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TABLE OF CONTENTS
Cash Management Solution Description
Last modified 18.06.2020
Solution
The Supplier provides cloud-based products for corporations to enable the harmonization and automation of financial processes, centralization of treasury management tasks, increase controls of processes, and to bring visibility to cash flows and positions.
The products solve different customer challenges, either stand-alone or together. Typical customer challenges are related to payment management, liquidity management and reconciliation. All cash management products integrate together forming a solution portfolio. The Customer and Supplier agree on the subscription of each product by using the Order Form.
Bank Connections
The Supplier provides a global bank connectivity solution that enables bank connectivity using the Supplier’s standard payment and reporting formats and communication channels to banks that Customers subscribe to in the Order Form. Bank connections follow specifications and security protocols defined by the respective banks. Bank connections are selected from a predefined list of direct bank connections or provided through the Supplier’s SWIFT Service under the Customer’s own BIC code. When using SWIFT, the Customer is responsible for acquiring a SWIFT membership, to be technically and legally eligible, and to comply with any obligations SWIFT has set to the end customers of SWIFT Lite 2 Business application providers.
Banks may have differences in supported file formats, cut-off times, payment types, or in other similar matters that the Supplier is not responsible for. The Customer is responsible for all cost incurring between the Bank and the Customer, and SWIFT and the Customer.
Interfaces to Customer's systems
Unless otherwise agreed in the Order Form, the Supplier and Customer must integrate their systems, where necessary, by using either SWIFT FIN formats or ISO 20022 XML formats, or by using a proprietary API provided by the Supplier.
Payments
Payments is a product for managing all company payment flows in a centralized way to gain control and visibility, and to harmonize payment processes into one solution. The product is applicable to accounts payable, treasury, and payroll payments as well as various manual payments. Payment types and services may have bank-specific limitations.
Key features include:
- Import of payment materials from financial systems using a secure and automated connection.
- When specifically agreed in the scope: conversion, grouping, and re-bundling of payment materials.
- Creating the desired batch approval processes which can be fully automated with single approval or multiple approvals.
- Approving and sending batches to banks and automatically receiving a collection of feedback and reconciliation from banks.
- Creation and batching of manual payments outside the ERP systems (e.g. Treasury, tax, customer credits, travel expenses, and payroll).
- Configurable templates for the most commonly used manual payments.
- Browsing, searching, and viewing of payment materials and batches in order to monitor and reconcile the status of payment flow throughout the payment life cycle and reconciling payment flows.
- History log and audit trail for all actions.
Accounts
Accounts is a product for centrally collecting, viewing, analyzing, and monitoring all cash flows, for example, account statements and incoming reference payments. The product is typically integrated to the Customer’s accounts receivable and general ledger systems.
Key features include:
- Setting up user, company, and bank account-specific rights for bank account data.
- Automating all bank statement importing routines from banks using bank connections.
Monitoring of all bank imports including audit trails and logs. - Material distribution to general ledger, accounts receivable, or any other system.
- Search and browse functionalities.
- Balance reporting and monitoring.
Posting
Posting is a product that extends Accounts’ functionalities. With Posting, the Customer is able to set rules to automatic and assisted G/L bank accounts and A/R and A/P interim account posting to increase the automation-level of bank account reconciliation by predefined rules. Posting allows the end-users to manage posting rules and perform manual and assisted posting as efficiently as possible.
Key features include:
- Importing posting dimensions from ERP system(s).
- Specifying company-specific or general posting dimensions by end user.
- Assisted posting of bank account transactions by end users.
- Automatic posting of bank account transaction based on predefined rules.
- Interface to transfer posted transactions to
- G/L and other financial system(s).
Archive
Archive is a product that extends Accounts’ functionalities. With Archive, the Customer can electronically and permanently archive all account statements and access the documents later on via the user interface. The Customer is responsible for archiving documents according to local laws.
Liquidity
Liquidity is a product that collects all financial data. With Liquidity, liquidity positions are analyzed, forecasted and reported to identify the group’s cash movements, monitor FX hedging requirements, reduce agreed credit facilities and account overdrafts, minimize the need for short term external funding and to optimize internal funding and FX positions.
