By Morne Klynsmith, Head of Treasury Technology
The enhancement in technology has made it possible to re-look at how corporates do banking. The TreasuryONE Digital Banking Hub solution replaces online banking as we know it with a single platform for all corporate banking and it simplifies and streamlines bank and payment processes.
The Digital Banking Hub saves costs, reduces payment risks, and manages and maintains all bank connectivity between banks, finance applications, and ERPs.
The Digital Banking Hub is a fully integrated cloud-based platform that makes it easy to achieve:
Automated multi-bank cash visibility
Gain 100% Cash Visibility by centralising control of your banking operations and gain automated visibility over your global cash position across different accounts, countries and entities. With customised reporting, your finance team spends less time collating and more time analysing, with technology doing the legwork.
Automated Cash Management Solutions
The Cash Management module automates the process of gathering cash and liquidity data by routing your organisation’s statement information from multiple banks, regardless of location, into a single, intuitive dashboard. The automated statement feeds, combined with the ability for finance users to upload ledger files to the system, deliver enhanced daily cash position forecasting. Combined with risk reporting and alerting, the result is a treasury and finance function able to invest cash and avoid unnecessary bank overdraft charges proactively.
Sweeping and Pooling
The platform enables dynamic cash optimisation strategies by automating the Sweeping and Pooling of cash balances according to a hierarchy of accounts, minimum or target bank balances and minimum transfer balances for optimal liquidity management.
Central Payment Factory
The Banking Hub provides an effective solution to the centralised visibility and control required by Finance Managers. The integrated payment hub empowers users to view the status of all payments and take the necessary action to ensure seamless execution and reduce the risk of fraud.
All banking relationships in one place
With the ability to connect to any bank, finance and treasury teams can manage their entire corporate banking estate on the Banking Hub. Complete user profiles can be created and administered within the platform with varying permissions according to profiles, access rights and functional entitlements such as authorisation limits and the ability to create manual cash transfers. Effective segregation of duty for worldwide users ensures secure approvals, verification and exception workflow using MFA for the highest security and control standards.
The Banking Hub’s ability to support multi-connectivity requirements for all payment and statement types and formats is vital for automated cash management. The platform supports any file format and connectivity requirement, with automatic data enrichment and transformation capabilities.
Bank fee analysis
Automated reporting that compares monthly bank fee costs against negotiated fee schedules from the source the bank statement. To ensure validity, the report compares and analyses bank fees for current month charges with the prior months and the same month for the preceding year.