SAP Multi-Bank Connectivity directly connects corporates with financial services institutions.
The solution provides corporates with a multi-bank, digital channel between their ERP systems and their banks. Besides that the solution also offers embedded SWIFT connectivity.
This corporate cloud banking network provides measurable improvement to the accounts payable and accounts receivable functions through automation of all the manual and error-prone steps associated with the execution and reconciliation of payments, order-to-cash applications, and order entry documents.
The use of SAP Multi-Bank Connectivity results in improved control, efficiency, and transparency of the financial accounting process. As the solution automatically updates payment status and cash positions in the ERP system once updates are available from the banks it further improves and streamlines the company's treasury operations.
In monitoring, you can supervise the status of the payment instructions and see which bank statements are received and which expected bank statements are still missing. The monitoring is only available with the Advanced Cash Management license.
The onboarding to the solution is straight-forward and delivered as a private cloud-owned service managed by SAP that is secure and partitioned by each customer and their network of banks.
Bank Integration with SAP Multi-Bank Connectivity Process
The SAP Multi-Bank Connectivity offers a complete end-to-end integration from SAP's digital core to banks for incoming and outgoing payment processes, benefiting all key areas.
The key functionalities of outgoing payments, payment status delivery or statement reconciliation are covered. All of that is securely connected with encryption.