Infor M3 Bank Integration: 7 Reasons Why You Need To Get Connected

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David Wu

Delve into the benefits of banking integration to help you understand how you can resolve outstanding banking-related issues for your business.

Are you thinking about an Infor M3 bank integration? You’re not alone. As the fintech age rises, 46% of people now exclusively use digital channels to manage their finances. For enterprises looking to optimize their business operations, integrating banking with their ERP system makes a lot of sense. 

Read on as this post delves into the benefits of banking integration with Infor M3, giving you the insight to see how this approach can help you resolve banking issues for your business. We’ll also highlight some typical use cases to see how this type of integration can fit into your existing business operations.

How An Infor Bank Integration Can Benefit Your Business

ERP software is not just a data repository. Enterprises can leverage an ERP solution, like Infor M3, to improve how their business manages finances.

Here are seven benefits of Infor bank integration:

1. Improve business operations with automation

You can use integration to accelerate productivity in your business. Given that integrations are a core aspect of mobile-first design, making this move will shift your business toward a better-connected tech stack. By bringing banking and financial functionality to your ERP, your team will benefit from improved compatibility. 

These integrations enable greater automation capabilities, such as continuous analytics and automated accounting tasks driven by artificial intelligence (AI).

2. Simplify payments across your organization

When you have Infor bank integration, your business can quickly process EFT and ACH electronic payments between clients, partners, and stakeholders, locally and internationally. This includes ACH, EFT, SEPA, and other standards. We can also accommodate outsourced checks, positive pay files, wires, and central credit card payments.

3. Eliminate human errors and improve workforce capacity

Automated banking integrations allows you can free your team to focus on reviewing and planning rather than data entry, which in turn improves efficiency and workforce enablement. Automating repetitive or tedious tasks minimizes the risk of human errors, which typically happen when employees are overwhelmed by backlogged tasks. Thankfully, automated computers never tire, never need a break, and—if configured correctly—never make mistakes.

4. Make your business more efficient and cost-effective

Many large enterprises lose a lot of time and money because of inefficient source-to-settle cycles. With an Infor bank integration, you can automate your source-to-settle activities for shorter application/tracing times and improve your cash flow cycle. Faster payment cycles through electronic payments allows you to take advantage of discounts and get an accurate sense of bank cash position. Combining both integrations, your business will cut costs and optimize your inbound and outbound financial streams. 

5. Access advanced analytics to support key decisions

One of the best benefits of an ERP system is how it offers businesses a central dashboard to get a holistic overview of what matters. As you add an Infor banking integration, you’ll have an expanded ledger dimensionality that offers more in-depth analytics and intuitive reporting. Ultimately, this user-friendly interface provides crucial insights and supports smarter business decision-making.

6. Leverage real-time financial monitoring

Another consideration is real-time intraday liquidity monitoring, which gives you 100% visibility into cash positions and payments across all your banking and financial relationships. This view of your finances is especially useful for any enterprise operating in multiple countries and currencies.

7. Enhanced security and safety

Security is paramount in banking. When you introduce integrations, you must be confident they will not compromise your business, customers, or partners. When you have Infor bank integration, all information is transmitted via a secure channel that makes it impossible for hackers or unauthorized third parties to gain access or manipulate the data. With this end-to-end encryption, you can be sure that the sensitive data will remain secure.

Common Use Cases for Infor Bank Integration

Typically, businesses can find suitable applications for a banking integration in either their inbound financial stream or the outbound stream. 

Outbound stream use cases

To take outbound streams first, we need only look at the rising e-commerce industry as a good example. 

Whether you’re a brick-and-mortar store in transition, a new owner of a dropshipping site, or an established enterprise with an international supply chain, having a platform that offers reliable, efficient e-commerce functionality is essential for your business to remain competitive nowadays. 

Inbound stream use cases

If you’re looking for integration options in your inbound stream, you might fit one of the following common use cases:

  • Automatic application of payments through a lockbox. This approach allows for fast payment processing, improved accounts receivable operations, and an accurate cash inflow.
  • Accept and process banking-specific files from the EDI side. For example, a Debit/Credit Adjustment (EDI 812) or Payment Order/Remittance Advice (EDI 820). With integrations for banking, you can utilize these EDI documents when the lockbox is already in use.
  • Take payment from file from the connected bank. In this case, accounts receivable staff will review instead of doing a manual data entry process.
  • Multi-tenant check clearing. Automatically clear sent checks with a bank file. Minimize time lag and uncertainty of payment receipts.

How Doppio Can Help Your Business Deliver Banking Intelligence

Understanding how Infor bank integration can help is a great start. But even if you have an idea of whether your business can implement integrations in your inbound or outbound stream (or both), taking action can seem a little daunting.

But you shouldn’t worry or miss out altogether just because you’re unsure of how to get started. Doppio Group can help any business currently using Infor M3 or any company wanting to migrate to Infor M3—regardless of your industry.

Here are several advantages of working with Doppio:

  • ACH (US) and EFT (CAN) payments
  • Positive pay files (US)
    • Outsourced Check Files
    • Wire Files
  • Custom APIs for both outbound and inbound banking files.
  • Multi-tenant migration including upgraded functionality and enabled check clearing
  • Dashboard service
    • Enhancement of what already exists in Infor M3
    • One-click high-level view for accounting and finance analysis and decision making

Doppio has supported banking integration and financial functionality for many high-profile Infor M3 clients, including JP Morgan Chase, PNC, Wells Fargo, and Royal Bank of Canada, to name a few. 

With our expert team of dedicated Infor M3 consultants, we can help your business deliver banking intelligence across your entire organization as well as all its partners and stakeholders. 

Wrap Up 

We live in the age of integration. By connecting key technologies, your business becomes more efficient, saving resources, time, and money. As you automate workflows and improve analytics, your team will have the time and information to devise more precise business forecasts and better strategic planning.

Ultimately, Infor bank integration enables you to provide key stakeholders with a better user experience.

Get in touch with Doppio Group by filling out the contact form to see how we can help you succeed with Infor M3 banking integrations.

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