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Financial organizations aim to be more data-driven. You cannot succeed without breaking down data silos, so you need to connect all internal business-critical applications and systems for real-time data sharing and process automation. It's a challenging task, as there are a variety of internal systems that need to be connected: legacy systems, cloud-based applications, mobile apps, or fintech innovations. In addition to connecting all your data sources, an integration solution will act like a modernization layer to your legacy technologies, meaning you can better utilize them.
Connecting every disparate data sources will ensure that you will have all the information at your disposal in real-time.
Secure data sharing is essential for enhancing processes and ultimately your relationship with your customers. Ensuring that the right data is always automatically available for all the relevant stakeholders can mean serious improvement for your business.
Data integration helps to transfer data from one system to another automatically, so you can remove manual, error-prone processes. As different applications run on different data formats (EDIFACT, ANSI X12, JSON, XML, proprietary formats, etc.), the integration solution takes care of the data format translation to forward you the information that your endpoint can understand. During the data transmission, the integrated data quality firewall can validate all the information against your business rules and forward it back for enrichment if needed.
All your processes will be fully automated, traceable
When you need to exchange financial information with your B2B ecosystem, iPaaS can offer a modern solution for securely sharing information replacing traditional EDI tools.
Our integration solutions can connect you with your partners and fetch the accounts payable information data from their systems, for example, an ANSI X12 820. If necessary, the solution can transmit the data to the Automated Clearing House Network, and then deliver the information to you in your preferred format. As the last step, you will be able to send an acknowledgment message of the account receivable automatically to your partner.
The benefits of replacing traditional EDI solutions for a more modern one is the ability to connect with anyone regardless of the systems and applications they use, handle any data standards and data formats, and ensure the data quality if needed.
If you want to learn more, read the case study of a bank from the USA uses coneksion® managed integration services.
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