Banking | EDI electronic invoicing and communication | EDITEL

Next to B2B and EDI, Banking is an area where EDITEL always had its footprint. With our portfolio of specialized banking products we serve some 25 banks operating in the Czech Republic including the Czech National Bank. The products are tailored to meet all the strict regulatory requirements of the Czech National Bank concerning secure transfer of clearing and statistical data from commercial banks to the Czech National Bank.
Nowadays, many services traditionally provided by banks have been taken on by nonbanking financial institutions and as such regulatory requirements of the Czech National Bank being imposed also on these institutions. EDITEL also provides a solution fitting the needs of these specialized institutions in order to meet their obligations towards the Czech National Bank.

Specialized bank products

• Bank-Stat
  A system of statistical reporting of commercial banks and financial institutions to CNB (Czech National Bank)
• Bank-Secure
  The solution ensures security transfer of interbank clearing messages. The solution fulfils all the requirements of the Czech National Bank and being used by most of the banks in the Czech Republic.
• Gen-Stat
  A system of statistical reporting of nonbanking financial institutions to CNB (Czech National Bank).

Besides the specialized banking products EDITEL also made its entry into the arena of payments. For almost 8 years EDITEL was operating its Payment Center solution for CSOB bank (KBC group member) in the Czech Republic. It was implemented and used by more 600 corporate customers of various sizes.

• Payment Center
  A true payment system, which allows management of multiple accounts at multiple banks from a single point giving great comfort for the user to see and maintain its payments. It is a solution tested in the field over 8 years and now available for its next journey.

The overall portfolio of our products covers a most of business processes practically used today in electronic business communication starting from orders and reaching up to invoicing. As a next step we see to get to the stage where we close up the business process with the most important element, the actual payment. We are ready for this and have the solutions and experience working with both sides the banks and the corporate segment.
With the increasing number of businesses utilizing EDI technologies in order to enhance communication with their business partners and cover the business process to its full extent, as said earlier, the very logical next step is promoting payment information to become a natural part of the EDI cycle. It is natural to take the next step to use EDI for communication with financial institutions.

The advantages provided by EDI in the payment process:

• Reduce time spent in data entry, paper processing and error correction, by having your accounts payable system directly feed your EDI translator.
• Reduce/eliminate the costs associated with payment order preparation, enveloping, mailing, storage and retrieval by creating and sending payments electronically to the bank.
• Accurate cash flow forecasting for these payments, and improve control of overall cash flow because the transfer of funds are guaranteed on value date.
• No time is due to mail and processing float, as payment can be sent from anywhere.
• Reduce time, errors, and cost of handling incoming payments, bank deposits and data entry into your accounts receivable system.
• Allows administration of multiple bank accounts.
• Processing of large volumes of payment transactions.