Enhancing Treasury Efficiency with Automated Electronic Extract Upload

Enhancing Treasury Efficiency with Automated Electronic Extract Upload

In the realm of treasury management, the process of uploading bank statement files into SAP often involves cumbersome manual tasks. We outline these tasks below:

1. Daily Bank Connection: The treasury user must establish daily connections with each bank to obtain the electronic extract file.
2. File Downloads: For each of the banks used (n in total), the user must download the file containing all transactions.
3. Upload in SAP: For each bank, the standard SAP transaction (or custom transaction) to upload the electronic extract file must be executed.
4. Balance Verification: The system must verify that the balance of account 572* (assuming the Spanish chart of accounts) aligns with the actual balance in the respective bank account.

CUVIV, however, provides an automation solution that seamlessly handles each of these tasks, transforming your treasury operations.

Benefits of Automating Electronic Extract Upload:

1. Reduced Fraud Risk: Our solution eliminates the need for users to connect to online banking, reducing the risk of potential cyber threats.
2. Time Savings: Users save valuable time with automation, streamlining the daily process.
3. Automated Reconciliation: The system automatically reconciles the 572* accounts with actual bank transactions, ensuring accurate financial records.
4. Real-Time Treasury Position: Daily uploads maintain an up-to-date treasury position in SAP, crucial for informed financial decision-making.
5. Efficiency in Compensation Tasks: Daily uploads facilitate compensation tasks within the financial department, simplifying customer and supplier collections accounting.

CUVIV Add-on for Automated Electronic Extract Upload:

To achieve end-to-end automation of the electronic extract upload, you need software or a product that can connect to banks for file downloads. Some commonly used options include:

• Editran: Communication software used in Spain.
• Multibank Connectivity: SAP's standard option supporting most international banks.
• SWIFT: An option adopted by many clients internationally, covering most international banks.
• RPA: This involves using Robotic Process Automation products or software development based on Webscrapping to automate online connections with banks. It's a viable but temporary solution.

The choice depends on your specific needs, and we provide independent advice tailored to your situation, outlining the pros and cons of each option.

Once the download platform is decided, the automatically retrieved files are deposited onto your server. At CUVIV, our Add-on performs the following tasks:

• Automated Upload: It collects all files from the server and loads them into SAP seamlessly, with no user intervention required.
• Process Monitoring: Our system offers a detailed process log and balance reconciliation, indicated by status traffic lights (green for success, red for issues).
• Error Notifications: In case of errors, the system sends an email to the financial manager, ensuring prompt attention and resolution.

Additional Electronic Extract Automation Processes:

At CUVIV, we offer additional automation processes to further streamline your operations post-extract upload. These processes encompass:

• Accounting and Compensation: Automation of third-party operations such as customer transfers, supplier domiciliations, commissions, and cash pooling, significantly reducing fraud risks.
• Bank Receipt Upload: Efficiently attaching bank receipts to their corresponding financial entries in SAP.

For more information about our treasury solutions or to request a demo, contact us at [email protected]. We're committed to simplifying your treasury operations and enhancing financial security.