24th Jan 2023

Multi-bank connectivity: Automate and improve your corporate payments and cash management process

Multi-bank connectivity enables businesses to connect to multiple financial institutions or banks through a single platform or system. This feature is particularly useful for businesses that handle multiple bank accounts across various locations. With multi-bank connectivity, finance professionals can easily manage their financial information in one central location, rather than having to log in to each bank account individually.


Overcoming traditional corporate banking challenges with multi-bank connectivity

In most cases, ERP’s (enterprise resource planning) and TMS’ (treasury management systems) cannot transfer financial information directly to the bank as they are not in a compatible format for each electronic banking platform.

This results in the manual re-keying of instructions and financial information, but this traditional process is high risk, with an increased chance of errors and delays.

Another issue is that some payment files are imported in a non-secure environment so there is also an increased risk that these files can be tampered with, to the point that account numbers and amounts on individual payments could even be modified in a fraudulent manner.

With traditional corporate banking processes being highlighted as an area of risk, it’s no wonder multi-bank connectivity is increasingly on the radar of finance professionals. In fact, technology adoption like this was cited as the key focus for 58% of finance professionals in the recent Drive to Digital: Finance Transformation Trends 2023 report. Read more here.

By integrating directly between your back-office systems and your banks, multi-bank connectivity ensures financial information and data is formatted correctly and transferred automatically from your ERP, TMS and other back offices systems to your banks, solving the traditional back office disconnect.

This is also known as a direct bank connection.


So, why choose a direct bank connection?

Direct bank connections are considered the best way to manage financial data because they provide real-time access to your bank accounts, managed in one single platform. Transactions and account balances are updated in near real-time, allowing for more accurate and timely financial reporting and decision-making.

Direct bank connections also support straight-through processing (STP), which means that transactions can be automatically processed without the need for manual intervention. This increases efficiency and reduces the risk of errors.

These connections work across as many banks, in as many locations as a business requires, and this can easily scale as more bank accounts are added. Multi-bank connectivity provides real-time access to multiple bank accounts in a single interface, providing increased security, efficiency, and greater control over payment processes, which makes it the best and most trusted method when it comes to managing financial data.



Process Payments

By routing domestic and cross-border payments directly through the bank, transaction costs can be kept low and straight-through processing can be enabled, resulting in increased efficiency and control over your payment processes.


Automate Bank Statement Feeds

Automating the process of retrieving statement data from your bank and importing it into your back-office system can save valuable time and resources. This allows your team to focus on more important, value-add tasks rather than mundane and repetitive data entry. Additionally, by receiving automated balance and statement messages in a format that is compatible with your ERP, it will support onward reporting and reconciliation. Furthermore, integrating the statement feeds into your ERP or reconciliation software automates the process of manual and repetitive accounting tasks. This helps to move beyond legacy record-to-report processes.

Read more on how we automate bank statement feeds.


Receive Payment Status Reports

AccessPay retrieves PSRs from the bank in a Pain.002 format and any other submission messages received for MT101, Bacs and Faster Payments.


Leverage industry leading technology & increase time-to-value

AccessPay is a trusted partner for thousands of businesses undergoing finance transformation, from design to implementation and beyond.

We simplify the process of change by delivering corporate banking projects quickly with a proven framework, which is why our clients give us a 5-star satisfaction rating and 98% of our clients stay with us. Before starting, our team will work closely with you to understand your goals and challenges and design a tailored solution that meets your needs. As an embedded corporate banking partner, we will adapt to support your growth and change throughout our relationship.


Minimise expensive ERP project costs 

Using AccessPay requires minimal project management compared to building your connection internally. In-house projects often require larger teams and significant investment in technical resources to meet the requirements set by the bank. This can divert key resources away from regular tasks to establish the initial connection and handle ongoing maintenance. AccessPay manages all bank connections for you, significantly reducing the investment and resources required to access the host-to-host service provided by your bank.

Read more about the advantages of working with a 3rd party like AccessPay.


Trusted by the world’s biggest banks

AccessPay is a trusted partner for some of the largest banks in the world, with connections to over 16,000 banks and payment schemes, helping thousands of customers manage their finances daily.

Our team of specialists have backgrounds in banking, finance, and FinTech and experience in dealing with complex corporate banking challenges. Our platform is designed to help clients better manage their money, creating an embedded experience for businesses and banks for the present, future, and beyond.



AccessPay and the SWIFT network

We provide a direct integration of SWIFT with a bank’s systems, which allows the bank to connect directly to the SWIFT network and exchange financial messages and information with other banks. This method is often used by large financial institutions and corporations that have significant financial transactions and need direct access to SWIFT network.

All of these methods can allow businesses and individuals to access and manage multiple bank accounts through a single platform, which simplifies the process of accessing and managing multiple bank accounts. However, it’s important to note that the implementation of multi-bank connectivity with SWIFT will depend on the specific needs and requirements of the business or individual, and the security and compliance measures will also depend on the method of connectivity used.

See how NSG connected to the SWIFT network.

If you want to know more about the benefits of multi-bank connectivity read more about how we are simplifying direct bank connectivity for corporates.


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