- SOLUTION: PayFlex Cloud

- SECTOR: Finance

“With PayFlex Cloud, our response time outspeeds that of our competitors when providing our clients with collection services.”

Sinan Sırmacı

TEB Cash Management Manager

TEB Cloud Based Collection System Project

Having acquired a cloud based collection system with Innova's PayFlex Cloud service, TEB can now serve its clients much faster

Turkish Economy Bank (TEB), started its operations as TEB Group’s first company in 1927, leading the private banking sector in Turkey. TEB sustains its leader position with its expanding branch network and wide array of products & services on the one hand, and its affliates in other financial branches such as investment, leasing, factoring, insurance and portfolio management on the other.


Declaring 43.5 billons TL worth of assets and 486 million TL net profits by 2012 end, TEB has realized a net profit increase of 135%.


A fast growing company, TEB’s urgent need of an advanced collection system was met with Innova’s PayFlex Cloud Utility Hub (PayFlex Cloud) service. Providing advanced collection solutions for tens of institutions in Turkey and counting more every day, PayFlex Cloud platform has introduced TEB with a dynamic, reliable adn scalable cloud-based collection system. TEB can now offer its clients faster and streamlined utility bill collection services.

TEB Cloud Based Collection System Project

TEB Cash Management Manager Sinan Sırmacı elaborated on TEB’s collection system Project and the details of PayFlex Cloud solution:


Banking sector leads all others when it comes to investing in technology to increase service quality levels. Technology is what promotes and ensures swift and streamlined banking services which affect millions of people.


The SaaS (Software as a Service) based solution developed by Innova gives us the upper hand in terms of customer satisfaction. With the “cloud” aspect of PayFlex Cloud, our response time outspeeds that of our competitors when providing our clients with collection services.

In the recent years, corporations getting collection services from banks have switched from file transfer to online data transfer in order to cut down on operating costs. This creates a substantial need for software development resources.


Additionally, even after the required software related actions are taken, corporations may request incidental revisions. They also need support in handling daily problems that may arise. The fact that this investment requires to be done by all the banks in agreement with utility companies, arises an important issue of inefficieny.


TEB Cash Management team and Innova Financial Transaction Solutions team together.


In our partnership with Innova, we made sizeable savings on costs incurred throughout all these processes. Because Innova’s partnership with us is not limited with software service, but also includes supporting other daily operational processes, the amount we save gets even bigger. On the other hand, with Innova on our side, we can now serve all utility companies much faster; augmenting customer satisfaction and leading the way for new business opportunities.

There are only a few solution providers that can deliver a service of this magnitude. Innova stood out amongst this handful of names with its collaborative, problem solving oriented, constructive and innovative approach.

Starting the project, we were aware of Innova’s specific solution focused on this matter. Having said that, it is still critical to be able to support utility companies with their different demands. We, as the bank, had some revision requests as well. Both teams poured in serious effort to test the revisions and hammer out potential errors. Innova’s fast and positive attitude along with both teams’s cooperative spirit was an important factor which contributed to the fast resolution of difficulties at this stage.

PayFlex Cloud is up to testing stage within 10 days following project kick-off.

Innova’s PayFlex Cloud solution is an eponymously flexible application. A powerful tool that can swiftly cater to varying expectations of different corporations. Thanks to this enhanced solution, the project advanced to testing stage 10 days after kick-off.


Incidentally, Innova can offer the same solution to another bank – should their requirements overlap with the features of this project. This way it would take only a single day to get the project up and running.

Innova has been offering its services for the use of banks and utility companies for over 10 years. Their vast experience came in quite handy in our project as well. This experience is what got this project finalized in such a short notice.


We recommend the easily-adaptable Innova’s PayFlex Cloud service to our competitors in the banking and finance industry as well.