at Financial Technnology Year
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Features in Electronic Banking for Businesses
for Corporate Banking
Digital platforms that allow corporate clients to manage their banking relationships and perform transactions online.
We ask vendors to mark their product against our feature list. It is not available for all products and in some cases we have derived data from publicly available sources. The list of features follows. Vendors can add a further 10 key features of their own.
Account Management
Capabilities for managing various corporate accounts, accessing balances, and viewing transaction histories.
- Account Alias Customization
- Ability to assign custom names or aliases to accounts.
- Account Reconciliation Tools
- Integrated tools to support reconciliation of accounts with ERP or other back-office systems.
- Account Statements Download
- Ability to download official statements for audit and reconciliation.
- Balance Sweep Configuration
- Automated transfers based on preset rules to optimize account balances.
- Custom Account Grouping
- Allows businesses to group, label, or categorize accounts for easy management.
- Multi-Account Support
- Ability to manage multiple business accounts within a single platform.
- Multiple Currency Support
- Handles accounts in multiple currencies.
- Real-Time Balance Update
- Provides up-to-date account balances instantly.
- Search & Filter Transactions
- Advanced search and filtering for transactions based on amount, date, or description.
- Transaction History Depth
- Depth of historical transactions accessible through the platform.
Audit and Compliance
Capabilities to ensure compliance with regulations, auditability, and recordkeeping.
- Automated Alerting for Compliance Violations
- Auto alerts when actions violate compliance rules.
- Change Management Tracking
- Logs for all configuration changes to the platform.
- Comprehensive Audit Trail
- Immutable records of all actions within the system.
- Data Retention Policy Management
- Configuration of how long customer data is retained.
- Exportable Audit Logs
- Audit logs can be downloaded for external review.
- Regulatory Certification (ISO, SOC2, etc.)
- Platform compliance with recognized security and industry standards.
- Regulatory Reporting Tools
- Prebuilt templates for compliance reporting (e.g., KYC, AML).
- Retention of Deleted Data
- Soft deletion and retention of deleted items for a defined period.
- Time-Stamped Event Logging
- All events are recorded with precise time stamps.
- User Consent Management
- Tracking and managing user/client data sharing consents.
Core Functionality
Essential features for managing corporate banking activities online.
- Account Management
- Ability to view balances, transaction history, and statements for all linked accounts.
- Automated Clearing House (ACH)
- Ability to initiate and manage ACH transactions for various purposes.
- Bulk Payments
- Supports uploading and processing batch payment files (e.g., payroll, vendor payments).
- Check Services
- Features related to check processing, such as check imaging and positive pay.
- Foreign Exchange
- Ability to execute foreign exchange transactions and manage currency risk.
- Funds Transfer
- Capability to initiate and authorize domestic and international wire transfers.
- Reporting
- Generation of customized reports on account activity, transactions, and balances.
- Statements
- Ability to view and download account statements in various formats (e.g., PDF, CSV).
- Trade Finance
- Support for trade finance instruments like letters of credit and documentary collections.
- User Management
- Tools for administrators to create, manage, and control user access and permissions.
Customer Support and Service
Features that enhance user support, self-service, and ticketing.
- 24/7 Support Availability
- Round-the-clock access to customer service.
- API Support Channels
- Technical support for API and integration issues.
- Automated FAQs/Knowledge Base
- Comprehensive searchable knowledge base for self-service.
- Escalation Procedures
- Well-defined protocol for escalating and resolving critical issues.
- Integrated Help Desk
- Supports end-to-end issue tracking and resolution within the platform.
- Live Chat Support
- Real-time chat with support representatives from within the platform.
- Multi-Language Customer Support
- Support services are available in multiple languages.
- Remote Assistance
- Support representatives can securely access user sessions to assist directly.
- Support Ticketing System
- Submit, track, and manage support tickets easily.
- User Feedback Mechanism
- Ability to capture and analyze user feedback for continuous improvement.
Integration Capabilities
Ability to connect and interact with other financial software and business systems.
- API Availability
- RESTful or SOAP APIs enabling external integrations.
- API Rate Limit
- Maximum number of permitted API calls per time window.
- Batch File Upload/Download
- Support for batch processing via file uploads and downloads.
- Custom Connector Support
- Ability to build custom connectors for non-standard integrations.
- Developer Documentation Availability
- Comprehensive documentation for implementing and supporting integrations.
- ERP Integration
- Seamless connection with Enterprise Resource Planning (ERP) systems.
- Format Flexibility (MT940, CSV, XML)
- Support for multiple data formats required by corporates.
- Open Banking Compliance (PSD2/other)
- Compliance with relevant open banking regulations/standards.
- Single Sign-On (SSO)
- Integration with enterprise identity providers for authentication.
- Webhooks/Event Notification
- Real-time event notifications to external systems.
Notifications and Alerts
Automated alerts, reminders, and notifications for transaction, security, or business events.
- Alert Throttling
- Limit number or frequency of alerts to a user to prevent overload.
- Critical Event Escalation
- Escalates alerts for critical incidents to next level.
- Customizable Alert Rules
- Users can define event triggers and notification settings.
- Daily Summary Notifications
- Automated digest of account activity sent to users.
- Delivery Confirmation
- Tracks and records if/when an alert is received by the user.
- Language Localization
- Notifications available in preferred language of the user.
- Multi-Channel Communication
- Notifications delivered via email, SMS, or in-app channels.
- Push Notifications (Mobile)
- Instant alerts sent directly to a mobile device.
- Real-Time Alerts
- Immediate notification for high-priority events.
- User-Specific Notification Preferences
- Individual users can control the types and frequency of notifications they receive.
