SAP Bank Communication Management helps implement various approval workflows for an organization’s payments before processing that Payment with the bank. An example is a workflow approval made by a payment manager for Payment due to a supplier. Once the manager approves this cash outflow, the AP person can initiate this transaction with the bank.
Payments to be initiated are grouped in a payment run, and these batches are triggered for workflows. SAP Bank Communication Management Integration services monitor incoming and outgoing workflows to track the cash flow within an organization. Therefore, the banking process is streamlined with Fiori reports for clear communication with the bank.
What is SAP Multi-Bank connectivity?
It is a cloud-oriented solution offering a multi-bank digital channel between SAP and banks. The advantage of the UK’s SAP Bank Communication Management Integration services lies in its embedded SWIFT connectivity. In addition, many prefer this solution since it has incorporated several security measures.
Who are eligible to use SAP MBC?
A certain set of SAP customers can move on to SAP MBC and SAP BCM. They are:
- SAP customers on ECC using SAP ERP 6.0 or higher version
- SAP S/4HANA Cloud customers
- SAP S/4HANA on-premise edition customers
What is new with SAP MBC?
Many customers will be able to interact with different banks regularly. You can send and receive multiple files from the bank.
When you want to communicate successfully with a bank, you must establish robust communication. It is possible with SAP MBC.
Bank communication was a norm even before the introduction of SAP MBC. But bank communication was cost-effective and convenient when SAP MBC and SAP BCM Integration were introduced.
The payment program (F110 or F111) runs and allows the download of payment media files that you can upload to an intermediate system which helps in the transmission of the payment file to and from the bank. This payment file generated is in the bank’s required format (MT100 or ISO 20022 XML). This process also allows encryption of the payment file before transmitting it to the bank for Payment.
