How to Bring the Bank to Your NetSuite Environment

Bring the bank to your Oracle NetSuite environment with FISPAN’s bank-branded embedded app. FISPAN delivers a seamless commercial banking experience, allowing you to directly manage your payables, view all bank account and transaction details, eliminate manual uploads, automate your reconciliation, and more, all from within NetSuite.

What is NetSuite? 

NetSuite is a cloud-based enterprise resource planning (ERP) software applicable for startups all the way to enterprise level businesses. It is an all-in-one cloud business management solution that helps organizations effectively run their business through automating core processes and providing real-time visibility into operational and financial performance. NetSuite currently serves over 31,000 customers worldwide and was named as the 2022 Best ERP for large businesses by Business Software

Why You Should Bring the Bank to Your NetSuite Environment 

Financial professionals like bookkeepers, accountants, and cash clerks count on their ERP system to increase efficiency and automate their accounting functions. Acting as a central hub for core operations, ERPs like NetSuite currently host many functions… except banking. Without a banking integration, financial professionals spend hours navigating between their banking portal and ERP environment. From manually processing payments to importing and exporting transactions, treasury management functions can quickly become time consuming, increase the chances of human error, and, regrettably, divert focus away from your team’s high-value operations. 

ERPs and Banking

Now, the days of switching between your online banking portal and ERP are over. FISPAN brings the bank directly into your NetSuite environment, providing you with that missing piece to your ERP. 

FISPAN’s Embedded Banking Solution for NetSuite 

 

FISPAN works with top U.S. commercial banks (such as  JP Morgan Chase) to seamlessly integrate banking capabilities into your Oracle NetSuite environment. Through secure, two-way connectivity, APIs transform and translate the necessary data to simplify your treasury management functions: automate your payables, deliver payment status updates, streamline your reconciliation process, and more! 

Gain More Control Through Two-Way Connectivity 

This secure, two-way live connectivity between your bank and NetSuite environment is enabled through the banking practice known as Open Banking. Open Banking is a secure way for financial institutions to share consumer-authorized data with third-party platforms. 

Then, through Financial APIs (software that uses a set of protocols and codes to enable communication between application software), banks can exchange data with FinTechs. In turn, consumers get more control over their data and gain access to enhanced services. As a consumer, the ability to share data enables you to benefit from services not offered by your bank. 

Why You Should Bring Banking Capabilities into Your NetSuite Environment

FISPAN’s Embedded Application allows you to gain access to a comprehensive set of banking capabilities in your NetSuite environment: 

    • Payments & Status: ​​Pay ACH, Wire, and Check payment rails from within your NetSuite environment 
    • International Payables: Settle bill payments that have up-front ramifications for Foreign Exchange (FX)
    • Information Reporting:  Stop navigating back and forth from tab to tab. View your bank account and transaction details all in one portal 
    • Positive Pay File: Print checks in-house where Positive Pay files are transmitted directly to the bank   
    • A2A Transfer: Easily transfer funds from account to account  
    • Bank Feeds: Automatically import your bank statements into the reconciliation module within your native NetSuite environment
    • Receivables (Unique to FISPAN’s NetSuite integration): Automatically manage your invoices and mark invoices as closed when customers payments have been deposited

How the Embedded Application Helps You Send Faster A2A Transfers 

One of the features with FISPAN’s embedded NetSuite integration solution is sending account to account (A2A) transfers from directly within your NetSuite environment. It’s easy and can be done in the following steps:

1. Go to your bank plugin > Transfer > Transfer Funds

image

2. Select the accounts you wish to transfer from, select the accounts you're transferring to and enter the amount. Click transfer and it’s as simple as that!

image (1)

image (2)

image (3)

3. You will receive a notification confirming your transfer has been sent. 

image (4)

With the NetSuite integration, you also have visibility into your transfer history.

  • Go to your bank plugin > Transfer > History

image (5)

image (6)

How You Benefit From FISPAN’s Integration with NetSuite

Instantly transform your treasury management experience, while saving time, money, and increasing operational efficiency. FISPAN’s integration specific to Oracle NetSuite delivers a host of benefits to your team: 

  • Increase visibility and make informed, timely decisions into your accounts and balances from one direct channel between your bank and ERP
  • Save time for high-value activities: Eliminate manual steps and tedious transactional dual entry by streamlining your reconciliation and removing the need to navigate between your ERP and bank portal 
  • Increase accuracy by automating your NetSuite Payments, while reducing errors caused by manual entry 
  • Stay up-to-date on your payments process through regular updates on bill payments 
  • Enable clear levels of accountability by identifying which bills were paid by each user 

What Oracle NetSuite Users are Saying 

The role of financial professionals is not getting any easier: as the COVID-19 pandemic quickly forced teams to adapt to remote environments, expectations have grown for teams  to deliver timely and accurate results while navigating change and supporting their organization’s growth. Oracle NetSuite users have turned to FISPAN’s integration to help streamline their treasury management: 

“[The plugin]  has saved us a 2 hour round trip to the office and post office into something done in 3 clicks. Every check run is saving us hours a week.

 

"Saves everyone on the team about 30 minutes a day for reconciliation"

 

“Simplifies the accounting processes and reduces errors because everything is in one portal.” 

 

“Start to finish, processing checks and entering in payments used to take us 4-6 hours but now it takes only 1-2 hours.”

 

“Our ERP is now a one-stop shop for banking info. This is great for us as we scale up, as access to the bank isn’t required for each employee.” 


“[The plugin]  has been the easiest and most efficient connector I’ve worked with. The set-up instructions were easy to follow and only required 2-3 calls from demo to installation. It works very well; I would recommend this plug-in for teams to streamline closing processes.” 

 

Seamlessly integrate your banking capabilities into your NetSuite environment with FISPAN. Simply contact your bank representative to see if your commercial bank currently offers FISPAN’s embedded solutions. In just 20 minutes or less, you’ll  transform your treasury management experience. 

___ 

Interested in how you can seamlessly integrate banking capabilities into into your ERP environment? Learn more about FISPAN’s embedded app specific to Oracle NetSuite

Schedule A Demo

 

Back to Blog

Related Articles

In Case You Missed It: KeyBank, City National Bank, and FISPAN at Nacha Remote Connect 2021

At Nacha’s Smarter Faster Payments: Remote Connect 2021, FISPAN took part in two panels on how to...

Streamlining Your Treasury Management Workflow with Embedded Banking

This Spring, FISPAN's CEO and Co-Founder Clayton Weir joined Wells Fargo's Greg Hansen, SVP and...

The Missing Piece to Your Sage Intacct Environment

Simplify your treasury management functions and manage your entire payables process from within...