A prominent enterprise had been leveraging its ERP system to generate payment files weekly, feeding these into their Treasury Management System (TMS) to execute bank transactions.
The TMS functioned as a pivotal payment factory, facilitating the routing of payment files directly to the bank.
Despite the seamless operation, the development of payment file formats for different countries presented a significant challenge, consuming substantial time and resources from the ERP system developers.
The extensive reliance on the ERP supplier for custom developments to accommodate various country-specific payment formats was becoming a bottleneck, impeding the client's agility and operational efficiency.
The process of developing and deploying new payment formats for different regions was slow and cumbersome, affecting the client's ability to promptly meet its payment obligations across various geographies.
The client wanted to be less dependent on their ERP supplier for custom payment format developments, and they wanted to increase the speed and efficiency in delivering diverse payments formats tailored to the specifics of different regions.
CashMeasury, leveraging its expertise in treasury technology consulting, proposed an innovative solution to streamline the payment process.
The firm introduced a standard format file to be generated by the ERP system, encapsulating all necessary information fields required to construct region-specific payment formats.
This strategic approach enabled the customization of payment formats directly within the TMS, fostering greater flexibility and efficiency.
With the enhanced capabilities of the TMS to generate requisite payment formats, the system evolved into a true payment factory, significantly streamlining the payment process.
The client achieved independence from their ERP system supplier for developing country-specific payment formats, thereby gaining greater control over their payment operations.
The TMS's newfound ability to directly create necessary payment formats via updated payment interfaces expedited the delivery process, ensuring timely and accurate payments across different regions.
