IMPROVED MANAGEMENT OF PAYMENT TRANSACTIONS
Would you like to save time and money as a result of faster processing of client and supplier payments and automated reconciliation? Are you looking to reduce the number of unpaid payment transactions while making the individual processing of payment reversals a thing of the past? With GreatCircle Extended Banking, you can streamline payment transactions further in Microsoft Dynamics 365/AX. Transactions are imported and processed without manual intervention. Efficient and accurate, resulting in increased productivity and significant time-savings in financial administration.
Matching payments (reconciliation) with outstanding items, however, is a time-consuming process – especially if you have a large number of payments to process or peak loads to contend with. Extended Banking makes it possible to automate matching of over 95% of bank statement transactions in common formats like MT940 and CAMT.053. The solution therefore offers a high level of added value for retailers, wholesale, hospitals, production companies, financial service companies, logistic companies and other organisations that process large numbers of transactions.
SELF-TEACHING AND THEREFORE INCREASINGLY ACCURATE
Extended Banking enables payment transactions relating to purchase and sales invoices, transfers and collections to be processed quickly and smoothly. Transactions in the electronic bank statement are automatically matched to the correct purchase or sales invoice using the IBAN, the number of the client, supplier, debtor, creditor or invoice, or the payment reference. Receipts are then assigned and open transactions are settled. The use of flexible payment references ensures faster payment of outstanding items. The process teaches itself: the business system is enriched with newly obtained information relating to clients.
RAPID PROCESSING OF BANK TRANSACTIONS
The increased level of matching ensures increasingly fewer outstanding items as a result of unprocessed or rejected transactions. The feedback from the payment transactions and payment information received via the bank is analysed and recorded, which means that any outstanding items can be processed quickly manually. With regard to collections, automatic processing of reversals saves you time, while the reversed amounts remain easy to manage. What is more, the system supports the processing of specifications that clients send as attachments, for example as reference for a payment of multiple invoices or payments for multiple debtors by the head office.