As we know in the last few years online bank portals have been evolving with increasing functionality. These bank portals allow their customers to access bank accounts remotely, to see both live and historical data, and to make new transactions and transfers. Previously for companies, banks would send out the transaction files in the various banking formats (e.g. EDI, MT940, Excel) to a specific location of the corporate customers choosing. However, many banks now are placing these transaction files in a bank portal, and this now require the banks customers to retrieve this financial data on their own.
This retrieval mission requires companies to log-in, locate the specific bank transaction files, and download them to complete their daily Cash Application processes. The retrieval of these files from the portal has created another step in the process for financial departments to do their jobs. It can also be a very time-consuming and tedious process, depending on how many banks, bank accounts, and also the transaction volumes that a company may have.
Cashbook have created a new bank portal automation tool for our clients. The Cashbook bank portal automation tool can be customized so the retrieval process takes place overnight, and the data is downloaded to Cashbook before your staff arrive to work. Cashbook’s bank portal automation tool stores the unique passwords and automatically logs-in to each individual bank portal as required. The tool goes through the necessary steps to locate the bank transaction files for each bank account. This information is downloaded and imported directly into Cashbook where journals are then automatically created. When the staff start work, they will process the file and post the cash, subsequently updating the General Ledger (GL).
This complete automation of bank portals will help to save numerous hours that are currently wasted on a manual process every day. It will also save the finance department from completing unnecessary work, the automation of boring processes will improve staff morale and reduce staff turnover. Another big advantage here is the increased security, a portal may have thousands of people logging in to retrieve sensitive financial information, so security is a big issue for companies. This is especially so, if one organization such as a Business Process Outsourcing (BPO) company has to control all user names and passwords securely. Cashbook provides an extra layer of security here, as users will not need to remember or store this information un-securely anymore.
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