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Posts Tagged ‘banking’

Improved SDD management solution in Exact Globe Next

Written by Alexander Kutilov on . Posted in Exact Globe

SEPA Direct Debit (SDD) brings quite some number of new requirements for not only the software solutions but also for customer business processes.

The SEPA Direct Debit enables you, as a creditor, to make pan-European collections in euros on a one-off or recurrent basis. Launched in 2009, SEPA Direct Debit has increased creditors’ responsibilities, requiring to restructure processes and build in additional procedures. In many countries, the impact of the migration to the SEPA Direct Debit will be greater than that of the migration to the SEPA Credit Transfer.

Under SEPA Direct Debit, the creditor has to store original mandates, digitalize them and send mandate-related information with each direct debit order. Pre-notification messages have to be send before debiting an account. In most European countries it is possible to re-use existing mandates when migrating to the Core version, even though the migration to SEPA requires changes and new information has to be added. For the B2B version new mandates are required.

There are two separate versions of the SEPA Direct Debit:

SEPA Direct Debit Core (also known as Standard)
This version is used for collections from individuals and business clients. The refund period is 8 weeks for authorized transactions.

SEPA Direct Debit Business-to-Business (B2B):
This version is used for collections from business to business. There is no refund for authorized transactions and a stricter mandate checking process.

Exact has introduced SDD functionality for Business Solutions customers in 2010 in the Exact Globe Next product update 400. This functionality was initially available for customers, which banks are in the Netherlands, Belgium, Germany or Austria. This solution is being further extended for other SEPA countries as from Exact Globe Next product update 406. The SDD solution is also improved based on direct Exact customers feedback. Implementing these  improvements, Exact is actively involving customers into the development process with aim on satisfying most critical requirements in most convenient way for customers.  You may learn some more details about most recent improvements  in SDD functionality here.

Exact is commuted to further improvements in SEPA functionality. You are welcome to stay updated on further developments in this solution area through our regular postings on the Exact Product Blog.

What to expect from the Localizations team in PU 404?

Written by Elaine Chai on . Posted in Exact Globe

“Tax?”, “Localization?”, “Banking?” What comes into your mind when you think about these changes? The Localizations team!

As we have informed you earlier Exact Globe Next product update 404 is now in controlled release. As usual, we do have some fixed themes in every product update. From legal and localizations to banking and last but not least, direct feedback from our customers. All these changes have a direct impact on the customers around the world and our goal is to help them in their daily operations effectively and efficiently.  

Now, let us share some of the product update 404 highlights. From the legal side, you can expect deliverables such as changes in 2012 Intrastat statistical numbers for European Union legislationelectronic Intervat reporting and fiscal fiches report (Belcotax) for Belgian legislation, Electronic Intrastat reports for UK legislation,  Spesometro reports for Italian legislation, fiscal taxonomy field in the Import taxonomy screen for German legislation, and VAT Invoice for Indonesian legislation.

There are also some localization changes in the Netherlands, Germany, Spain, Portugal, Czech, Hungary, Romania, Russia, Poland, and China.

For banking, we set a lot of focus on SEPA compliant functionality. Here, we provide Dutch customers with up-to-date SEPA formats in accordance with general guidelines of SEPA Migration Plan in the Netherlands. More improvements are planned for the next product update. 

Besides, we do provide some bank format changes for countries like Germany, Italy, Poland, Singapore, Malaysia, Hong Kong, Denmark, Australia, UK, Sweden, Ireland, Slovakia, Romania, Finland, Canada and Hungary.

Lastly, we always want to improve our product based on your feedback. You tell us, we do it. In this product update, we managed to deliver changes such as running stock valuation process and import/export data in silent mode or via the task scheduler, possibility to select a printer when printing quotations, sales orders and purchase orders, and many more.

To view the complete deliverables in this product update, please click here.

What’s next? To share some highlights of product update 405, as a follow up to fiscal taxonomy in Germany, we will have e-Bilanz, an uploading XBRL reporting process directly to the fiscal government’s servers.

Meanwhile in Asia, we will have among others collective invoices for Japan legislation, 2012 Thai Withholding Tax, etc. Stay tuned for more exciting changes.

