Financial document automation
Automate the documents that move money
Finance teams handle invoices, remittances, payment instructions and bank statements in many formats. ECOM automates their capture, transformation and secure delivery, connecting customers, suppliers and banks to your ERP.
At a glance
- Invoice exchange
- Remittance capture
- Bank file transformation
- Secure bank connectivity
What is financial document automation?
Financial document automation is the electronic handling of documents that drive billing, payment and reconciliation. It includes invoices and credit memos, remittance advice, payment orders, lockbox and bank statement files, and their conversion between formats such as X12, ISO 20022 XML, BAI2 and ERP-specific files.
Outcomes
What you can expect
Faster close and reconciliation
Bank and remittance data reaches the ERP sooner and in usable form.
Reduced manual handling
Less keying of invoices and remittances, and fewer spreadsheets passed between teams.
Secure, auditable exchange
Payment and bank files move through encrypted, logged transfers.
Approach
How ECOM delivers it
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Invoice exchange
Send and receive 810 invoices and 812 credit and debit adjustments.
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Remittance capture
Capture 820 remittances, email and PDF remittance advice.
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Bank file transformation
Convert payment and statement files between ERP formats and bank formats such as ISO 20022 and BAI2.
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Secure bank connectivity
Exchange files with banks over secure protocols such as SFTP and AS2.
Scenarios
Common scenarios
Multi-bank treasury operations
Standardize payment and statement exchange across several banks.
Accounts receivable teams
Capture remittance details for faster, more accurate cash application.
Frequently asked questions
Which bank formats do you support?
Common examples include ISO 20022 XML messages, BAI2 statements, NACHA files and bank-specific formats. ECOM confirms format requirements with each bank.
Is this the same as e-invoicing?
E-invoicing is one part of financial document automation. The broader scope also includes remittances, payments and bank statements.
How is sensitive financial data protected?
Data is exchanged over encrypted protocols with access controls and audit trails, and ECOM reviews security requirements with your finance and IT teams.
Talk to an integration expert
Tell us about your partners, systems and goals. We will show you how PRISM and our team can help.