ERP integration: banks need to be at the heart of a company’s financial processes. Nowadays, most of these processes run via a bookkeeping or ERP (enterprise resource planning) system. In certain parts of the world, similar to Open Banking, companies find bank connectivity increasingly normal: the Nordics in Europe, India, Singapore and China are common examples. But even in these countries and regions standardization and plug-and-play are far from common practice.
Main challenges for banks are:
- Certain events on the company’s side are not yet registered in the ERP platform: e.g. offers and orders;
- There are many different ERP platforms in the world, so to connect with 2 or 3 will not suffice for a bank. Most ERP vendors do not offer open APIs yet;
- Most companies have configured their ERP in a specific way to make it fit with the way of working in the specific sector. Interfacing with certain common fields for population easily becomes a bespoke trajectory;
- Cloud based ERP platforms are much easier to integrate with than deployed versions;
- Having a holistic view on ERP connectivity. Each business line may have its own view or use case.
TreasurUp wants to be a front runner with both.
That means that it is heavily experimenting with Open Banking and ERP APIs. By doing that we gain a thorough understanding of the latest developments with which we can support our bank partners.
Curious about our viewpoints? We will be happy to set up a video meeting with you…!