Localizations team to deliver around the world

Written by Elaine Chai on . Posted in Exact Globe

Happy New Year and best wishes to you in 2012! Localizations team has reached another milestone to deliver Product Update 403 which is general available, as you could read in the previous announcement.   

In product update 403, we have extended functionalities that support legal requirements and business standards, have built localization improvements for a vast variety of legislations and focused on developing electronic banking features. We have also delivered changes based on customer feedbacks  and addressed a number of enhancements related to roles & rights and fixed assets functionalities. These improvements are based on requests we receive globally and which are important to our customers’ daily operation and business needs.

Legal changes

 

Electronic data exchange submission between government and companies becomes a common process in more and more countries. Therefore, in this product update we implemented VAT related reporting electronically like:

Localization changes

 

 

In order to comply with the countries requirements, we have enhanced the current:

To find out more about the deliverables from the localizations team in Exact Globe product update 403, please refer to the Exact Globe 403: Localization & Cross-border Product update news.

Isabel Go integrated in Exact Globe

Written by Alexander Kutilov on . Posted in Exact Globe

I have already mentioned about our awareness of the growing demand of Exact Globe customers to have the ability to start sending payment and collection orders to banks online and receiving bank statements online and thus having banking information real-time available. Like I have announced earlier, as of the Exact Globe product update 402 Belgian Exact Globe customers can fully enjoy this automatic integration with the Isabel Go .

Isabel Go is a banking service provider, which facilitates banks and companies in Belgium in the exchange of bank statements and bank files. Its service enables companies to do all their banking transactions via one interface, such as sending all types of payment and collection files and retrieving bank statements from vast variety of banks in Belgium. By using the Isabel Go feature in Exact Globe, you can send and receive payments and account information directly to and from your banks. The Belgian bank formats, such as foreign and domestic payments/collections, SEPA direct credit transfers, SEPA direct debits as well as CODA bank statements are supported in this solution.

The functionality is presented in Exact Globe as an integrated part of its banking solution, for which Exact customers do not need to pay extra.

The solution is highly demanded in Belgium. Over 980 Belgian customers of Exact Globe, which licenses include electronic banking solution of Exact Globe, are able to start using the integrated Isabel Go feature right now.

Exact is now mentioned in the official website of Isabel as a business partner. This ensures further cooperation between two software vendors, which is beneficial for customers, who should not have any doubts that their demands on banking solutions will be satisfied.

You are welcome to stay updated on further developments in the area of cash flow management and electronic banking solutions through our regular postings on the Exact Product Blog.

SEPA…less than 100 days to go.

Written by Alexander Kutilov on . Posted in Exact Globe

As of February 1st 2014, existing domestic and international euro credit transfer and direct debit schemes will be replaced by SEPA Credit Transfer (SCT) and SEPA Direct Debit (SDD). Introducing SEPA is the largest payments initiative ever undertaken within Europe and will affect the 28 EU Member States, the three European Economic Area (EEA) countries and Switzerland and Monaco. The SEPA European legal framework requires banks as well as bank clients to use European payment standards.

On a practical level, SEPA means that you will be able to make fast and secure transfers between bank accounts anywhere in the euro area. As such, it will have a positive effect on both domestic and international payments, with consumers benefitting from new rules for transparent pricing and prompt transfer.

Effectiveness of the banking and cash flow management systems is expected to be much higher and relative maintenance costs of these systems will get much lower.

With less than 100 days left to go for euro area countries to migrate to the SEPA Credit Transfer (SCT) and SEPA Direct Debit (SDD) schemes, the changeover process is now entering a critical phase. In terms of the implementation of a solid SEPA-proof ERP solution, there are a number of key points to keep in mind if you are yet to begin. 

Reliable Sources of information: When preparing for a SEPA-proof IT environment and the uninterrupted continuation of financial processes, it is important to find reliable and relevant sources of information for all legal provisions, functional requirements and technical guidelines. The payment industry is one of continuing innovation, and it is important to ensure you are fully aware of the latest possibilities. Be sure to discuss the latest developments with both your software vendor and your bank before you embark on SEPA-proofing your IT. 

