As one of the top-selling business application partners in the Microsoft Dynamics F&O and Dynamics SL Channel, we are excited to expand our product line to the market. We would like to introduce two new software solutions specifically for Business Central – Vendor Payment Automation and Bank Statement Integration.
Introducing Vendor Payment Automation Powered by BankFabric
Our Vendor Payment Automation solution allows you to unify and streamline electronic AP payment processing within Business Central. With Vendor Payment Automation from SK Global, you can process multiple types of electronic payments from a single payment journal without leaving your Business Central environment. Additionally in Standard Business Central, the typical process is to email the vendor prior to generating the payment file. Our new technology reverses and simplifies the process by allowing you to first transmit the payment. Once the bank has confirmed that the payment has no issues, you can then confidently send the remittance advice.
Easily Correct Payment Errors
If a payment contains an error, the void payment feature in our Vendor Payment Automation solution saves significant time. This feature prevents you from needing to post the incorrect payment after it’s been processed. With our solution, you can easily void the payment, correct the error, then resend it to the bank.
Eliminate Additional Configuring and Coding Requirements
With our Vendor Payment Automation module, there’s no need to waste time, resources, and money on developing or hard coding data into formats. Powered by our banking integration and connectivity solution, BankFabric, our software’s flexible data-driven bank entry fields, and its ability to work with most payment types, banks, platforms, and formats eliminates the need to develop bank specific formats.
Secure Banking Integration
BankFabric works in unison with our Vendor Payment Automation solution to securely transfer your payments to the bank. Through seamless connectivity, BankFabric automates the process of transferring payments to the bank preventing you from ever having to download files to your desktop. However, if you need to access a payment file, all of them are stored in Azure making them accessible at any time, with proper user privileges. BankFabric fully eliminates the need to login onto a bank’s website to transmit payments.
Regardless of your company size or banking footprint BankFabric will support you. Our software has the capability to transfer payments to any bank and across any number of legal entities. The BankFabric library has support for over 2400 payment methods across hundreds of banks with multiple bank platforms, APIs, and payment types within those banks. If your bank format is not in our library, we will build it free of charge. Our solution supports many different payment types such as outsourced check printing, ACH, Wires, Purchase Card, and Virtual Pay.
SFTP, API, or Web Service Connectivity
With BankFabric your business can choose between three options to automate and secure the process: SFTP (SSH File Transfer Protocol), APIs, or through Web Services. Companies can choose to deploy one process or can use a mixture of SFTP connectivity and API connectivity. Since SFTP is a popular method that most of the bank’s support, SFTP connection is a favored way for businesses to automate communications. API connectivity is relatively new and will likely be more widespread in the future. APIs use a stream of relevant information to transmit banking data instead of files, making them highly secure. Lastly Web Services are very common in Northern Europe, so this type of connectivity is typically deployed by EU-based customers. Like APIs, it fully automates the banking integration process without using files to transfer data to the bank. For more information on each of these connectivity options check out our recent article.
Introducing Bank Statement Integration Powered by BankFabric
Our other new product offering for Business Central is our Bank Statement Integration module. Bank Statement Integration with SK Global is an embedded user experience within Business Central that enhances and centralizes your reconciliation capabilities. Our new software allows you to connect to your bank via API and feed bank transaction data directly into Business Central for reconciliation. For file based imports, you can easily map reconciliation fields for the bank statement data to support an efficient and more accurate bank reconciliation. Once the initial mapping is complete, you will not have to re-map reconciliation fields for any future bank statements. For future bank statements, the current mapping will be used, and the data will be collected in your ERP effortlessly. Bank Statement Integration makes it simple to reconcile your bank statements whether you do reconciliations daily, weekly, or monthly. It also supports configuration for any bank reconciliation frequency, automation level, matching date tolerance, and format type for each bank account. The files or API based data is seamlessly transferred from your bank through BankFabric.
SK Global Software
With 25+ years of experience in the Dynamics channel, SK Global Software has extensive expertise in creating and implementing solutions that fill the banking, treasury, and financial automation gaps in Microsoft ERP systems. We pride ourselves in having solutions that can scale and work globally across any industry. SK Global is a certified Microsoft business applications partner and all our solutions are approved by Microsoft. Contact us today at email@example.com to see why businesses that range from small to global enterprise level use SK Global.