Core Euro Bank

Well-known international corporations and SME’s use the EFiS Core Euro Bank as a smart and user-friendly web application in the service, which consolidates and centralizes the entire payment transactions and cash management of a company as a payment factory with integrated booking engine. This enables enterprises to serve and monitor all their national and international bank connections and accounts from a single system. This ensures complete and convenient control over your entire cash flow on all accounts and in all currencies.

Due to the integrated booking and account system, an in-house bank can be implemented in a further step.

By using a payment factory to optimize bank connections, standardize payment transaction processes and centralize cash management, the company can leverage a wide range of synergies and realize potential savings. Optimizing bank connections, i.e. a renouncement with local e-banking applications in the individual countries and companies, directly reduces costs and increases security at the same time. Additional consolidation of bank details generates further savings potential. The standardization of the payment transaction processes, combined with a consolidation of the formats used increases the degree of automation and reduces the susceptibility to errors and maintenance costs. The centralization of cash management thus improves the efficiency and control capabilities of Treasury, combined with greater transparency regarding liquidity and cash positions.

The Initial Situation
Globalization and increasing competitive pressure are forcing the need to reduce costs and increase efficiency in almost all companies. The existing payment traffic of a multinational enterprise with its cost-intensive, historically grown processes and formats is characterized by a lack of transparency, lack of coordination, unnecessary costs and insufficient efficiency.

Heterogeneous application landscapes with countless interfaces and many decentralized systems are recognized as cost drivers and security risks. The treasury of an internationally operating company thus faces the challenge of serving many bank accounts and payment systems in different countries with a variety of formats. In conjunction with the lack of connections to many international banks, it is of course not possible to monitor cash positions promptly.

The Solution
EFiS Core Euro Bank meets the requirements of a modern payment factory for a multinational company in terms of centralization, standardization and automation.

The core of the solution is the proven and efficient E. F. I. S. ® Transaction Platform. It provides powerful automation of the end-to-end process from the ERP/TMS systems to the banks (and back) based on standardized interfaces and uniform formats – compliant with audit and compliance.

The interfaces to all payment generating systems are standardized, performant and proven. If necessary, the payment information is transformed into the respective target format, whereby a standardization to a global ISO 20022 XML format (CGI-MP) should be aimed at. The persons with release authorization saved in the system are informed directly and can release individually via a finely granular authorization principle. These approvals can of course also be made on mobile devices, regardless of the location of the approvers. After release, the system sends the payments via the desired channel to the intended bank. Different country-specific payment methods such as BACS or SIC can be integrated. In addition, the platform enables time-controlled retrieval of account information as well as verification, processing and distribution to the corresponding ERP/TMS systems in the required format.

By connecting all banks and automatically obtaining account information, cash positions are displayed in nearly real time across all currencies and business units. Sweepings can be performed manually or automatically with just a few steps.

All process steps are logged in a revision and audit-proof manner and can be traced at any time.

By using a central service, there is no more local data storage and isolated solutions. This consolidation and reduction of many systems to one central platform reduces the number of interfaces and thus facilitates system maintenance. The uniform, central data storage increases the quality of evaluations and reports as well as their availability. Country- and bank-specific features are also considered.

Support with certified SWIFT, IT and for payment transactions experts is available 24/7. The connection to almost every bank in the world is made via SWIFT, EBICS (for the German, Swiss and French standard) as well as via host-to-host connection.