Cloud Connections: New SAP Cloud Products Simplify Financial Communication

All Financial Communication Directly over SAP

New SAP Cloud products are replacing almost all third-party financial communication software in the SAP system.

One contractual partner for SWIFT transfers, another third-party software for automatic account statements, another for credit queries, and yet another third-party software for credit card payments: Automating the various types of financial communication can quickly become a complex, and therefore expensive undertaking. Since the financial partners (banks, credit agencies, payment service providers) each have their own specifications for automated communication, a lot of third-party software or in-house development is necessary in the SAP system; not only for the initial setup, but also for maintenance of all these communication channels over the years. There must be a better way!

SAP Interfaces in the Cloud

SAP has now risen to this challenge with new, cloud-based communication centers. All communication from and to partners takes place via SAP Cloud, meaning that SAP is now responsible for implementation and maintenance of the various partner specifications. Companies just have the one interface with SAP Cloud, which is included with the SAP standard and requires no development effort. This represents a simple and future-proof solution that offers the same capabilities as the different SAP products below.

SAP Cloud for Credit Integration

Credit checking customers is more important than ever given the special economic challenges being faced because of the pandemic. SAP Cloud for Credit Integration supports the straightforward automation of inquiries at all major credit agencies in Germany and guarantees up-to-date information. The credit information is automatically added to the customer’s master data and, with the support of XEPTUM experts, is also available for automatic processing.

SAP Multi-Bank Connectivity

SAP Multi-Bank Connectivity is used for automatic communication with worldwide partner banks, both for incoming connections, such as account statements, as well as for any outgoing payments after release. The many different payment medium formats supported ensures extensive compatibility with all principal banks. To meet the special security requirements for bank communication, this solution has to be set up initially in collaboration with an SAP Onboarding Team, and, from experience, should therefore be scheduled with a few months’ lead time.  

SAP Digital Payments Add-On 

Following the months of retail store closures and the associated rise of online shopping, the opportunities offered by Webshops are becoming increasingly attractive to businesses. Whether for new or existing online shops, invoices are no longer enough; end customers expect a range of payment methods to be accepted. Accommodating these requirements is vital for any online business that wants to succeed. Automatic communication with payment service providers, both for credit card payments and other digital payment methods such as PayPal, is therefore essential. With the SAP Digital Payments Add-On, these processes can be managed directly from the SAP system. Since the supported payment service providers are not limited to Germany, international Webshops can also be realized with this solution.  

Implementation with XEPTUM 

Whether for introducing automation or to improve an existing implementation – the advantages of using SAP Cloud interfaces are obvious:

  • Everything is within the SAP standard with no third-party providers 
  • Setup with no need for in-house development 
  • SAP is responsible for ongoing maintenance and interface updates 

Contact us for an individual analysis of the possibility of implementation in your SAP system and to develop a roadmap together. XEPTUM is your reliable partner for all new financial technologies.