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Citi unveils ERP-to-bank integration software

26 October 2010  |  3895 views  |  0 Source: Citi

Citi announced today the launch of a software solution from its Global Transaction Services business that simplifies ERP-to-bank integration for users of its Citi File Xchange (CFX) host-to-host file transfer and translation service.

The new CFX ERP Integrator offers organizations a solution for extracting payment details from their ERP databases using a pre-configured template based on ISO 20022 XML market standards significantly reducing the time involved in the implementation process while leveraging existing ERP capabilities at no extra cost.

Once loaded onto an ERP system, the CFX ERP Integrator's template comprehensively populates payment files for straight through processing by Citi and without impacting a company's existing invoice or payment processes. The CFX ERP Integrator easily adapts to ERP customizations and eliminates the need for custom file mapping, significantly streamlining the payment file setup process.

"For many organizations establishing ERP connectivity with their banks can be a challenging process. Extracting all the required data elements for individual payment instructions can consume a lot of time and effort on the part of treasury and technology staff," notes Michael Knorr, Head of Capabilities Architecture and Connectivity Services. "On the other hand, with the CFX ERP Integrator, companies can significantly shorten their implementation timeframes and meet - even exceed - the most aggressive go-live deadlines. What's more, the CFX ERP leverages existing ERP capabilities to extract payment files, so there are no extra ERP system-related costs or investments. "

The CFX ERP Integrator supports most payment types across more than 90 countries and ensures that all payment details, including local clearing rules, are straight through processed by Citi within its global footprint.

The CFX ERP Integrator is already live with Japan Tobacco International (JTI), whose operations span 120 countries. JTI recently became the first company to use the CFX ERP Integrator as part of its efforts to streamline and centralize its bank interfaces and payment activities using SWIFTNet.

"Citi's solution enabled JTI to reduce the implementatioion time and IT development efforts while insuring adherence to a globally recognized payment format meeting ISO 20022 XML requirements," said Dmitry Bespalov, Treasury Manager in charge of Global Cash Management at JTI.

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