Key features include:
- Automatic collection of forecasts from ERP and TMS systems and banks via predefined interfaces.
- Unit entry, that has templates for manual entry and the possibility to adjust forecasts.
- Reporting periods.
- Actual reporting, for example, cash pools and bank accounts.
- Forecast reporting (per company, currency, groupings, and aggregation).
- Actual vs. forecast and overdue reporting.
Working capital reporting.
In-house Bank
In-house bank is a product that offers banking services to group subsidiaries according to the company’s own terms. It processes the group’s internal payments within the group to gain centralized control over financing, investments, FX risk, and hedging. Liquidity offers improved control over liquidity management, reduced external banking costs, reduced amount of external banking partners with on-behalf-of functionalities, centralized banking relationship management to group Treasury which increases negotiating power, automated bookkeeping and month-end-process activities, harmonized payment process for internal, external and on-behalf-of payments, centralized management of multiple cash pools to gain better visibility on subsidiary balances, automated cash flows between subsidiaries and ERP independent solution.
Key features include:
- Managing the group’s internal payments via internal account structures.
- Calculating interest for internal accounts.
- Making payments on behalf-of subsidiaries (POBO).
- Managing collections on-behalf-of subsidiaries (COBO).
- Reporting and mirroring external cash pool structures and subsidiary transactions to internal accounts.
Matching
Matching is a product for the Customer’s multiple matching processes. It increases the automation of account receivables allocation (“matching”) or even full bank account statement reconciliation and eases the manual matching of items that do not automatically match based on reconciliation data provided by banks or the Customers’ customers.
Key features include:
- Creating matching processes.
- Creating rules for matching processes.
- Collection of matching materials, such as open receivables, and matched materials to be processed.
- Enrichment of material with additional information to ease the matching process.
Automatic matching based on predefined rules. - Assisted matching where the system aids user to quickly find matching items manually.
- Manual matching by end-users.
- Monitoring matching process with KPI’s.
- Transfer of matched materials to third-party systems.
Additional features
On top of the products listed above, the Cash Management solution has other, separately priced features. These features are described shortly below.
Advanced security package
The advanced security package contains inspector user role and administrative user groups. These features are used by Customers who need to have a four-eye principle to allow changes in master data (such as user rights, company rights, bank account rights).
Responsibilities
The specific responsibilities and obligations of the Parties in producing or using products described in this document are split to Supplier responsibilities and Customer responsibilities. Implementation responsibilities and obligations of Parties are described in a separate Statement of work.
Supplier
- Implement Products, which covers technical installation, cloud service configuration and standard settings according to agreed statement of work
- Inform Customer without delay in case Supplier is not able to provide the Product.
- Notify Customer of any changes in Supplier’s contact information
Customer
- Be responsible for having the required agreements with banks and other third parties (e.g. ERP and TMS suppliers).
- Be fully responsible for the legal, contractual, commercial, and trade procedures related to the content and consequences of the data exchanged via the Product.
- Notify Supplier of any changes in Customer’s contact information.
- Notify Supplier without delay of any abuse of the Product.
- Be responsible for ensuring that each product user will not share his or her personal login information (username and password or similar) with any other person and that such information and tokens are safely used and stored.
Pricing Model
The Customer pays the Supplier a Subscription fee for the use of the service.
The Subscription fee covers the right to use the selected products in agreed scope: users, companies, additional features, cloud service, and the basic customer service. The Subscription fee also includes the Supplier’s part of the version’s upgrades.
Excluded from the pricing model: the Subscription fee does not contain the following customer support services that will be charged separately in accordance with the Supplier’s, at the time valid, consulting price list: problem-clarification work caused by a failure in the Customers or third party’s hardware, user training, clarification work caused by operation or malfunction of the Customer’s internal IT systems, changes related to the Customer’s environment, such as services and clarifications required by systems supplied by third parties (e.g. building new interfaces to software products supplied by third parties), technical clarification work or support and consultation related to bank connection agreements, or deployment services connected to the introduction of new features into production.
The Subscription fee includes access to training material made available online for all customers. The Subscription fee does not include customer-specific training. The Subscription fee does not cover any kind of main user activities, such as adding new users, companies or accounts, opening locked user accounts, or configuring or operating customer processes.