Financial Partners ERP Integrations
Reduce labor and increase accuracy
Interactions with banks and finance companies, such as Commercial factoring servicers, often center around inbound/outbound payment integration and receivables. For inbound, the common documents are Lockbox Receipts which can include invoice level payment details that can be leveraged to apply against receivables and to remove the manual process. The typical outbound activity is a positive pay flow that supports paper checks or electronic payment details that can be communicated from the Accounts Payable details in an ERP system or invoice information for companies that provide commercial factoring.
Optimize your ERP transactions:
- Production/purchase information to compute the amount of financing available
- Integration with companies that provide financing from receivables or inventory (factors)
- A/R payments direct to the factor and payment details communicated electronically
- Credit approval processes and proposed sale to customers
Lock Box Integration
Integrate inbound detailed remittance advice information for payments received by the bank. The common X12 document used is the 823 Lockbox Remittance.
Integrate outbound payment information to participating banks to verify the issuance of checks to vendors. The common X12 document used is the 828 Debit Authorization.
Automated Credit Authorization
Order information is gathered for customers, transmitted by Data Masons EDI to the bank for credit approval and the order is released. Credit rejections generate alerts to key stakeholders.
Letters of Credit
Requested via secure connectivity to financial partners.
Sales/Accounts Receivable information is transmitted by Data Masons to the Financial Institution for updates to the companies Accounts Receivable balances and status.