at Financial Technnology Year
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Features in Payment and Collection Solutions
for Corporate Banking
Systems that facilitate various payment and collection methods tailored to corporate needs.
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 Integration and Management
Features enabling seamless integration with corporate accounts, aggregation, and holistic visibility into balances and transactions.
- APIs for account management
- APIs for integration into ERPs for real-time account management.
- Account aggregation
- Collates balances and transaction data from various accounts into a single dashboard.
- Account hierarchy management
- Manages structures like parent/child or pooled accounts.
- Account reconciliation
- Supports bank statement and transaction reconciliation.
- Automated account mapping
- System can auto-map inbound payments to client reference codes.
- Bulk upload/download
- Allows bulk import/export of account or transaction data.
- Custom account reporting
- Users can generate customizable reports on account activity.
- Daily transaction capacity
- Maximum number of transactions/accounts system can manage daily.
- Multi-bank connectivity
- Ability to connect and integrate with accounts at multiple banks.
- Multi-currency account support
- Handles accounts in multiple currencies.
- Real-time account balance
- Provides up-to-date account balances.
- Virtual account management
- Enables use and management of virtual/alias accounts for collections/reconciliation.
Collection Management and Receivables
Automation and optimization of collection processes and receivables reconciliation.
- Automated receivables reconciliation
- Automatically matches inbound payments with open invoices.
- Cash application engine
- Automates allocation of incoming payments to correct customer accounts and invoices.
- Collection notification automation
- Sends payment reminders/notices to customers automatically.
- Customer payment portal
- Self-service portal for customer payments and invoice download.
- Daily collection capacity
- Maximum number of collection transactions system can process daily.
- Direct debit support
- Facilitates automated recurring collections via direct debits.
- Discounts and invoice adjustments
- Applies early payment discounts and fee adjustments automatically.
- Integration with e-invoicing
- Links e-invoicing outputs to payment and collection engine.
- Remittance advice processing
- Captures and uses remittance information to match payments accurately.
- Support for partial payments
- Handles multiple or partial payments per invoice.
- Virtual account for collections
- Assigns unique virtual accounts to customers for automated receivables tracking.
Connectivity and Integration
APIs and connectors for seamless integration with internal, partner, and external systems.
- Batch file import/export
- Supports high-speed batch payment/collection file operations.
- Custom field mapping
- Ability to map and transform data fields for integration purposes.
- Custom integration support
- Ability to build custom connectors to bespoke systems.
- ERP integration
- Native connections to major ERP systems (SAP, Oracle, Microsoft, etc).
- Integration latency
- Average response time for API calls.
- Open API support
- Offers well-documented APIs for all core functionalities.
- Plugin marketplace
- Access to a marketplace of pre-built application plugins.
- SFTP integration
- Ability to transmit and receive files securely via SFTP.
- Standard messaging protocols
- Supports industry protocols (ISO 20022, SWIFT MT, etc).
- Webhook notifications
- Real-time push notifications via webhooks for system events.
Payment Processing
Capabilities for processing diverse payment types, ensuring speed, accuracy, compliance, and a high degree of automation.
- Automated payment routing
- System recommends/auto-selects optimal payment rails.
- Batch payments
- Support for processing multiple payments in one batch.
- Bulk payment speed
- Average time to process a bulk payment batch.
- Dual authorization
- Requires two or more users to authorize payments.
- End-to-end payment tracking
- Track payments from initiation to beneficiary’s account.
- Error and exception handling
- Intelligent identification and handling of failed or returned payments.
- Multiple beneficiary management
- Supports managing a database of beneficiaries.
- Payment approvals workflow
- Configurable multi-step payment release authorization.
- Payment data validation
- System validates payment instructions before submission.
- Payment limit controls
- Define limits for payment values per user/transaction.
- Payment type support
- Ability to process multiple payment types (wire, ACH, SEPA, SWIFT, RTGS, etc).
- Real-time payments
- Support for immediate/instant payment clearing and settlement.
Pricing and Cost Transparency
Clarity and competitiveness of the price structure and cost management controls.
- Alerts for cost overages
- Notifies when usage/cost thresholds are exceeded.
