In a recent product demonstrations, we have been discussing our Electronic Funds Transfer Module extensively with multiple organizations. There are multiple benefits to an organization that utilizes our electronic funds transfer module - bank independence, ability to attach supporting documents, custom approval processes, no per user fees, ability to capture accounting treatment upfront, netting capability from backend A/P systems, our standardized and configurable approach to building systems to name a few.
Now, if you look at the types of organizations that are typically interested in our Electronic Funds Transfer Module there are a couple factors that stand out- key benefits offered by our payments module that make our product extremely useful to these enterprises.
The first being bank independence. If you are an organization that utilizes multiple payment banks (hedge funds as an example with multiple Prime Broker and Custodial relationships) the benefits of adopting a bank independent payments system (a payment system that can originate payments from multiple banks utilizing standards based integration) far out weigh the costs.
The second (not in the order of importance) key factor is internal control requirements and related benefits. i.e. If you are an organization that needs to enforce rule-based netting and controlled origination via payment templates offered by the product or if you are an organization that originates hundreds of payments and need a more configurable system (than what is offered by you bank) to better manage your internal users and processes such as paperless approvals and upfront capture of accounting treatment or as in the case of one of our current customers who utilize custom organization specific approvals and controls for payment approvals and account management for hundreds of users.
Thank you for reading. I would love to hear you thoughts on why you decided to adopt or not adopt a payments system from a third-party vendor and what your reasons were; you can reach me at sujith@treasurysciences.com