Webcashglobal’s Vietnam unit, Webcash Vietnam, supplied the integrated cash management solution WeCMS to Hansung Bolt’s Vietnam production subsidiary, Hansung Bolt Vina.

Webcash Vietnam said on Sept. 30 it introduced WeCMS to integrate Hansung Bolt Vina’s cash status tracking with its payment and transfer work.

WeCMS is a cash management solution that connects with local banks, the tax authority and accounting systems. It supports sales and purchase management, cash flow monitoring, exchange rate and transaction history inquiries, corporate card management, electronic tax invoice inquiries, and ERP links.

After introducing the solution, Hansung Bolt Vina reduced the time needed to prepare its daily cash report from 4 to 5 hours each day to within 10 minutes. It can now automatically compile cash status that had been gathered manually and check account-by-account cash flows and payment approval status in real time.

It also integrated fund transfers and approval procedures into a single system. Using firm banking, it processes transfers such as payroll and separates the authority of staff in charge and approvers so that approvals are completed before transfers.

Jae-hwan Lee (이재환), head of Webcash Vietnam, said, "With this introduction as an opportunity, we will expand our customer base centered on Korean manufacturing companies in Vietnam."