What’s your top priority right now?
Remove Reliance on Banking Portals
Relying on a team of people to manually collect and process statement data from banking portals poses substantial risks.
- Manual workflows mean that transaction data can easily be manipulated, leaving your organisations more susceptible to fraud.
- Errors can be made, leading to inaccuracies in reporting and auditing.
- Statement retrieval becomes a resource intensive task that can prove costly, resulting in overheads that could be better spent on more strategic initiatives
AccessPay automates the entire process to ensure data transfer between NetSuite and your banks remains accurate, timely and risk averse.
Automatic File Transformation
AccessPay’s bank agnostic file transformation engine automatically collects statement data from across your banking estate and transforms the data into an enriched CSV file that’s ready to be consumed by NetSuite.
Removing any reliance on manual input and enabling straight through processing between NetSuite and any number of banks.
Security and Compliance
To connect your banking estate to NetSuite, most banks require combined authentication to establish a secure connection.
AccessPay can support this requirement by enabling combined SSH and password authentication with your banking partners.
What’s more, the level of automation that AccessPay provides supports annual audits by preventing the risk of manipulation and any recording inaccuracies of financial statements.
How Does it Work?
AccessPay enables secure connectivity to your entire banking estate, automating the download and transformation of transaction data on your behalf. The files can then be consumed and uploaded to NetSuite via an sFTP plugin which is easily accessible via the NetSuite Marketplace.
We use 2 primary methods to retrieve statement data from your partner banks:
Using AccessPay’s BIC, you’re able to receive intraday MT942 and end-of-day MT940 statements from any SWIFT member bank. If you have your own BIC, we can use that too.
We’re able to establish host-to-host connections with any banking partner on your behalf. This method is preferred for individual connections to primary banks, or for connecting to banks outside the SWIFT network.
Working with a Trusted Partner
We’ve done this before. We have extensive experience in connecting NetSuite users to their banking partners and manage the bank connectivity piece, so you don’t have to. Taking on this kind of project in-house takes up months of dedicated resource, requires extensive knowledge of the banking landscape and can become incredibly costly with the work required to become SWIFT compliant, or facilitate host-to-host bank connections in-house.
Working with a specialist partner likes AccessPay alleviates the time, cost and complexity of facilitating connectivity between NetSuite and your banks, delivering speed-to-value, as well as dedicated knowledge and resource required to make your bank connectivity project a success.