Communication channels and file formats for local and global payments
Whether national or international – if you are looking for a multibank e-banking solution to deliver your payments efficiently and cost-effectively to their intended recipient, then MultiCash should be your first choice. MultiCash offers a unique mix of communication options and payment formats with which you can reach any bank in the world. Each corporate can mix and match the payment modules and special features to meet its individual needs. Popular add-ons include a universal payment converter (UBIQCash) and a module for viewing and matching payment status reports. This flexibility is one reason that MultiCash has become so popular with corporates of all sizes – from mid-size corporates with a purely local focus, to global organizations, who are able to form a central platform for handling their worldwide payments business.
Local and global payments in one central solution
Choose from the range of international payments modules, select the communication standards you need (such as MCFT and EBICS) and select the payment formats needed, which include SEPA and CGI alongside country-specific payment modules for nearly all European states. All modules are updated continuously and in a timely fashion to adhere to regulatory changes and new demands, so that your e-banking solution will always be up-to-date.
Always the right format for your payments
Local and global: MultiCash offers you communication options for connecting to your banks. The EBICS standard for connecting to banks in Germany, France and Switzerland is supported, as is the internationally widespread MCFT (MultiCash File Transfer), and a link to the worldwide SWIFT network. Other bank-specific channels or country standards can be integrated as needed. Since MultiCash allows you to handle multiple connections in parallel, you can use it as a central application for payments to your national and international banks both efficiently and cost-effectively.
Recent initiatives to harmonize payment formats, have resulted in the emergence of SEPA and CGI as important international standards. At the same time, other local and international payment formats remain valid. MultiCash fully supports the Europe-wide SEPA format (including national variants) as well as the CGI format for worldwide, multi-currency transactions in XML format. Additional international payments which can be used include SWIFT-based options (currently: MT101, MT103 and MT104).
As part of the process to increase the levels of automation in payments business, the UBIQCash add-on can be used. This universal payment generator provides intelligent format analysis alongside format conversion. The application was designed specifically for cross-border payments, where often a number of file formats are needed, and the formats required by the banks differ from the original formats. Frequently, corporate accounting and payment systems deliver a single central format, which UBIQCash then converts to the outgoing formats needed. In other cases, UBIQCash can be configured as a universal “format converter” for multiple in-bound and outbound formats.
Ensure regulatory compliance
Foreign payments, which fall under the German Foreign Trade Ordinance (AWV), must be reported by corporates and public authorities to the federal bank. The relevant reports are submitted electronically using the “Z4” application form using the “Allgemeines Meldeportal Statistik” (AMS) in XML or CSV format. Omikron’s add-on Z4-AWV enables you to create, submit and manage these reports for cross-border. In addition, transactions which require reports can be imported from files generated by external systems. Archive and research functions allow the user to track reports which have been previously submitted.
Status monitoring of your payments with Status Report
Receiving timely feedback about processed/non-processed transactions is very important for corporates. Nowadays, many banks provide status updates to their corporate customers using the new XML notification format Payment Status Report (PSR). In contrast to a bank statement, the Payment Status Report does not include any booking information of the bank, but acts primarily to offer the company insight into any faulty transactions in sufficient time to allow them to take alternative measures and to control their Working Capital more effectively. The Payment Status Report add-on allows you to analyze and follow-up PSR messages in MultiCash as well as deliver a CSV file to other internal systems. By monitoring the status, the authorized signatories, treasurer and accountant can immediately discover why the files or transactions could not be processed by the banks. At the same time, this information allows the treasurer or cash manager to take any appropriate measures, fine-tuning their daily liquidity planning.