LINE-X plugs into smart fintech and bank solution
LINE-X was looking for automated solutions to drive efficiency in its accounts payable (AP) and cash management functions in order to reduce time spent on manual processes, minimise errors and reduce costs.
After scanning the market, LINE-X decided to participate in a pilot developed between J.P. Morgan and FISPAN, a services management platform that allows banks to deploy new business banking products rapidly.
The solution offered a direct integration into J.P. Morgan products and services directly from LINE-X’s ERP NetSuite through an embedded plugin. The integration offered LINE-X the opportunity to automate its processes without any technical resources from LINE-X for the implementation or maintenance of connectivity. In particular, with the implementation of the bank’s plugin, LINE-X was able to leverage its cheque print functionality whereby the bank prints and mails cheques to LINE-X’s vendors, with all payment initiation occurring directly within the plugin. Another part of this solution brings LINE-X’s account balance and transaction detail information directly to the plugin, enabling a more streamlined reconciliation process. This solution not only reduced time spent on manual processes, but also reduced errors and significantly reduced costs.
Best practice and innovation
The LINE-X team demonstrated a commitment to innovation with a willingness to test new fintech solutions and participate in agile development. LINE-X began participating early during the pilot to ensure their feedback impacted the design of the solution.
As early users, the LINE-X team provided invaluable feedback on additional functionality being developed and piloted.
As a result of adopting this solution, the LINE-X treasury and accounts payable team has streamlined their workflow. Instead of having to switch between their ERP and bank portal, they are now able to conduct most banking activities directly within their ERP and no longer need to complete the manual process of initiating transactions in a banking portal or preparing a payment file.
Early estimates of the cost savings associated with implementing the cheque print solution through the plugin alone are around 17% versus printing and mailing cheques in-house.
Additional savings resulting from reduced time spent on manual processes and reduction in errors, will likely drive the savings up over time. LINE-X will also have the opportunity to implement additional functionality as it becomes available and will derive further benefits in due course. As the bank and fintech develop more functionality LINE-X will have the opportunity to derive additional benefits quickly from the solution.
“Our treasury team at LINE-X exemplifies a commitment and eagerness to work with a bank and fintech to co-create an innovative and unique solution. The plugin for NetSuite which brings J.P. Morgan products and services directly to our ERP, was assisted by the team who provided continuous feedback, which helped refine and enable development of additional functionality,” explains Loyal Hartman, VP of Finance.
LINE-X was able to reap the benefits of a more streamlined payables process and reduced cost without having to secure highly sought-after internal IT resources.