IBAN (International Bank Account Number): All domestic bank numbers will have to be changed to IBAN – a longer, harder to remember code. We recommend that the large volume of information you manage on banks, debtors and creditors is changed at once using one of the specially developed software tools available. Remember to also adopt IBAN information in the layouts of all relevant business documents. In short, it is important to remember that IBAN is not only integrated into electronic payment systems, but needs to be aligned throughout your business software.  

Electronic formats:  SEPA will go a long way to resolving the current problems surrounding the diversity of electronic payment formats available, as every bank will be required to follow the ISO20022 XML standard. However, don not take it as read that this will create perfect harmonization. The adoption of new technical standards is always open to a degree of interpretation. Some banks will view the guidelines differently than others, and may have small anomalies in the way they will handle the relevant formats. Many banks also continue to support various traditional electronic bank statement formats with SEPA extensions. Despite thick SEPA rulebooks on payment formats, these differences do exist and can potentially cause problems. As such, it is very important that your bank is fully informed of how your system operates, and confirms that it will accept the XML schemas your software will produce for electronic payment documentation.

SEPA is not a technical change: Many people believe that SEPA is simply a technical change – one affecting only the bank account number and the relevant electronically exchanged banking formats. This is not the case. SEPA brings a significant knock on effect across a range of related business processes. Companies, for example, face new choices regarding their payment and collection processes. Which banks should they choose to work with? How will they deal with reconciliation or the establishment of the SDD mandate administration? How does the business stay up to date with and benefit from the continual evolution of payment technology? What are the implications for planning and budgeting next year and beyond?

Exact offers practical services guiding you through the necessary changes in both: your software and business processes. Understanding your business processes, in combination with our solutions, can help ensure you consider the full scope of SEPA related issues and avoid unpleasant surprises next year.

Interested to learn more ? Please visit  Exact SEPA services website.  You may also want to learn how to update your Exact software with the latest version via a step-by-step guide.

Your feedback to this publication, including concerns and suggestions, will definitely be evaluated towards further enrichment of SEPA solutions in Exact Globe Next.

You are welcome to stay updated on further developments in the area of cash flow management and electronic banking solutions through our regular postings on the Exact Product Blog.

SEPA migration end date is clear … what’s now?

Written by Alexander Kutilov on . Posted in Exact Globe

Now that the end date for the Single Euro Payments Area (SEPA) migration has been agreed upon within Europe, the industry has begun to realize the challenges that it will face the coming years. The good news is that a clear target date is set. In the euro area, this will be 1 February 2014, subject to certain limited exemptions mentioned in the SEPA Regulation. The bad news is that many are still in the preparation rather than execution phase. It is indisputable that the migration to the SEPA will be a challenging exercise. Market participants still need to evaluate its impact on their day-to-day operations. Migration to SEPA standards requires careful planning. The relevant actions and resources should be identified as soon as possible.

In this article I would like to share a general overview of SEPA compliance statuses as well as some short term plans of Exact Globe Next functionality for customers in countries of EU Member States.

SEPA was generally introduced in the product update 390, in 2008, and has been constantly improving since then.

We have chosen a flexible approach, with which we have implemented and support SEPA Credit Transfer for all EU countries based on general ISO20022 standard guidelines in 2009. Since 2010 we continued with extending SEPA functionality for frontrunners countries: the Netherlands, Belgium, Germany and Austria based on their national guidelines.

We are committed to plans for improving SEPA support in Exact Globe Next for all eurozone countries during 2012 and 2013.

IBAN and BIC. Customers are able to maintain IBAN and BIC in cash instruments and in debtor and creditor bank accounts in countries of EU Member States. Furthermore, to facilitate better and faster migration of bank accounts data into IBAN and BIC Exact Globe Next offers automations of generating these values for some countries or importing IBAN and BIC to debtors and creditors bank accounts for other countries.

IBAN and BIC are also included in most of layouts. For example the Exact customer in the USA is able to manage IBAN and BIC data of French debtor bank account and print this information in the sales invoice.

XML ISO20022 standards. Being based on ISO20022 standard, SEPA guidelines are allowed to be extended at the national level. Changes in national SEPA guidelines are prevail. At the same time banks within the same country are allowed to follow national or strictly EU guidelines or even extend such guidelines. Bank extensions to guidelines are prevail. Implementation of national SEPA migration plans are dependent on such diversity. Communications regarding relative technical and functional specifications as well as the speed of SEPA development in each country are different.