Payments and Transfers
Features enabling various domestic and cross-border payment methods and transfer options.
- ACH/SEPA Payments
- Ability to initiate Automated Clearing House (ACH) or Single Euro Payments Area (SEPA) payments.
- Beneficiary Management
- Add, edit, and manage beneficiary information for payments and transfers.
- Bulk Payment Processing
- Ability to upload and process multiple payments in a single operation.
- Domestic Wire Transfers
- Support for making domestic (in-country) wire transfers.
- Dual Authorization Enforcement
- Requirement for two or more users to approve high-value or sensitive payments.
- International Wire Transfers
- Support for cross-border payments in multiple currencies.
- Intra-company Fund Transfers
- Transfers between accounts held by the same corporate entity.
- Payment Approvals Workflow
- Configurable workflows for multi-tier payment approvals.
- Payment Cut-off Time
- Deadline each day for submitting payments for same-day processing.
- Payment File Import Capability
- Upload of payment instruction files in various formats (CSV, XML, etc.).
- Payment Status Tracking
- Monitoring and tracking the status of submitted payments.
- Payment Templates
- Storing and reusing payment instructions for recurring vendors.
- Standing Orders
- Setting up recurring payments at defined intervals.
Platform Availability and Scalability
The robustness, reliability, and scalability of the electronic banking product.
- Concurrent Users Maximum
- Maximum number of users supported simultaneously.
- Deployment Model Flexibility
- Available as SaaS, on-premises, or hybrid deployment.
- Disaster Recovery (RTO/RPO)
- Recovery Time Objective (RTO) and Recovery Point Objective (RPO) for business continuity.
- High Availability Architecture
- Built-in redundancy and failover mechanisms.
- Horizontal Scalability
- Ability to support more users or transactions with scale-out architecture.
- Hot Patching/Zero Downtime Updates
- Apply patches and updates without downtime.
- Performance Monitoring
- Real-time monitoring of system performance and capacity.
- Regional Data Center Availability
- Hosting in multiple geographies for regulatory or latency purposes.
- Service Uptime SLA
- Guaranteed percentage uptime as per Service Level Agreement.
- Transaction Processing Capacity
- Maximum supported transactions per second.
Reporting and Analytics
Tools for generating, exporting, and visualizing data insights for better decision making.
- API Access to Reports
- Programmatic retrieval of report data via APIs.
- Anomaly Detection Alerts
- Automated notification of unusual account or payment activity.
- Custom Report Builder
- Create and save custom reports based on user-defined criteria.
- Drill-Down Analytics
- Interactive exploration of summary data down to transaction level.
- Export to Multiple Formats
- Ability to export reports to PDF, Excel, or CSV.
- KPI Tracking
- Define and monitor business-specific Key Performance Indicators.
- Real-Time Data Visualization
- Dashboards and charts displaying key financial metrics in real time.
- Scheduled Data Retention
- Automatic purging or archiving of historical reports and data.
- Scheduled Report Delivery
- Automate delivery of reports via email or direct download.
- Trend Analysis Tools
- Visualization and analysis of historical trends in balances, payments, etc.
Security
Ensures confidentiality, integrity, and availability of corporate banking data and transactions.
- Audit Logs Tamper Protection
- Logs are secured to prevent unauthorized changes.
- Automatic Session Timeout
- Auto-log-off after defined period of user inactivity.
- Biometric Authentication
- Supports use of fingerprint or face recognition for authentication.
- Data Encryption At-Rest and In-Transit
- Encryption of all stored and transmitted sensitive information.
- Device Registration/Whitelisting
- Restrict access to client-approved devices only.
- Digital Certificates
- Support for digital certificates for client and server authentication.
- IP Whitelisting
- Allow access only from approved corporate IP ranges.
- Multi-Factor Authentication (MFA)
- Requirement for multiple authentication factors for login or sensitive actions.
- Real-Time Fraud Monitoring
- Automated engine to detect and alert on potentially fraudulent transactions.
- Transaction Limits per User/Day
- Ability to set daily or per-transaction caps.
User Experience and Accessibility
Ensures usability, accessibility, and availability for diverse business users.
- Accessible Design (WCAG Compliance)
- Meets accessibility standards for users with disabilities.
- Consistent UI/UX Standards
- Uniform design across all platform modules/pages.
- Customizable Dashboard
- Users can personalize dashboard layout and content.
- Guided Tours/Tutorials
- Interactive onboarding and help features for new users.
- Mobile Application Availability
- Native android/iOS apps for secure banking on the go.
- Multi-Language Support
- Platform available in multiple languages.
- Offline Access to Data
- Access to selected information even without internet connection.
- Responsive Web Design
- Optimized for desktops, tablets, and mobile devices.
- Session Continuity
- Session seamlessly persists across multiple devices/browsers.
- Task Shortcuts & Favorites
- Frequently used actions can be marked for quick access.
User and Access Management
Controls for creation, modification, and deletion of users, and setting their roles and permissions.
- API-based User Management
- APIs for automating user provisioning and de-provisioning.
- Access Expiry
- Ability to set temporary access or automatic expiry for certain users.
- Concurrent Session Limits
- Maximum number of devices/sessions allowed per user.
- Custom Permission Sets
- Customizable permissions for various banking functionalities.
- Customizable User Alerts
- Alerts based on login, attempted access, and user activity exceptions.
- Role-Based Access Control (RBAC)
- Ability to assign users to roles with different access privileges.
- Segregation of Duties
- Enforces separation between transaction initiators and approvers.
- User Access Review
- Periodic reviews and re-certification of user access rights.
- User Activity Logs
- Detailed records of user activity for monitoring and auditing.
- User Creation/Deletion
- Tools to add or remove user access efficiently.