One of our missions at Fides is to help our clients connect to any bank, anywhere in the world, using the channels of their choice. The growth of the global banking landscape and introductions of new technologies have made these connections even more complex – but it doesn’t have to be so difficult.

In a recent article, Simon Kaufmann, our Head of Client Relations and Marketing, talks about the connectivity challenges corporate treasurers face today and how A Multi-Channel Approach to Corporate-to-Bank Connectivity can help.

Onboarding new banks tends to be a time-consuming and often painful process. Formats and communication protocols are inconsistent from bank to bank and even from branch to branch.  While it would be great if you could just use a single connectivity channel or network, that is often not possible, or is cost- or resource-prohibitive.

A multi-channel approach provides a number of benefits, including:

  • Risk management
  • Worldwide coverage
  • Scalability
  • Flexibility
  • Service availability
  • Format availability

If you are only using one connectivity channel, you are limiting your reach. Some banks are on the SWIFT network, but not SCORE-ready. You may currently have to access one bank through their online portal. Another bank requires EBICS. Expanding into emerging markets often means working with small banks or payment providers that may have to send statements via email.

Of course, all of these connections can easily lead to a big headache for treasurers, as you have to figure out how to work with all the banks and reconcile transactions in a timely manner. Treasury professionals wind up being saddled with manual processes which take up time and resources, are more error-prone, less secure, and offer almost zero visibility into cashflow.

With Fides, it’s easy to send messages and payments of any format at any time, to any financial institution anywhere in the world. Whether you want to use SWIFT, Host-to-Host, EBICS, or any other channel, we can work with you to automate processes and ensure seamless connectivity. Need to connect with a new bank? We’ll figure out the best way to make it happen and manage the processes to make your life easier.

Read the full article