SEPA Credit Transfers (SCT). SCT functionality is available in Exact Globe Next for all customers and for all legislations as soon as the cash instrument and the creditor bank account are within EU and linked to euro. The frontrunners countries are having much better support of their SEPA standards.

SEPA Direct Debit (SDD). SDD was introduced in the product update 400 in 2010. This functionality is available for all customers of Exact Globe Next and for legislations as soon as the cash instrument is in the Netherlands, Belgium, Germany or Austria and linked to euro and the debtor master data is provided with IBAN and BIC and the information of relative SDD mandate exists. SDD mandate management is necessary part of the functionality. Being generally compliant to XML ISO20022 standard, the structure and content of SDD are implemented based on its national extensions.

Bank statements with SEPA information. SEPA includes a definition of Cash Management (CAMT), the XML based generic bank statements structure. The introduction of this standard, at the moment, gets lesser priority compare to IBAN and BIC, SCT and SDD. Expiration time lines for currently supported bank statements are not yet clearly defined. Therefore the majority of banks extend their bank statements specifications so that remittance information of SEPA transactions can be identified for reconciliations. Currently we keep implementing changes in existing bank statements in different countries, based on their specifications.

SEPA is a topic that can be addressed in different ways than just compliance. Starting now gives some, although limited, time to plan for changes taking possible benefits into scope. It is important to recognize that the impact of SEPA implementation goes beyond Europe. Compulsory usage of the ISO20022 standard certainly will be later considered for a global roll-out outside the eurozone.

Exact Globe product update 403 is generally available

Written by Michiel Dorjee on . Posted in Exact Globe

As of today, Exact Globe product update 403 is generally available, which marks the end of the controlled release period which started in the mid of December 2011.

In Exact Globe product update 403 we have built localization improvements for a vast variety of legislations including: Germany, Belgium, Italy, Portugal, Slovak RepublicRussian Federation and Thailand. We also continued to develop features for electronic banking, please check this document under tab ‘banking’. Moreover, we have extended functionalities that support your legal requirements and business standards with a number of new features, among others:

Exact’s Warehouse Management Solution has been enhanced with a recount functionality that comes in handy when stock differences are too big, and auto fill picking queue and fulfillment that enable companies to pick sales orders without having to use the control center.

In addition, with Central Master Data Management (in extended controlled release) you can now easily centrally manage people, in follow-up of the earlier introduction of supporting accounts, items and general ledger accounts. Please watch this video to learn how to centrally manage people, you can also watch there series of videos about our CMDM solution.

In this product update we have also addressed a number of enhancements related to roles and rights as well as cash flow functionality in Exact Globe. Please check this document for more information.

We have also developed numerous features that are based on a direct feedback and suggestions from our customers:

For a full overview of all new functionalities, please refer to the release notes for product update 403 and the Product Update News page.

Should you have any questions regarding this announcement, please do not hesitate to comment on this blog post.

Exact Globe product update 402 in controlled release

Written by Richard Smits on . Posted in Exact Globe

As of today, Exact Globe product update 402 is in controlled release. This new product update is planned to be generally available by the end of September 2011.

In product update 402 we have introduced Exact Visual Scheduler to facilitate work of production planner in manufacturing companies. The Exact Visual Scheduler helps to make efficient use of the available capacity and improve order performance. It is fully integrated into Exact Globe as a standard module. 

SKU Management for tagging stock unit is now generally available. Please watch the video, to find out how this feature works in action. Also the Exact Integration which is generally available as of August, has new features in this product update, such as supporting the batch update of items and restoring database. To follow the previous announcements in which we introduced Central Master Data Management that supports accounts and items, as of this product update you can centrally manage General Ledgers between Exact Globe and Exact Synergy Enterprise (video).

We have also extended functionalities that support your legal requirements and business standards with a number of new features, such as taxation changes for GermanySwitzerland and Thailand. Based on our customers needs we have implemented in this product update, among others, the following new features:

For a full overview of all new functionalities, please refer to the release notes for product update 402

Should you have any questions regarding this announcement, please contact Bert Siekmann (Manager Product Management) at bert.siekmann@exact.com.