Traditional methods for bank-to-bank transfers can make your financial processes more complicated than necessary, but advanced solutions can streamline your systems — especially if these transfers are a common occurrence for you or your organization. Read on to learn more about bank-to-bank transfers and how advanced solutions from SK Global can optimize your processes.

What Is a Bank-to-Bank Transfer?

A bank-to-bank transfer refers to consumers moving money electronically. Specifically, this involves the transfer of money from one bank account to another at a banking company.

If you or your organization has funds spread within a financial institution, it's advantageous to find an efficient way to make transfers between your accounts. Evolving technology has made online payments a sufficient option to move money from one place to another. However, internal transfers online can still be more time-consuming than necessary. The traditional process of transferring money from one bank account to another typically involves:

  • Linking the accounts: This is the first step to set up internal bank transfers online. It's necessary to log into a bank's website and ensure you're able to move money between accounts. This is also when it's significant to consider whether internal transfers or external transfers are what you're looking to achieve.
  • Setting up transfers: When it comes to internal transfers, you don't have to worry about providing external account information or verifying the account. However, you will have to log into the portal each time you need to set up an internal transfer. Typically, you can utilize the bank's website or app to complete these processes online. Keep in mind a bank-to-bank transfer will take about three business days to complete depending on where the money is going and what network you're using, according to Western Union.

While the need to log into a bank portal each time you make a transfer may not seem arduous at first glance, these processes can quickly become tedious and time-consuming — especially if they are needed often. SK Global offers a better way, so you can enjoy the most efficient bank-to-bank transfers possible.

Features of Improved Bank-to-Bank Transfers

Upgraded solutions from SK Global can make your processes simple. These options are progressively important considering 71% of bank customers conduct their business online, according to statistics from ValuePenguin. The latest version of the software helps you bypass the need to log onto external portals to make your transfers. Instead, the bank-to-bank transfer aspect of the solution allows you to go back into the enterprise resource planning (ERP) system to quickly take care of any internal bank account transfers.

The main features of this software for bank-to-bank transfers allow you to:

  • Transfer money across legal entities.
  • Support inbound acknowledgment files.

Avoid the need to set up a fake vendor.

  • 24/7 account access: Online banks are highly operative, generally giving you 24/7 access as long as you have an internet connection. Some banks even offer around-the-clock access to real-life customer service agents in case of any complications. These benefits are even more attainable with improved internal transfer solutions.
  • Improved speed and efficiency: The most advantageous aspect of SK Global's solutions for bank-to-bank transfers is the speed and efficiency it can provide your organization. You'll no longer need to log onto multiple websites to initiate a transfer, but rather can access these features within the ERP system and SK Global solution itself.

Increased security: These advanced solutions are also a boon to your security systems. It can be difficult to feel completely comfortable while working with banks online. However, Microsoft Dynamics 365 and Dynamics AX offer high-security measures so you can complete internal transfers and rest assured that you have top-tier protection along the way.