Features Growing companies often need payment invoice information sent from Netsuite to Bank of America, which makes financial transactions on behalf of the company. Vendor invoice details along with the remittance info for ACH, WIRES, and check payment mode are sent to the CashPro Connect Payments Portal in XML format. This: CashPro – Bank of America Bank of America Merrill Lynch has launched CashPro® Assistant, which uses artificial intelligence and predictive analytic capabilities to help commercial and corporate clients easily access and analyze their banking information. The XML script is a set of file creation/access solutions within the Netsuite File Cabinet designed to provide greater flexibility and integration. The potential file creation time is significantly less compared to third-party connectors. While using third-party connectors to generate the XML files for each invoice, the risk of sharing information over the internet is high, whereas our solution is the most secure way of uploading files to Bank of America without any additional external invoice scanning. Email automation: Our solution notifies the user as soon as the files are created in the file cabinet, which can be reviewed before wireless transmission to Bank of America. This step also allows the client to review financial information to avoid any errors before wireless transmission to Bank of America. Strategy/ Solution We often welcome additional customizations to meet the requirements of our customers, and we were requested to have approval routings before making vendor payments and creating XML files in NetSuite. They wanted primary approval, secondary approval at the supervisor/finance director level, vendor payment automation, and finally the XML file generation. This provides the utmost transparency and control over which bills specifically get paid. These steps also help in streamlining voided bills, monthly check runs, balancing accounts, transaction matching, historic credits, and closing books.Facilitates modern formats for B2B transactions.
Uses ISO 20022 payment remittance advice messages.
Allows Oopt-in usage for financial institutions, service providers, and corporations.
Provides Iidentical process flow compared to Eelectronic Ddata Iinterchange (EDI).
Enables electronic remittance exchange with small and midsize companies.
Creates an option to choose either the traditional ACH EDI remittance format or a new XML remittance format.
Develops additional revenue streams for payment remittance services.
Leverages in greater usage of XML in financial services.
Provides straight-through processing of payment-related information.
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