Doing business non-stop, with 100% security, preferably from anywhere. Isn’t that what every entrepreneur dreams of? Paying and being paid is the lifeblood of every finance department. This includes crucial order-to-cash and procure-to-pay processes, which have certainly not always been easily accessible with banking systems. Until embedded banking appeared on the scene, that is…
If we cast our minds back over the past few decades, we see a lot of changes of scenery in the banking landscape for businesses. With the rise of the internet, online banking came into its own. And since the triumphal entrance of APIs, mandatory banking processes have slotted nicely into the order-to-cash and procure-to-pay value chains.
Leave that island behind
Nowadays, SMEs swear by integrated applications such as Microsoft Business Central, Odoo, AFAS and Exact Online. These digital heroes deliver a new, sophisticated way of doing business. They put purchasing and sales, inventory management, accounting and CRM into a single integrated system, which makes workflows a whole lot smoother!
ERP solutions have made exciting progress from static to open systems. They have used APIs to integrate third-party tools, including sector-specific ones. Strangely enough, payment and financial reporting processes have always been left to do their own thing on a desolate island within the organization’s landscape. Payments are launched in the ERP/ accounting software and then end up in the banking application, which requires a manual intervention.
Account statements (CODA, CAMT or MT) are all brought together in the banking app, and these are forwarded manually to the ERP system every day, so that for example invoices can be reconciled.
Both cases involve a lot of moving back and forth between the business software and banking application –
which is a pain.
Embedded Banking was meant to be
After its introduction into the b2c area, it was inevitable that Embedded Banking would also find its way into a business-to-business environment. Indeed, today it is technologically possible to move banking processes to the ERP – in other words, to put them where they belong.
Say hello to Embedded Banking.
Embedded banking makes B2B banking processes faster, simpler and more efficient. As an entrepreneur, you can pay your invoices from one place. The dashboard of your ERP, accounting package or cash management tool gives you a real-time overview of incoming and outgoing payment traffic.
Banks send account statements every day. These are essential for your financial administration, allowing you to reconcile invoices and keep track of reminders based on up-to-date information. But now you can avoid importing statements manually into your ERP or accounting program.
Isabel Connect, a multibanking engine in your ERP or accounting package
Isabel Connect bridges the gap between your Isabel 6 application and your ERP system/ accounting package. Embedded banking for practical use in B2B situations:
- Automatically import bank statements.
- Send payment files without leaving your accounting package/ERP system, making your work both easier and more secure.
- Your ERP/ accounting system gains advanced multibank functionalities.
Would you like to find out more ? You can find all the information you need on our Isabel 6 website