ECAutopay
ECAutopay is a cash payment solution between companies or to company staff through financial institutions.
The whole process is performed between computer systems therefore there is no human intervention.
Management Adoption
Account receivable is important to companies especially under the current financial crises and credit crunch situation.
The payment turn-around time can certainly help companies to sharpen its financial planning and investment return particularly in the
supply chain industry when manufacturing materials and wages are paid ahead. However, to proceed the auto payment approach,
it is sometimes depends on management's decision rather than technical issues because nowadays the technologies are most available. Management should believe advantages and benefits finally reward to the company after auto payment process is implemented. On the other hand, management should have ways and methods to handle transactions which are wrongly passed to the other company.
Technical Requirements
Technically there are few areas to be taken care before implementation.
The first one is the ready cash amount to be paid from voucher, bills or electronic invoices sitting at the accounting or ERP system. These amounts should be confirmed and prepared in electronic format and ready for transmitting to the receiver account. Secondly it is the network security. Since the payment process is passing
through financial institutes like a bank, the network security should be acceptable to the bank too. Under the current technologies and security standards, X.509 certificate based FTPs, HTTPS, AS2, AS3, etc. network protocols are generally used for secure financial transaction. Third,
other than the communication channel is secured, the data of transaction should be secured also to prevent some one picking up the file.
There are many ways to do this step and is dependent on the company and financial institute's agreed choice. Whatever security
encryption standard is chosen, it should be under a public organization or government tested and approved method of encryption.
Hardware Platforms
The solution can be run on MS Windows, HP UINIX, AIX or SUN Solaris.
Successful Cases
INFOMASTER has successfully implemented this solution to Citi Group Singapore and customers of Citi Bank Hong Kong.
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