Banking365 is born with the purpose of transforming management processes and bonds of organizations with financial institutions. The platform created by AW, technological solutions company with 30 years of experience in ERP and CRM deployment, acts as a multibanking, multicountry and multiproduct information exchange tool that connects directly, point by point and without brokers, the management systems of companies with the banking platforms, thus speeding up the payment, collection and bank reconciliation processes.
“We want to speed up and standardize the way to interact with financial institution systems freeing users from all the technical complexity, but being 100% safe by virtue of the safety protocols set by ISO 20022. This solution was devised to minimize human error by avoiding task duplicity in multiple systems for a single transaction”, we are told in AW, where they try to help financial institutions to boost their systems.
In a research conducted by the global auditing firm KPMG, in the first 2023 quarter, constant focus was placed on integrated finance, including more attention to collaboration between traditional banks and ERP suppliers since companies try to find the best customer experience possible. In an unfavorable economic context and one with a more volatile market, consolidation was a key contributor to financing in the payment industry. In the first six months of the year, many financial-technology companies resorted to acquisition in order to broaden their scope.
For example, UALÁ became the first Argentine fintech to acquire a traditional bank, Wilobank (which today is UILO) as part of an investment plan of USD 150 million in the American
Continent and with the goal of continuing receiving new customers in the region. With a strong promotion and benefits strategy, this sets a precedent in the industry, with a totally new approach.
Based on this context, Banking365 is created as an essential ally to manage processes with banking institutions. Now, organizations are able to integrate with other players in the environment they operate into, as supply chain, their customers, solving the integration with the financial entities in charge of managing currency flow and consolidating the key players in the management process.
¿What can be done with Banking365?
Microservices architecture: scalability, extensibility e interoperability among the different components of the solution.
Unified user experience no matter the business entity, country nor transaction type that wants to be executed with the management system.
Tracing and full visibility, from end to end, of the status of the transaction from the management system of the companies.
Even management of treasury processes no matter the bank the user operates with.
Being a 100% cloud based product (Azure), it will be flexible and adaptable on demand based on the transaction volume.
Improved visibility of companies’ cash flow and reduction of upload errors and transaction duplicity.
Approval and quality control layer exclusive to Banking365 in payment transactions and global wire transfers: reduced delay in crediting, Stop Debit when recipient´s data are not valid, thus avoiding the 72 hours needed for clearing and proprietary control of financial entities until the money is credited in the original account.
In the same line, currently, focus is also on real time B2B payments, since companies try to streamline their supply chains, automize processes and improve their fight against fraud. As per KPMG, a clear example is that, in the last six months, more attention has been placed on the use of biometrics to authenticate payments, with the goal of improving service safety and efficiency.
“Currently, Banking365 is operative in the American Continent (Argentina, Chile, Colombia, United States, México, Perú) and also in Europe (Denmark, Estonia, Finland, Irland, Latvia, Lithuania, Norway, Poland, United Kingdom, Sweden) facilitating and optimizing the banking management and operation from end to end, and fostering interrelation of the various organizations that are in the path of finding better solutions for banking management”, AW concludes about Banking 365, a solution developed by them that helps customers to easily strengthen their management and operation in the financial environment.
