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Our New Digital Banking Solution for IFS

Does your business have a bank account, and do you perform your digital banking within IFS? If yes, read on! 

Over the past few months, our development team have been busy working away to develop functionality which will make this process so much simpler for your finance team. In conjunction with our technology partner, Untied, we have been developing a product for IFS which will allow users to automatically download transactions direct from their bank to IFS, allowing for a much more streamlined business process. 

This short piece sets out the as-is process and presents a picture of the future using this software, highlighting the many benefits to IFS users and their businesses. 

What is the current digital banking process? 

The current process your business will likely be following will probably look something like this: 

  1. Log into the online banking portal. 
  2. Download daily bank statement, manually manipulate format suitable for import to IFS. 
  3. Manually create mixed payment or customer/ supplier payment. 
  4. Match mixed payment or customer/supplier payment to individual transactions. 
  5. Authorise and post mixed payment. 

This process would be repeated for each bank account – and in our experience, each company can have many accounts, spanning multiple banks across the world. 

Developing a new and more streamlined process 

The Cooper Software bank integration software looks to significantly streamline the process noted above. The new process is set out below: 

  1. A scheduled routine would automatically download transactions from each bank (based on stored bank login details) [No human input required]. 

  2. Each transaction would be imported into IFS, automatically creating the mixed payment/receipt [No human input required]. 

  3. The finance team would review the mixed payment/ receipt automatic allocations, and submit for authorisation. 

  4. Authorise and post mixed payment. 

Benefits of this approach 

As set out above, the streamlined process using Cooper Software’s digital banking integration software significantly reduces the steps required of IFS users to reconcile your many bank accounts. This yields many benefits: 

1. Significant time savings 

The reduction in time taken to reconcile your bank account(s) comes from the simplification of multiple steps. 

  • Negating the need for a member of the finance team 
  • to log into each and every bank account individually on a daily basis to download the transactions for
  • that day. This can provide a significant time saving, especially when the number of accounts and banking institutions increase. 
  • The automated creation of the bank transactions and matching within IFS, allowing the jump straight to the review stage which can promptly be passed for authorisation, reducing the need for manual payment entries – a massive time saver if your account has many thousands of transactions per day.

2. Reduced human errors 

  • Removing the necessity to manually download, manipulate then import transactions into IFS reduces error, is more secure and reduces the risk of users fraudulently manipulating transactions.

3. Better control of your balance sheet 

  • A by-product of the reduction in time to reconcile means that the account will likely be more frequently and promptly reconciled, leading to better control of receivables and payables. 

4. Integration out-of-the box with the majority of EU and North American banks. 

5. Low monthly cost and simple pricing structure, providing fast return on investment. 

How is this possible? 

From 2018, the Competitions and Market Agency ruled that the largest banks in the UK should allow technology vendors to access account-level data via APIs. This has

meant that many other banks in the UK and around the world have also adopted the requirement and allowed such access.
We have tapped into these banks using the platform of our technology partner, Untied. Although Untied as a company has its primary focus on saving time and money in the personal tax space, their platform has existing 

links with the majority of banks around the world. We have opted to go down this route to reduce our barrier for entry, with Untied already having an FCA registration in place. The Untied platform is secure, being based on the cloud, and indeed does not store any personal or banking data – it simply acts as a pass-through between our bank integration software and the banks. 

Development roadmap 

At Cooper Software we understand our products need to be future proofed and should not stand still. We have got an active roadmap for this product, however we always welcome customer input on this so if there is any aspect of the banking-related process within IFS you think can be streamlined through this product, please do get in touch! 

Learn more 

Get in touch to register your interest, understand how this could benefit your business further, and sign up for a demo! 

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