How Pagero E-banking benefits your business and tips to get started
22 February 2022
Written by: Josefin Holmgren
Pagero’s electronic banking solutions are helping businesses of all sizes and industries better manage company finances. Find out what Pagero E-banking is, why you shouldn’t confuse it with online banking, its benefits for companies and what to consider when getting started.
What is Pagero E-banking?
Pagero E-banking is an integrated solution that connects a company’s ERP or financial systems to the banks they work with via a cloud-based network connection. It’s an efficient way to initiate bank transactions and get a full overview of financial activity across all the different banks and accounts a business is associated with.
As an automated solution for making payments, deposits and wire transfers, managing cash flow and complying with local regulations, Pagero E-banking optimizes the visibility of daily banking activity.
This solution should not be confused with online banking, also known as internet banking or web banking, which is a platform that enables business or personal banking tasks through the bank’s website.
The benefits of Pagero E-banking
With Pagero’s electronic banking solution, companies of all sizes can save time and money, achieve efficient handling of expenses and increase transaction security. More benefits include:
- Efficiency and time savings
Increase efficiency and productivity with an automated banking process that minimizes manual intervention and significantly reduces error handling.
Get a full overview of transactions from all your banks, accounts, company cards, and ERP systems on one interface.
Gain control with the ability to track all transactions from your inbound and outbound cash flows.
Ensure secure bank activity with encrypted data and access to a full audit trail.
- Lower costs
Save money in your finance department by streamlining workflows and gaining a more effective way of working.
- No system changes
Pagero’s electronic banking solution will not require system changes, as you will be able to perform banking activity directly from your ERP or other accounting systems.
Ensure compliance with local and cross-border practices and requirements, such as SEPA, P27, and conversion to ISO 20022.
“The Nordic countries will shortly introduce a new infrastructure and clearing platform for payments called P27.”
P27 and ISO 20022 compliance
Let’s go into a little more detail about how Pagero E-banking helps you ensure compliance by meeting specific regional requirements or best practices.
The Nordic countries will shortly introduce a new infrastructure and clearing platform for payments called P27, which will mean quite a few changes for businesses. By implementing our electronic banking solution, you will automatically be P27 compliant, enabling an efficient way of conducting domestic and cross-border transactions with the new format standard ISO 20022 XML.
Getting started with electronic banking
Now that you know the benefits of Pagero E-banking for your business, we recommend taking the next steps to get started:
- Consider which processes you want to optimize with e-banking. Evaluate your accounting processes to see where improvements could be made in payables, receivables, or both.
- Consider which systems and banks you would like to connect. Automated communication to your electronic banking solution collects your files from different systems on one interface to transfer and receive all data in one unified way. The right e-banking solution does not require you to work separately in different systems or banks.
- For Nordic customers, talk to your bank and inform them that you are considering Pagero E-banking and changing to the P27 standard and ISO 20022 format.