Critical Treasury Payments

Important payments cannot wait. FinLync immediately tracks, confirms and acknowledges payments and receipts on your schedule, not the bank’s.

Problem

Invisible status creates unnecessary anxiety. Waiting for bank acknowledgement of payments creates uncertainties around crucial payments and can potentially muddy the audit trail, violating SOX compliance.

Solution

Instant confirmation via bank APIs. With direct bank API connectivity, FinLync can track and confirm payments immediately. Our application exposes potential fees at each payment step, and produces automatic notifications (with reasons why) should a payment fail to process.

  • CFO & Treasurer

    Transparency and confidence to support M&A and other strategic activities

  • Assistant Treasurer

    Total, instant certainty for critical treasury payments; eliminates need for tokens

  • Treasury Team

    Faster, simpler resolution for exceptions; retains audit trail within the ERP

  • IT

    Security—drastically reduced vulnerability to fraud

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Process Comparison: Sending a Critical Payment for an Acquisition

Without FinLync

With FinLync

  • Without FinLync Step 1

    Locate bank tokens (insecure)

    With FinLync Step 1

    Log in to ERP and open FinLync Payments app

  • Without FinLync Step 2

    Log in to e-banking portal

    With FinLync Step 2

    Designate payee details

  • Without FinLync Step 3

    Key in bank and payment details

    With FinLync Step 3

    Accounting doc posts automatically

  • Without FinLync Step 4

    Approver locates bank tokens (insecure)

    With FinLync Step 4

    Payment approver(s) receive alerts according to established internal controls

  • Without FinLync Step 5

    Log in to ERP

    With FinLync Step 5

    Payment securely sent to bank via API

  • Without FinLync Step 6

    Enter payment details a second time, screen swiveling to avoid keying errors

    With FinLync Step 6

    Open FinLync Status app

  • Without FinLync Step 7

    Simulate accounting document manually and check for accuracy

    With FinLync Step 7

    Track payment end-to-end and instantly confirm beneficiary receipt

  • Without FinLync Step 8

    Manually enter the reference from e-banking portal

    With FinLync Step 8

    Automatically reconciles instantly via the FinLync Reconciliation app

  • Without FinLync Step 9

    Log back in to e-banking portal to check payment status

  • Without FinLync Step 10

    Log in again to e-banking portal to check payment status

  • Without FinLync Step 11

    Continue waiting and logging in to the portal until beneficiary receipt has been confirmed

  • Without FinLync Step 12

    Manually reconcile on the next business day when the bank statement arrives

Ready to See FinLync in Action?

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More About Critical Treasury Payments

  • Confirmation of critical payments cannot wait. Sensitive M&A agreements require timely confirmation of payments; one-off payments (for debts, bonds, interest) must be confirmed quickly to ensure compliance with business practices and regulations.

  • Legacy connectivity technology engages payments in too many layers where payments can easily fail or get delayed. Bank portals seem convenient, but they require separate log-ins, allow payment submissions without controls and lack a centralized audit trail required for SOX compliance.

  • FinLync uses secure APIs that connect payment data directly to your ERP for viewing and confirmation. Treasurers get end-to-end, instant payment visibility and immediate confirmation of payment status.