- Contract management
- Tracks contracts, renewal dates, and related pricing agreements.
- Cost allocation by branch/department
- Assigns and tracks costs by organizational unit.
- Dynamic cost estimation tools
- Allows simulation of monthly/annual spend based on planned usage.
- Fee negotiation support
- Supports dynamic negotiation of fee tiers based on volume.
- Transparent fee breakdown
- Detailed itemization of fees and charges.
- Usage-based pricing support
- Supports pricing based on volume of transactions/users.
Product Scalability and Performance
System capabilities to grow with user needs and to maintain high performance during peak usage.
- Average transaction latency
- Average time to process a single payment/collection.
- Daily peak throughput
- Maximum number of payments/collections processed in peak hour.
- Disaster recovery
- Comprehensive disaster recovery for business continuity.
- Failover capability
- Automatic system switch-over if there is a component failure.
- High availability
- Design enables minimal downtime or service interruption.
- Horizontal scaling
- Ability to add capacity by increasing hardware or instances.
- Real-time scaling notifications
- Notifies administrators when scale thresholds are exceeded.
- Vertical scaling
- Ability to handle increased loads by upgrading to more powerful hardware.
Reporting and Analytics
Capabilities for comprehensive data analysis, visualization, and actionable insights.
- Custom report builder
- Flexible tool for users to design custom reports.
- Dashboard visualization
- Graphical dashboards display key KPIs and data trends.
- Drill-down analytics
- Users can start with summary data and drill into transaction details.
- Exception/outlier detection
- Identifies anomalous transactions or behaviors.
- Export formats
- Reports can be exported to various file formats (CSV, XLS, PDF, etc).
- Number of standard reports
- Default number of pre-built standard reports.
- Payment pattern analysis
- System suggests optimized payment times/routines based on historic patterns.
- Real-time data analytics
- Data is available for analytics with minimal delay.
- Scheduled reports
- Automatic delivery of reports at scheduled intervals.
Security and Compliance
Ensuring robust security, audit, fraud prevention, and regulatory compliance.
- 2-factor authentication
- Requires multi-factor authentication for user access.
- Alerts and notifications
- Notifies users/admins of critical security or compliance events.
- Audit logging
- Comprehensive event and transaction audit log.
- Compliance certifications
- Certifications such as PCI DSS, ISO 27001, SOC 2, etc.
- Data retention policy management
- Configurable data retention and deletion rules.
- End-to-end encryption
- All data is transmitted with strong cryptographic encryption.
- Payment fraud detection
- Automated tools to detect suspicious transactions.
- Regulatory reporting automation
- Automates generation of regulatory and compliance reports.
- Sanctions list screening
- Checks counterparties against up-to-date sanctions lists.
- Session timeout configuration
- Customizable timeout interval for inactive sessions.
- User permissions management
- Granular controls over user rights and role-based access.
Support, Documentation, and Training
Availability and quality of customer support, knowledge resources, and onboarding materials.
- 24/7 customer support
- Round-the-clock phone, email or chat support.
- Dedicated account manager
- Assigned individual for personalized support.
- Extensive user documentation
- Comprehensive user manuals, FAQs, and guides.
- In-product help tooltips
- Context-sensitive help links and tooltips.
- Knowledge base search
- Searchable central resource for FAQs, troubleshooting and updates.
- Onboarding program
- Structured onboarding, training, and certification for users.
- Self-paced eLearning
- Access to online self-service training modules.
User Experience and Accessibility
Practical features for end-users, with a focus on usability, accessibility, and control.
- Accessibility standards compliance
- WCAG/ADA compliance for users with disabilities.
- Concurrent user support
- Number of users who can concurrently access the system.
- Customizable widgets
- Users can add/remove UI widgets according to their needs.
- Mobile app support
- Native smartphone application for on-the-go access.
- Multi-lingual interface
- Supports more than one interface language.
- Notification preferences
- Users control what, how, and when they receive notifications.
- Role-based dashboards
- Personalized interfaces based on user roles.
- Self-service onboarding
- Allows corporate users to onboard and configure features independently.
- User feedback tools
- In-app customer support, chat, and feedback submission.