Modules
Core Modules
The core BankON modules include Payables, Receivables and Cash Management for auto-reconciliation of bank account statements.
- Accounts Payable
- Extracts payment information from corporate ERP systems and sends encrypted files to bank in required format for processing
- Validates payment data against business rules and enriches data as needed
- Flags errors in payment files prior to sending to bank
- Supports:
- Multiple payment types: Check, ACH, Wire, etc.
- ISO and SWIFT standards and CSV formats
- Multi-currencies, multi-languages and multi-byte characters
- Accounts Receivable
- Takes receipts files from bank and imports data into ERP system
- Processes Inbound Receipts including Lockbox, ACH hand Wire
- Processes Inbound Direct Debit Mandates and Outbound Direct Debit Initiations, Authorizations and Mandate Cancellati8ons
- Sends alerts for aging invoices, unidentified or unapplied receipts and customer payments
- Cash Management
- Takes bank account statement files from bank and imports data into ERP system
- Supports Prior Day statements for automated bank account reconciliations
- Supports Intra-Day statements for cash positioning and reporting
Additional BankON Modules
- Accounts Receivable Matching Engine
- Matches incoming receipts to open invoices in corporate ERP system
- Identifies potential matches for corporate users based on series of algorithms
- Builds intelligence for increased efficiencies in future matches
- Dramatically improves productivity around invoice matching process
- Payee Portal
- Provides online tool to enhance trading partner participation in Electronic Data Interchanges (EDI) initiative
- Eliminates re-keying of vendor / supplier data, reducing data entry errors while condensing timeline for conversion to EDI
- Offers ease of use for one-off data entry or mass upload of files
