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Financial Partners

 

Many organizations can benefit from connecting to financial institutions to keep their supply chain and finance activities moving.  Data Masons has out of the box solutions to integrate a variety of financial partners including:

  • Banks
  • Asset-based Lenders also known as Factors

Integration of banks with our supported ERP platforms include several options as follows:

  • Lock Box Integration – integrates inbound detailed remittance advice information for payments received by the bank.  The common X12 documents used are the 823 Lockbox Remittance and 820 Payment Remittance.
  • Positive Pay – integrates outbound payment information to participating banks to verify the issuance of checks to vendors.
  • Credit Authorization – order information is gathered for customers, transmitted by Data Masons EDI to the bank for credit approval so that the order can be released. This process is automated and eliminates manual processes.  Credit rejections generate alerts to key stakeholders.
  • Letters of Credit can be requested via secure connectivity to financial partners.

The benefits of financial partner integration include accelerated order to cash cycles, lower overhead, better controls over financial transactions and compliance with financial service providers.

Lock Box Integration

Positive Pay

Credit Authorization

 

 

 

 

 

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