For many of our customers within the Maritime Industry who utilize our Finance XE application, being able to process and execute payments is a critical function, particularly for Shipping Technical Managers due to the high volume of accounts payable.
A current challenge faced within the industry is when payments are processed manually or are duplicated to ensure data is consistent. This challenge increases the amount of time and resources required for the process, decreasing overall operational efficiencies. More importantly, this challenge increases the probability of risk and fraud, while making it increasingly difficult for businesses to comply with internal policies and external regulations that are set by the banks individually.
Introducing the ShipNet (EDI) Electronic Transfer Remittance Module
The ShipNet (EDI) Electronic Fund Transfer Remittance Module is a user-friendly application that empowers customers and businesses with the ability to schedule and process invoice payment types to suppliers, agents, and other beneficiaries, while also processing advances (funds) to port agents or other recipients.
This ShipNet (EDI) module integrated on a real-time basis with the Finance XE application, supports integration with multiple banks and accounts. The two-way EDI Interface consists of existing integrations with the leading banks in Europe and Asia, while also giving the possibility to new alliances with customer’s preferred banks (based in any geographical region), quickly deployed.
For existing customers of ShipNet already utilizing the current benefits of the Finance XE application as part of the “One Connected Maritime Platform,” only a simple activation process is required to be conducted by the ShipNet team to harness the banking integration capabilities of the ShipNet (EDI) Module.
Secured and controlled payments
All invoice payment types processed through the banking integration module are put through a vigorous, secured and controlled approval process which includes the following:
- Batch processing of payments.
- Acknowledgment file received from the bank.
- The Accounting Entry created based on the acknowledgment file from the bank – supplied with the automatic creation of bank charges and gain or loss entries.
- Fully settled invoices which are auto-matched against payments.
How does the ShipNet (EDI) Electronic Fund Transfer Remittance Module empower our customers and make their lives easier?
Through a full integration of the ShipNet (EDI) Electronic Fund Transfer Remittance Module with the Finance XE application enables our customers to harness the full banking integration capabilities. Payments are no longer processed manually or duplicated, saving customers time, resources and increasing overall operational efficiencies, while the real-time updates empower businesses to make decisions based on the most up-to-date information.
The secured and controlled payment approval process reduces the probability of risk and fraud aided by the application being compliant with internal policies, and external regulations giving our customers confidence that payments are processed to the highest standard.
For more information on the ShipNet (EDI) Electronic Transfer Remittance Module
For more information about the ShipNet (EDI) Electronic Fund Transfer Remittance Module, download our fact sheet or request a demo with our team below. Alternatively, please get in touch with Terje Kristiansen <firstname.lastname@example.org> for more information.