14th Jun 2023

Your Dynamics 365 payment connector

If you’re reading this, you are likely already using Microsoft Dynamics 365 to increase operational efficiency across your financial processes, but you’ve hit a dead-end when it comes to connecting your banks.

Typically, Dynamics 365 works seamlessly to automate routine tasks and provide better insight and visibility across financial processes. However, the platform does not connect directly to your bank accounts, meaning manual intervention is still essential to process payments and download statements.

We help you unlock the true value of Dynamics 365 within your finance function by eliminating the need for manual intervention, providing end-to-end bank connectivity that futureproofs your payments and cash management procedures.

 

Bank Connectivity for Dynamics 365

Connecting Dynamics 365 to your primary banks is a complex procedure for individual organisations, but AccessPay have developed the best-of-breed solution to address this issue on behalf of our clients.. Our platform uses a proprietary link for all available payment types and cash management messages, connecting businesses directly to banks. This allows for high volumes of data transfer, and hence a more automated process for processing payments and downloading statements.

Process Payments

You can route domestic and cross-border payments directly through the bank, keeping your transaction costs low as well as direct payment processing, streamlining your processes and improving overall efficiency.

Receive Payment Status Reports

The platform retrieves Payment Staus Reports (PSRs) from the bank in a Pain.002 format and any other submission messages received for MT101, Bacs and Faster Payments.

Automate Bank Statement Feeds

Support onward reporting and reconciliation by receiving automated balances and statement messages from your bank in a format that’s compatible with Dynamics 365

Read more about how bank connectivity works here.

 

Supporting Efficiency Initiatives Through Digitisation

As more and more businesses move towards automation and digitisation to reduce costs and refocus resources on value-added initiatives, upgrading to Dynamics 365 (to do what?) has become an attractive option for many to better integrate and manage their internal processes.

By solving the issue of lacking bank connectivity, you streamline your payments and cash management processes, reducing manual intervention and increasing efficiency – all while ensuring that your financial data remains secure.

Investing in bank connectivity is one of the most effective solutions you can implement to achieve automation and digitisation in your finance function. By leveraging the AccessPay platform you can futureproof your payments and cash management processes, bringing new levels of efficiency and control to your finance function.

Global charity ActionAid uses AccessPay alongside Dynamics 365 to collect over 1 million donations annually via Bacs. ActionAid swapped their on-premise payments software with Access Pay’s cloud-based solution to create a more cost-effective and secure collections process, which can connect to Dynamics without the need for ongoing maintenance from their IT team.

“We have a large Direct Debit income run three times a month. Without AccessPay that wouldn’t exist for us.”

Deputy Director of Finance, ActionAid

 

 

Aiding Security & Compliance Requirements

Automating these processes is key; not only for efficiency but also to ensure you have enhanced levels of security and reduce the risk of fraud and error across your banking operations. With the mounting pressures of regulatory compliance, eliminating manual touch points will ensure your processes meet regulatory standards. A big tick for the audit and compliance box.

AccessPay connects to Dynamics to aide operational resilience initiatives. By cutting out manual processes, businesses reduce the ‘people risk’ element across their processes, meaning the number of risk considerations associated with human intervention (and can directly impact business continuity) is greatly reduced.

 

The AccessPay platform also offers guaranteed, internal control mechanisms which provide a controlled structure for the validation and authorisation of payments, which better protects your banking processes.

Support Strategic Decision Making

Moreover, receiving data back from your banking partners is essential to aid onward reporting within your Dynamics setup. With a Dynamics 365 payment connector like ours, we automate the delivery of financial messages between Dynamics 365 and your banking partners, ensuring that you receive accurate and timely data, which can be leveraged for strategic decision-making.

 

Stay Audit-Ready

With the next finance audit always on the horizon, it’s crucial for finance teams to take necessary steps to be prepared. We’ve all read stories about how a failed audit can lead to catastrophic consequences for businesses. AccessPay offers an automated payment and authorization tracking solution that saves time, eliminates manual effort and ensures firms are consistently audit-ready.

Find out how we became a key partner to Operational Resilience for Darlington Building Society.

 

How AccessPay Connects Dynamics 365 With Your Banks

Our technology is powered by a file agnostic transformation engine, which automatically sends data to and from your bank in the correct format without any changes required to Dynamics 365 or its output files. Connectivity to Dynamics is achieved via a choice of SFTP or API connection.

During the implementation process, we will work with you to map out the banks and payment rails you need to connect to, as well as the routing and approvals workflows to be configured within your solution.

Your designated implementation consultant will then work with you to build your configuration during the onboarding process, ready for your go-live date.

 

Read more about connecting to Dynamics 365 here.

Dynamics 365 Payment Processing: How it works

  • Payment file outputted via Dynamics and received by AccessPay
  • Payment files automatically transformed into a bank-ready format
  • Payment File is scanned to detect erroneous transactions
  • Payment File goes through approval process (if managed in AccessPay)
  • Payment file is authorized (manual or automated) and routed

 

Bank Statement Retrievals: How it works

  • Statements delivered to AccessPay as MT messages on a daily and intra-daily basis
  • Data is automatically transformed into a format which is consumable by Dynamics and uploaded to your preferred destination

 

Supporting Implementation & Upgrades

Whether you’re newly implementing Dynamics 365, or upgrading how you use it for better efficiency and boosted productivity; factoring bank connectivity into the equation will ensure your finance operations are as streamlined as possible.

Whilst Dynamics 365 is a hyper-connected platform that seamlessly integrates with its other Microsoft counterparts, it’s still in its infancy when it comes to bank connections, and this is where the need for manual process rears its head.

If you want to achieve true efficiency across your finance operations, we’ll help you get the most from Dynamics 365 by bridging the gap between the platform and your banks.

Find out everything you need to know about our Dynamics 365 payment connector and how it’s helped some of our customers including Volante Global and Action Aid.

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