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Cobase faces the Treasury Dragons on Bank Connectivity and Format Conversion

Thu, Dec 1, 2022

Optimally managing payments and cash requires seamless, robust and real-time connectivity between banks and financial systems and the execution of all payment and cash management tasks in the company’s administrative environment or another single user interface dedicated to this task.

Solutions that can help corporates gain visibility into their overall cash positions and run an efficient payments operation across the whole company do exist. Banks do provide solutions to let companies connect their ERP or accounting systems to their bank accounts. Companies who do all their business with a single bank should be able to access a portal and get connectivity to their back-office functions in a rather efficient way.

However, for corporates that have significant business with multiple banks, the situation is more complex. A single bank will not be able to provide a robust solution to reach all other banks. Most certainly not with all sorts of different payment formats and products, bulk payments and local reporting standards have to be used. In this scenario, corporates are faced with a vast amount of workarounds, dedicated applications, and interfaces to perform cash management across their banks.

It is not hard to envisage the high degree of inefficiency and risk introduced to the process by this way of working. These drawbacks have been highlighted in various research reports where corporate clients are asked about the biggest challenges they faced when integrating with a bank. Efficient bank connectivity is the first step towards optimized multibank cash management. Once this foundation is in place it can be combined with applications that can efficiently manage the bank accounts, and the overall solution can be further optimized to your exact treasury needs.

Join this Treasury Dragons session on bank connectivity and find out why Cobase stands out with its extensive connectivity solutions, and how they enable you to focus on what is core.