At Sage Transform’s 2022 event, Rosetta Rajoyan, Senior Product Manager at City National Bank held a lightning session - a fast paced info session - with FISPAN Co-Founder and VP of Client Success, Andrea Zand. In this session, Rajoyan and Zand shared how Sage Intacct users can transform their experience through a bank integration.
When FISPAN began designing ERP integrations, we found a common theme among accounting inefficiencies: swivel chair accounting. When an enterprise AP clerk needs to process invoices, they need to login to their ERP or accounting system, then go to their banking portal and also pull up their data collecting site or excel sheet. That is swivel chair accounting - the idea that you have to have multiple sites open and oftentimes need to manually enter the same data into multiple sites.
To solve this problem, among others, FISPAN created a secure connection between ERPs like Sage Intacct directly to a commercial bank’s AP/AR functionality, eliminating the need to use multiple products, solutions and screens. Now you’re able to access your whole banking experience directly within your accounting system.
City National Bank offers their clients access to EASI Link Connectors, powered by FISPAN, that creates a two-way connection between a company’s NetSuite, Microsoft Dynamics or Sage Intacct environment and City National Bank’s banking capabilities.
How can City National Bank’s EASI Link Connector with Sage Intacct save you time and money?
After conducting many client interviews, City National Bank came to the conclusion that straight-through processing is what their clients are looking for to help them with automation and to streamline processes. “One of the things we’ve heard loud and clear from our clients is they want to be able to do straight-through processing. Going from one system to another is very time-consuming and there’s a lack of data accuracy, control and security,” answered Rajoyan.
In addition, they saw management groups wanted to have information reporting and visibility into their balances and transactions while they’re in their ERP system. Lastly, clients wanted to improve on the approval process while not having to go back and forth between varying systems. The key was in supplying great value to businesses for their treasury management functions.
With a plug and play solution like EASI Link, City National Bank clients can avoid double entry and errors while having more control over their approval process. EASI Link also makes transactions quicker and more efficient while having a more secure audit trail and risk control process.
The EASI Link Connector is embedded into Sage Intacct so clients do not need to learn a new system. “Users are able to actually automate their payables process as well as their reconciliation which has led to huge time and cost savings for bookkeepers who used to do reconciliation manually,” said Rajoyan. “There's one piece that our clients tell us over and over again, how easy it is to install this plugin. You’re taking a plug and play piece, which is City National Bank, and inserting it into your ERP system, and within 20 to 30 minutes, that plugin is installed and you're connected to the bank to start transacting and receiving fees. So that is a huge value add and a benefit to our clients.
Want to learn more? The full lightning session is available to watch for attendees on Sage Transform’s website here until January 1, 2023 or click below.