Cobase Bank Connector – Easy and seamless banking integration for NetSuite
Cobase helps finance and IT departments with bank connectivity between NetSuite and the different kinds of banks, for payments and reporting. Connectivity with banks is set up entirely by the Cobase Bank Implementation team. Our Multibank solution provides a direct interface with the company’s bank(s) so that employees can perform banking activities via NetSuite and the Cobase platform.
Key Features
NetSuite connectivity: Just one secure API connection from NetSuite to Cobase, we take care of all the technical connections with banks, including file transformations if needed. This eliminates the need to set up the transformation of bank and country-specific formats, with NetSuite yourself.
Payments: Automating payments from NetSuite. Many different types of formats are supported. Cobase can adopt and support new types of payment formats very easily. You can configure the authorizations in line with your security policy. In addition, Cobase will also help set up the payment templates in NetSuite.
Reporting: Automating bank statements from the bank to NetSuite, in one structured format. Many different types of balance and transaction reporting formats are supported. Cobase can adopt and support new reporting format types very easily. Data transformation is one of the key features. This will make the reconciliation process smoother.
Cobase offers off-the-shelf direct connections in the most optimal way to most major global banks. But we also implement on-demand bank connections to all requested banks. We can support this for all required bank protocols, bank security, bank formats, and all required payment products in more than 100 countries already
Besides delivering the aggregation platform with the portal and the NetSuite bank connector app we also take care of the implementation effort toward the banks and PSPs.
Next to the delivery of bank connectivity, there is more! Cobase can also offer additional services in their platform like:
– Payment Hub functionality with a centralized user management module
– Cash visibility, over all accounts, entities, banks, countries, and more
– Manual initiation of single payments, batches and direct debits
– Modify payment and batches
– In-house banking
– Liquidity forecasting
– Cash pooling
– FX
All modular-based, meaning you only pay for what you use!
Simple!
Key Benefits
Automate bank statement and payment processing: The Cobase Bank Connector SuiteApp for NetSuite automates payment processing by transferring payment files to your banks and uploading bank statements into NetSuite, ready to be picked up for reconciliation. This integration eliminates the need for manual and inefficient processes per individual bank, streamlining your financial operations and reducing the risk of errors.
Enhance security and compliance: By reducing the manual touchpoints where a payment batch can be changed, the Cobase Bank Connector helps organizations comply with their risk policies. Full audit trailing and sanction screening is included at no additional cost.
Centralize bank connections: The Cobase Bank Connector connects to all banks (and PSPs) via the Cobase multibank platform in a centralized way, making it easier for organizations to manage their banking relationships. Banks are connected on-demand and bank-independent. Cobase takes care of the technical complexity, so you can focus on your core treasury role.
Professional implementation support: Cobase Bank Connector is supported by a professional implementation team that guides organizations through the process of setting up bank connections in the most efficient and effective way possible. Before the implementation starts, you will be assigned a dedicated implementation manager who will be your contact throughout the process.
Scalable and flexible: The Cobase Bank Connector is easily extendable with additional cash management and treasury modules, allowing organizations to scale and adapt their financial processes as needed. And when you organization grows, new banks and bank accounts can be added with little effort.
Summary
Cobase Bank Connector for NetSuite is a ‘Built for NetSuite’ solution which helps organizations eliminate inefficient and risky manual processes to:
- upload payment files to your banks
- download reports and statements from all your banks