The client had an existing set of interfaces to manage treasury transmissions to various banks as well as a third party treasury workstation solution. This architecture did not however provide the level of stability, performance and maintainability required.
A web-based Treasury Application Dashboard was developed which could be extended to monitor and manage all automated Treasury transmissions.
The client had an existing set of interfaces to manage treasury transmissions to various banks as well as a third party treasury workstation solution. This architecture did not however provide the level of stability, performance and maintainabiliy required.
Lack of visibility into critical information such as transmission schedules and success/failure tracking resulted in a high level of support being required and exposed the client to an unacceptable level of financial risk.
In addition, new interface requirements were emerging, and the client needed a reliable, scalable solution in place.
A web-based Treasury Application Dashboard was developed which could be extended to monitor and manage all automated Treasury transmissions. The dashboard was built as a generic and extensible application allowing other automated transmissions to be included as required. The initial release interfaced with the client’s Enterprise Resource Planning (ERP) system to obtain bank and payment information. Using this information a Positive Pay file is automatically generated, Pretty Good Privacy (PGP) encrypted, and transmitted via File Transfer Protocol (FTP) to the bank. The file is then used by the bank to verify checks being cashed, as a fraud prevention mechanism.
The dashboard provides a number of options for reviewing files transmitted and transmission schedules, and allows for user managed configuration of certain interface properties. Users are able to initiate transmissions at will, thus reducing the need for helpdesk support where there are exceptions to the schedule. An interface listing page was a valuable addition that added transparency to the bank file transmission process and enabled an at-a-glance overview of the Positive Pay interface health status.
The project went through an initial release to implement a Positive Pay interface for Wells Fargo Bank. Subsequently a number of additional interfaces have been implemented for payment processing and check reconciliation to a range of banks via Kyriba.
- Timely alerts to critical FTP related issues.
- Ability to access transmitted files and logs for troubleshooting purposes.
- The ability to manage email notifications without helpdesk intervention.
- A full history of transmissions is available to key business users through a web front-end.
- Reduction in risk due to visibility into transmission process.