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Treasury and Payments

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Global Business

Considering EBICS for Global Cash Management

Germany’s domestic banking communications standard is finding new purpose as a secure and flexible cash management solution for growing European multinationals.


Finance leaders at European-based multinationals are taking a fresh look at Germany’s Electronic Banking Internet Communication Standard (EBICS) as a secure, flexible and affordable way to manage cash abroad. 

It’s a growing global use for EBICS, which became Germany’s main internet-based domestic banking communication system in 2008. Since then, France, Austria and Switzerland have adopted EBICS to enable easier communications between banks in those four nations.

EBICS has long been recognized as easy to use and easy to integrate with most enterprise resource planning (ERP) technology and treasury management systems (TMS). Increasingly, it’s helping small and midsized multinationals with relatively low numbers of cross-border transactions simplify their global banking. 

While the EBICS network has won admirers for its plug-and-play functionality, taking EBICS global may require a bit more expertise from a digitally advanced banking partner. The goal is to customize its capabilities around the volume and types of global transactions companies anticipate now and in the future.

Here are some of the advantages that EBICS offers domestic and global cash management functions: 

  • Affordability: For European multinationals with relatively few cross-border transactions, using a single platform for all domestic and international bank communications can save employees time, decrease system complexity and reduce SWIFT fees.
  • Compatibility: Currently, global ISO 20022 standardization is underway to unify electronic data interchange for banks around the world, and this incoming protocol is designed to use secure XML and ASN message formats. EBICS was designed to work with many different formats, including XML, HTTP and TLS. Such flexibility may be attractive for finance and treasury departments looking to enhance existing digital processes post-pandemic.
  • Scalability: As more businesses and banks explore the future of digital automation to improve growth and efficiency, EBICS adoption can help companies consolidate and streamline their banking structure as they grow globally.
  • Security: EBICS uses digital signatures and encryption procedures to maintain effective data security protocols.  
  • Accessibility: Businesses and banks find EBICS useful as a single point of entry to all business transactions and cash management activities. 

 

Where Global Payments Expertise Matters

The best transmission protocol is one that fits the current and long-term needs of your business. While many local banks have marketed their EBICS solutions as plug and play, it’s important to determine whether self-install options will scale with your operation. 

The right global banking partner can go a step further. While EBICS provides an easy-to-use and customizable gateway to manage and scale global payments, choosing a banker who can assist with installation and future use is essential. 

Before you commit to a communications standard for global transactions, consider these questions for your treasury team, senior leadership and, most importantly, your bank:  

  • Will the types of global payments your organization makes and receives work best under the EBICS platform?
  • Do your internal and external support teams, including your bankers, have the digital know-how and global experience to help you decide the pros and cons of EBICS adoption and assist with initial installation and ongoing customization should you need it?
  • Will the EBICS platform scale with the future needs of your business?

EBICS represents just one opportunity to launch or streamline your global banking operation from an easy-to-use, scalable platform. Working with an experienced banking partner with deep experience in technology and an understanding of international markets can help you make the best choice for your global payments.

Multinational Corporations Smarter Payments Large Corporations Midsized Businesses Global Business

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