodicity. • For product purchase payments requiring amortization, product information with inventory entries is automatically displayed, and amortization is allocated at the moment of payment. • Spending authorities set by the board are systematically maintained, and controls ensure that only the relevant unit can make payment entries for authorized products/services. • Signed contracts and approvals from authorities are kept on a supplier basis. • For purchases made with credit cards, direct payment to the credit card is facilitated when the due date arrives. • A Special Voucher Description section has been created to allow explanations requested by the instructing unit to be conveyed to the supplier. • For transactions where an advance payment has been made, the system informs that an advance payment has been made to the supplier when the actual invoice payment entry is made, and the deduction of the paid advance can be performed. • If any deductions are to be made from the payment, tax calculations according to the type of deduction are automatically performed. • Payments using EFT, wire transfer, or swift are swiftly executed using operations of the responsible units based on the type of payment. • Accounting slips are automatically generated in the respective branch and unit ledger, and systematic control is maintained via the payment screen when the relevant branch/unit is closed, issuing a warning. • The approval process can be completed and payments made automatically on the due date of the invoice, irrespective of the invoice's final payment date. • For transactions with payment dates in the following year, expenses are automatically processed in the invoice year and payments in the following year, in accordance with the accounting principle of periodicity. • For overseas supplier payments, residency certificates obtained under Double Taxation Avoidance Agreements are kept recorded in the system, and payments are made with systematic control, and the resulting tax transactions are calculated based on the residency certificate, feeding the tax declaration screens. • Expenses made are kept at the unit level and reported via QlikSense, facilitating the tracking and management of expenses by units. • VAT withholding transactions and withholding calculations are automated as specified in the VAT general communique, feeding the tax declaration screens. • For payments considered under construction repair work, income tax deductions are automatically made considering the start and end dates of the work for all entitlement payments including advances, and declared accordingly.