Efficient Processing of Vendor Payments
TechnicaX is developing a solution in Microsoft Dynamics for efficient processing of vendor payments. Many organizations face challenges whileprocessing vendor payments sincethere is no automated system to expedite the processand be efficient. An effective processrequires a systemic workflow to move various documents to reach accountspayablesin a timely manner. By the time the required documents are validated and payments are authorized, it becomes highly susceptible to human error. Since this process is manual today in most companies it creates repetitive work and can extend the time between orders and outgoing deliveries. In addition to these delays in payment processing, vendor relationships and future favorable terms with the vendor are under risk without an efficient procure to pay process.
TechnicaX – Payeasysolution helps companies to save time and money by automating outbound payments to a large number of banks. We have ready to use templates for major banking platforms and standards and users can easily configure custom formats without any effort and with convenience.
Outbound payments are securely transmitted from your Dynamics 365 Finance and Operations to the bank, supporting ACH, SEPA, IAT, BACS and many more. If the bank provides acknowledgement and payment confirmation, the same can be updated in the ERP system to gain insight into payment and procurement activity.
TechnicaX – Payeasyis built on top of the standard security features in Dynamics 365 Finance and operations and is enhanced to provide additional features to secure the payment process and prevent misuse.
- Easily configure Automated vendor payments using different formats: ACH, SEPA, BACS, IAT and custom formats.
- Securely transmit files to Bank through FTP servers (or) Email (or) Cloud file storage.
- Receive payment details and acknowledgements from Bank.
- Maintain complete history of payment file generation, transmission and acknowledgements to provide comprehensive view of payment process.
- Configure customized email notificationto vendor with summarized payment details.
- Customized vendor payment security protection features on top of the standard product which can be easily configured based on payment amount thresholds or allow only key users.