Data Sources

The payment orders or direct debits ready for dispatch can come from different sources. Single payments are either entered directly with all details via the user interface, or they are automatically generated in tm5 through actions in other modules. The  payment orders may be account transfers or netting payments, but also every other cash flow of cash management. Finally, the bulk payments from the local ERP system are processed. These can also be processed as discrete payments, which means that for all subsequent processing steps, it is no longer possible to view single payments. This is a vital function, particularly for payments to personnel.

Templates

To simplify the entry of individual payments, payment templates can be created and saved. Apart from simplifying data entry, templates also provide the option of pre-authorization. If an authorised template is used, the signatures which have already been supplied still apply. Payments can thus be made either with no further authorization or with significantly simplified authorization.

Authorization

Many banking connections require that the front end checks authorization. tm5 manages all payment order authorizations very conveniently and individually, yet in a way that is audit compliant. These authorizations are account-related and can be combined with limits on the amount in any currency. In consequence, a single person may be permitted to authorize orders up to 100,000, for example, but a joint authorization may be required between 100,000 and 5,000,000. For payments with a value of over 5,000,000, there may be no authorization at all. Apart from the amount, there also are time-related elements making it possible to assign rights for a limited time, e.g. for the duration of a holiday stand-in.

The rights the bank knows about are independent of the authorization rights that have been issued, as the responsibility for the authorization of the payment is managed completely by the company.

Transmission

tm5 has gone a step further in the authorization of payments. Owing to its being a Web-based system, tm5 has to contain the details of all payments. All payments can be processed by a variety of users, depending on their rights. Within this workflow, the step of dispatching the payment is particularly important. It is now exclusively managed by the treasury, without the treasury having to perform any verification or provide any signatures.

Payments by Order of a Third Party

The combination of the various rights and options available makes payments on behalf of other companies or departments a matter of course. Again, this is just a question of rights. Such Payments charged to a clearing account according to the rules in tm5. The bank account may be assigned by a completely different user. The account access is also rule-based and its execution is optimized. Due to the integration of the various modules in tm5, the third party's clearing account is directly debited and the funds flow correctly between the bank accounts.

More Information

Apart from bank statements in a variety of formats, any other files may be fetched from the bank and then passed on to a downstream system for processing.