Hassle-Free secure online supplier payment process to overcome pandemic situation
Secure Online Supplier Payment System is a two-way data transfer service where the organization’s ERP (Oracle EBS/ Fusion) and online banking platforms are interlinked. As we go digital, Financial operations go digitized, which helps the organization to have its financial reports up to date. Going online can help the companies to discover themselves a path to speed and reduce barriers caused due to lockdown, work from home, non-availability of personnel, administrative overheads, etc. This system helps to maintain a healthy relationship between the vendor and the company.
HOW THE SOLUTION WORKS?
Traditionally, Supplier Payment is a manual process. In the Secure Online Supplier Payment System and interface is built with the respective bank’s system. Many banks as part of their digital transformation initiative encourage customers to use Online payment systems and reduce cheque or cash handling. The payment file generated in the ERP System will be encrypted and transferred to the bank using a secured protocol. Organizations can add one more level of approval to authorize the payments. This solution enables the processing of payments generated by the ERP system of an organization through the online banking platform of the bank. Bank provides payment status & daily account reconciliation information from the bank back to the ERP system of the organization.
FEATURES & ADVANTAGES
Payments in local and foreign currency: Vendor payments, various types of Employee related payments, and Dividend payments are made in both local & foreign currency.
Secured data: Encryption & digital signing of files helps to secure data transferred.
SMS (OTP) Based approval.
Check on duplicate transactions: Duplicate File check basis mechanism is used to avoid double payments and double data entry.
Auditing: End to End Audit Trail from Payment Initiation to Funds disbursed to Vendor
Configuration: Single or Multi-level of approval can be configured based on the amount slab.
Status Notifications: Mail Notification on Payment file status to users within the Organization.
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