You’ve just splashed out on IFS for your business – it’s an ERP system with a great reputation.
But you notice it isn’t the fix-all you thought.
It turns out there’s no direct integration between IFS and your banking estate for sending and receiving payments, or receiving data back from your bank.
Payments need to be processed regardless, which means your finance teams are STILL tied up with manual tasks.
“Isn’t it a bit counter-intuitive that our new ERP system doesn’t integrate with our business banks and payment schemes?” you may ask.
It is, and this represents a real obstacle for finance leaders – especially those with complex financial operations and multiple banking relationships to manage.
Why do I need to integrate IFS with my banks?
While you can rest easy knowing that IFS is a good investment, that doesn’t necessarily mean you’re giving your finance team a true end-to-end solution that solves all their needs.
Sure, you can produce the files you need to process your payments. However, there’s a small but critical point in the payment process that falls down – the onward connection to banks and payment schemes. Helping the data get from A to B.
The alternative process is a manual one – slogging through a daily workload of manual payments is not only an inefficient use of your team’s time, but also comes with the very real risk of error or even security breaches – the kind which would cause your cyber security team a severe migraine.
Instead, your finance operations process could (and should) be automated, integrated and modernised.
Integrating IFS with your corporate bank accounts saves time and resource on processing payments, as well as retrieving the data you need for true cash visibility and financial close.
Is there an easy solution?
Yes! Here at AccessPay, we build real-time, secure data connections between thousands of banks, business applications and payment schemes. This is our bread and butter.
AccessPay’s software achieves this by acting as a ‘middle man’ between IFS and your banks. We manage the connectivity piece on your behalf, so you can focus on more value-add tasks.
How does AccessPay work with IFS?
1) Banking Integrations: We build direct (host-to-host) integrations between IFS and any bank to send and receive data to and from your banks
2) Payment Connections: Enables connectivity to any major payment scheme including SWIFT and SEPA via automated file transformation engine
3) Statement Automation: Automate the retrieval of bank statement data back in to IFS to improve onward reconciliation
“We understand that clients in construction, manufacturing and engineering can have complex requirements – and that is no different when it comes to connecting IFS to their banking estate.
Working closely with IFS partners, consultants and clients makes AccessPay uniquely positioned to help simplify, automate and secure processes so that you can unlock the potential of all versions of IFS up to and including Applications 10.”
Jack Thelwell, Partner Channel Manager (IFS), AccessPay
This article was about: automation