FinTech software vendor IntegriDATA has announced a new integration between its CashWire system and Workday Financial Management, which the company says will help to speed up B2B payments by allowing the automatic generation of wire transfers.
IntegriDATA Treasury Property Manager Ted Haslam said the Workday program has become popular with clients and the company is “excited to offer them secure straight-through payment processing,” according to a press release.
“With the CashWire-Workday integration, Workday users will be able to instantaneously create wires and monitor payment status in real-time as wires move through the CashWire approval workflow,” Haslam said, according to the release. Both CashWire and Workday application programming interfaces (APIs) will be used in an “advanced two-way interface,” the company said.
Payment processing has become increasingly difficult in recent years as the number of banking and investment relations expands, adding more banking portals. That could lead to choppy, uneven workflows, with the number of different portals leaving institutions open to mistakes or fraud.
But, under the new integration, Workday invoices go into the payment step of their workflow and then a corresponding wire is created with CashWire, with the complete vendor details and invoice attachments included, the firm said. From there, the invoice’s status is updated until the payment is executed, at which point the system automatically closes the invoice.
CashWire was implemented in 2012 as a way to help hedge funds and other investment managers consolidate payment workflows efficiently with less risk.
CashWire’s other features include support for delivery methods including SWIFT, SFTP, API, secure PDF, advanced security controls, real-time intraday cash balances, security transfer functionality and standing instruction, wire template and account management.
Faster, more efficient payments have been a goal for companies in recent years as things move to a more digital plane and people see the options available. Particularly in the time of the coronavirus pandemic, companies are in need of APIs that can assist them in streamlining and improving workflows.