21 October 2024 12:08 am Views - 104
Commercial Bank of Ceylon has announced the launch of Host-to-Host (H2H) payment services for corporate clients as the latest addition to ComBank Digital Enterprise Solutions – the bank’s comprehensive and powerful suite of cutting-edge digital banking solutions for SMEs and corporates.
H2H is an automated and secure solution that integrates directly with a corporate client’s enterprise resource planning (ERP) system and is designed to facilitate the electronic transfer of data between banks and their corporate clients. This technology eliminates the need for manual processes involved in payment transfers and reconciliations, making overall transaction management more efficient and reliable, the bank said.
An automated solution for high volume data transfer between banks and corporate clients without having to sign in to a banking app or a web interface, the H2H solution allows clients to generate and transfer files in standard industry formats such as XML or CSV, through a secure channel established between the client’s ERP system and the bank’s H2H platform. The system supports a variety of ERP platforms, including SAP, Microsoft Dynamics, Oracle Cloud, Odoo and open-source ERP systems.
“ComBank Digital Enterprise Solutions with secure H2H integration represents a unified platform that supports business growth and digital transformation,” Commercial Bank Assistant General Manager Digital Banking Pradeep Banduwansa said.
“H2H opens up a world of opportunities for them to seamlessly conduct bulk transactions and automated reconciliation of payments between the ERP system and bank statements with enhanced efficiency and security and offers instant access to all the data they need.”
He said Commercial Bank’s H2H solution is particularly tailored to enhance business capabilities by streamlining processes such as payments, collections, bulk file transfers and reconciliation, all of which are critical for corporate clients handling large volumes of data. Besides payments, the solution encompasses data transmission to automated reconciliations, bank account inquiry through the ERP system without logging into a system of the bank, LC transmission and processing of various requests from the bank.
Several corporate clients of Commercial Bank have already integrated their ERP systems with ComBank Digital for H2H services, Banduwansa disclosed.
These companies, which handle high volumes of transactions, benefit greatly from the streamlined processes, real-time capabilities and enhanced security offered by H2H, allowing them to manage their financial operations more efficiently and effectively.
H2H connectivity solutions incorporate security measures such as encryption, digital signatures and secure communication protocols and give the bank the flexibility to exchange information in corporate clients’ preferred file formats, network protocols and security standards on a 24x7 basis.
When payment files are transferred via H2H, they are processed in real-time by the bank, whether the transactions are to accounts within Commercial Bank or to accounts in other banks. The process includes two primary authorisation methods: Pre-Authorised Payment Files, which are authorised within the client’s ERP system before being uploaded to the bank and Post-Authorised Payment Files, which require authorisation through ComBank Paymaster after the file is uploaded.
The automated processes eliminate manual intervention, significantly reducing the risk of errors and ensuring that transactions are processed quickly. Direct integration with major ERP systems allows for seamless operation, providing customers with greater transparency and ease of use and the flexibility of initiating payment processes without logging-in to multiple platforms. This simplifies their workflow and saves time.
The flagship digital product of Commercial Bank and Sri Lanka’s most-used digital banking platform, ComBank Digital now serves over 1.4 million customers and processes more than four million transactions a month. ComBank Digital is offered via a responsive web application and three native mobile applications (iOS, Android and Huawei), enabling access across all devices such as desktop PCs, laptop computers, tabs and smartphones.
For corporate customers, ComBank Digital already enables payments to government authorities such as the Commerce Department, Import and Export Control Department, Inland Revenue Department, Sri Lanka Ports Authority for cargo, vessel and entry permit payments, Sri Lanka Customs, Employees Provident Fund, Employees Trust Fund, Board of Investment of Sri Lanka and Sri Lanka Standards Institution. These payments are routed through the LankaPay Online Payment Platform.