NetSuite Electronic Bank Payments

Automate Global Bank Transfers, Reconciliation, and Cash Flow Optimization

Managing banking transactions across global subsidiaries introduces complexities from payment formats like wires, ACH, BACS, to bank integration and cash flow visibility across accounts. Automating global bank payments eliminates manual processes while improving liquidity management. 

NetSuite Electronic Bank Payments provides this by unifying global bank data, automating payment execution across banks and countries, and streamlining reconciliation.

Why Choose NetSuite Electronic Bank Payments?

When integrated with global bank accounts, NetSuite Electronic Bank Payments goes beyond basic ERP payment capabilities to enable complete automation for supplier payments, customer collections, intercompany settlements, and employee reimbursements.

  • Pay anyone globally via automated bank transfers in local bank formats
  • Unified view of bank account balances and transactions from all banks and subsidiaries
  • Automatic payment reconciliations eliminating manual matching
  • Liquidity management, cash flow analysis, and forecasting across all accounts
  • Configurable payment workflows including approvals, holds, confirmations
  • Securely store bank account details with encrypted credentials

Key Capabilities of NetSuite Electronic Bank Payments

Multi-Bank Connectivity

  • Integrates 100+ global banking endpoints
  • Applies correct payment formats like SEPA, BACS, wires by country
  • Unified view of transactions across banking relationships 

Reconciliation

  • Daily automated match of bank transactions to payments
  • Automated generation of reconciliation reports
  • Tools to handle exceptions and adjustments

    Payment Execution

    • Automates payment runs for supplier invoices, refunds, reimbursements
    • Configurable workflows for approvals, holds, confirmations
    • Payment status and transaction logging

    Localization

    • Pre-built payment format templates for over 100 countries
    • Local bank transfer, FX rate integrations
    • Taxation and regulatory compliance

    Cash Management

    • Cash positions, balance analysis across all integrated accounts
    • Cash flow forecasting capabilities
    • Flexible cash dashboards and reporting 

    Integration and Customization of NetSuite Electronic Bank Payments

    Customization

    • SuiteFlow and SuiteScript to build custom payment logic
    • Custom payment transaction records and objects
    • Additional payment format localizations
    • Customized approval chains, payment holds
    • Extended payment analytics and reporting
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    Integration with NetSuite Modules

    • Shared payment workflows across accounting, billing, collections
    • Real-time order-to-payment settlement automation
    • Unified vendor, customer payment data
    • Standardized transaction categorization
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    Third-Party Integrations

    • Pre-built connectors for global bank data imports
    • Accounting system integration for payment posting
    • Custom payment integrations via APIs, FTP, SWIFT
    • Single sign-on across treasury bank platforms
    • Format conversions to legacy ERP systems

    Industry Solutions

    Software/SaaS

    • Automate global subscription billing payments

    • Unified cash visibility and forecasting

    • Streamlined vendor payments

    Retail

    • Omnichannel payment processing

    • Seasonal payment demands optimization

    • Unified banking across retail stores

    Healthcare

    • Patient self-service payments
    • Reimburse staff globally 
    • Accelerate insurance reimbursements

    Manufacturing

    • Centralized supplier payments

    • Localized payment formats 

    • Cash flow analysis across subsidiaries

    Media and Publishing

    • Automated royalty disbursements globally 
    • Multi-currency customer payments
    • Vendor payments optimization 

    Nonprofit

    • Accept multi-currency donations
    • Grant disbursement automation
    • Unified global payments tracking

    Wholesale Distribution

    • Franchisee invoicing automation

    • Accelerated online customer collections

    • Global payment reconciliation

    Professional Services

    • Get paid faster online 
    • Pay vendors aligned to project milestones
    • Cash flow forecasting across services

    Get Global Banking Done Right

    Want to learn more about automating global banking and payments? Connect with a SuiteRep product specialist to tailor capabilities to your specific business needs and subsidiaries’ footprint.

    Contact Us

    FAQs

    How Many Global Bank Integrations and Payment Types Are Supported?

    Over 140 global bank integrations are supported, enabling automated execution of wire transfers, local bank payments (ACH, BACS), checks, credit card settlement, and more across 100+ countries.

    Can You Process Global Payments in Multiple Currencies?

    Yes, payments can be configured in 100+ currencies by leveraging automated currency conversion integrated to leading financial data sources providing real-time FX rates.

    What Formats Are Available for Global Bank Payment Integration?

    Pre-built connectivity adapters support standards like BAI2, CSV, SEPA XML, MT101 for streamlined bank integration across accounts payable, accounts receivable, and cash management functions.

    How Are Payment Approvals Routed Across Global Subsidiaries?

    Transaction approvals are easily automated across global subsidiaries by routing to appropriate finance roles based on criteria like payment method, account, currency, date, and geography.

    What Types of Reconciliation Reports Are Available?

    A variety of daily reconciliation reports provide visibility into bank payment status, powered by automated matching algorithms to transactions from integrated bank accounts. Exceptions can be handled or retried. 

    Can You Forecast Future Global Cash Positions?

    The cash management dashboard enables global cash positions reporting across historical, current and future dates by integrating actuals reporting with user-configured forecasts for payables, receivables and currency rates.

    How Long Does Global Bank Integration and Payment Automation Take?

    Implementation timelines vary based on scope across number of banks, payment types, countries supported and depth of workflow automation. Typical duration can range from 2 weeks for basic supplier payment automation to 12 weeks for comprehensive cash management automation across payables, receivables and intercompany transfers globally.

    What Are Some Alternatives To NetSuite Electronic Bank Payments?

    Some alternatives to evaluate include Tipalti, MineralTree, AvidXchange, Bill.com, and various offerings from banks and other fintech providers. Choosing an integrated cloud ERP solution like NetSuite delivers unique advantages in unifying payments globally across orders, billing and accounting.