CoCoNet enhances its EBICS-based multi-banking solutions for corporate payments with push notification reporting feature

  • Real-time notifications save banks’ corporate customers from having to request information unnecessarily while reducing volumes of data traffic
  • Wider adoption of EBICS is likely to lead to heightened demand for CoCoNet’s multi-banking solutions

Banks can now enable their corporate customers to benefit from convenient, real-time notifications that alert them when EBICS reporting and other payment information is ready for download. As a result, banks’ corporate customers no longer have to actively request report data, which may or may not be available at the time. In addition, by only updating their status report once they have received a notification, they can reduce the data traffic associated with superfluous requests.

The new push notification feature is the latest enhancement to CoCoNet’s best-in-class suite of EBICS-based multi-banking solutions for corporate payments. These flexible, feature-rich and user-friendly solutions give banks’ corporate customers a summarised dashboard overview of data relating to accounts with different banks. As well as providing them with improved visibility over their financial position, the solutions allow corporate customers to execute effective cash-pooling strategies.

“We have offered EBICS-based multi-banking solutions for many years,” said Joachim Blank, Head of Global Product Management at CoCoNet. “So, we know they are the perfect basis for banks to improve their digital banking services for corporate customers in countries that have adopted the EBICS standard.”

He added: “In today’s highly competitive, multi-banking environment, it is essential that banks are able to position themselves as the best partner to their corporate customers, as well as the central connection point, if they are to retain valuable, paid-for services.”

EBICS (the Electronic Banking Internet Communication Standard) is used to exchange data such as (non-)payment files and reporting data between banks, and between banks and companies, as well as to authorise payments based on digital signatures. It is already mandatory in France, Germany and Switzerland, while a number of other countries – such as Austria, Italy and Spain – are also considering adoption of the protocol.

“We are likely to see greater use of the EBICS protocol in the future, not only in countries where it is mandatory today, but beyond,” concluded Blank. “So, going forward, I expect to see heightened demand for EBICS-based multi-banking solutions from banks. Banks will see these solutions as a way to provide their corporate customers with easily accessible, up-to-date information on payments. In doing so, they will cement their position as their customers’ banking partner of choice.”

 

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