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:
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:
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.