Treasury Sciences EFT is a web-based multi-bank payment origination system. It allows for custom payment workflows and controls, ability to set per-transactions and cumulative limits at multiple levels, allows free-form and bank independent template based and netted payment originations and supports ISO 20022, SWIFT MT and even custom bank formats for payment transmission to banks. The key differentiator between TS EFT and other systems (bank provided and otherwise) is that most if not all payment approvals processes and controls that are needed to meet an organization's specific needs is accomplished in TS EFT via configuration.
This post looks at couple of typical payment origination processes and controls that can be configured within TS EFT. The first scenario shown below is a typical configuration of TS EFT for an organization that utilizes one payment bank and needs free-form, template based and netted originations with dual approval. Note that TS EFT provides payment controls such as the differentiation of payments users from administrative users - ensuring that a user has permissions to originate or approve the creation of a bank account does not have the ability to originate or approve payments and vice versa.
The second scenario described below discusses a more complex configuration of EFT (note that this is still configuration and not custom development or customization of the product) wherein an organization needs 2 different approval processes - a one step approval process for payments originated from pre-approved templates for the treasury organization (typically for net-funding or concentration wires) and a dual-approval process for all payments from subsidiaries. Also note the connectivity to multiple payment banks as well.