BISAX

Bank Interface Suite for Dynamics AX

A collection of interfaces that are critical to improving productivity in high volume accounting departments:

  • Positive Pay Check
  • Check Reconciliation
  • Lockbox

The Challenge

Virtually every bank uses a fixed width or delimited text file to import or export data for these services, but none of them use the same format. Additionally, automating these services usually requires costly custom development, third party software, or assistance by a VAN. BISAX not only makes the process of setting up a custom bank interface simple for the non-technical user, it also automates every step along the way.

Positive Pay

Positive Pay is a fraud-prevention system offered by most banks. Each day, participating companies must provide a list of all checks issued to let the bank know which checks are okay to pay. In its most basic form, Positive Pay requires a check number, bank account, and check amount.

As checks are presented to the bank for payment, each check number and amount is compared to the list of outstanding checks. If a check number and amount do not match what is contained in the bank’s database, the check will not be paid. The bank will notify the company of any exceptions, and ask for a pay/no pay response.

BISAX streamlines the Positive Pay process by generating and transferring files to the bank on a user defined schedule. This interface can be integrated with the standard Dynamics AX batch engine so that it runs in the background and requires no additional intervention. Each time the interface executes, it only includes newly posted checks or checks that have been voided since the last run.

Check Reconciliation

Check Reconciliation is the process of importing a daily file from the bank to your financial system that then updates checks that have cleared the bank. This avoids the necessity of logging on to the bank website and manually reconciling checks in order to keep your cash balances current.

BISAX facilitates this process by defining the file layout, transmission method, and frequency. Imported files automatically update cleared checks and are checked for consistency. Any errors are reported so that action can be taken to reconcile the problem.

Lockbox

Lockbox is a service offered by most major banks to companies that receive a large number of payments on a daily basis. Companies that use this service have their customers send payments directly to a bank post office box to cut down on delay and overhead caused by mail processing and manually receiving, sorting and depositing checks. Banks that offer this service will capture both check information and details on the invoices being paid and send a file on a daily interval. Additionally, check and envelope images are captured so import file discrepancies can be investigated. The import file issued by the bank must be interpreted and imported, or manually keyed and reconciled against open invoices.

Lockbox processing with BISAX is highly automated. The interface can be batched to import the lockbox file on a recurring schedule (e.g. every weekday morning, right after the bank publishes the file), without human intervention. Once imported, it will attempt to reconcile all invoices against the correct customers and invoices. If there are any discrepancies due to incorrect data contained in the import file or checks that are out of tolerance, a warning will be logged for the affected records. If everything reconciles appropriately, the interface can be configured to post automatically.

Features

  • Three total interfaces—Positive Pay, Check Reconciliation, and Lockbox.
  • All interfaces share a common UI.
  • Ability to define bank specific import/export file layouts without code.
  • Supports both fixed width and delimited files.
  • A Wizard that guides the user through all steps necessary for each interface.
  • Allows separate interface configurations per bank.
  • Interfaces can be tested before execution to make sure the configuration is set up correctly.
  • Integration with the AX batch engine. All interfaces can be run on a time interval specific to the customer’s needs.
  • Multiple file transfer methods—files can be saved locally for manual upload, or automated via FTP.
  • Multiple encryption methods—SFTP and FTPS.
  • Error logging and management—user defines which conditions should allow automatic updates/posting, and which require human intervention.
  • Automatic Lockbox reconciliation—will reconcile checks to the invoices specified in the import file.
  • Automatic Lockbox posting—if a Lockbox batch is error free and all checks are within tolerance, it can post automatically.