Payment Processing & Cash Management
Business-to-Bank Integration Enables Payment Processing & Better Cash Management
Business-to-Bank (B2Bank) Integration is the currency for connectivity that drives business—for your organization and your commercial customers. Anytime, anywhere connectivity between banks and business partners is the name of the game for liquidity management services that inspire loyalty.
Common pain points for banks and their commercial customers stem from a lack of automation around:
- Payments processing
- Multi-account visibility
- Other critical cash processes
Integration enables automation of these functions resulting in straight-through-processing which lowers effort, reduces transaction costs and shortens processing time.
A Payment System that Accommodates Old and New
Even with the development of new message structures, there are many reasons that banks are maintaining legacy message structures. With the need to accommodate old and new, one viable approach is to create a SWIFT payment system that supports both MT message structures and the new ISO 20022 standard.
SEEBURGER BIS enables a payment system to receive a batch of SWIFT MT 103, split it into individual messages to be checked by the OFAC system for fraud or suspicious activities and then release the transactions approved for sending to BIS. Then BIS automatically converts the approved SWIFT MT messages into SWIFT ISO 20022 PACS and sends the messages to the bank. BIS stores all rejected transactions in a “Fail OFAC Check” folder for manual processing. This type of process improvement is complete and simplifies SWIFT payments.
BIS provides financial services companies with an open and powerful platform.