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Payment Automation

Proven results with the Facta Vera payment Automation

Facta Vera's flagship payment automation application gives businesses a comprehensive and easy to use solution that will seamlessly and securely migrate you to MICR cheque printing, ACH/EFT transactions, Positive Pay, FEDI and wire payments, and electronic remittance delivery (web, email or fax) through a single tool, and all data reports and audits are also centralized.

With Facta Vera, not only will you reduce the cost of processing and bank charges, your AP staff will have more productivity and less time will be spent on menial tasks.

Comprehensive payment solution

Point-and-click processing for all forms of payments
Unlimited bank specifications, companies and ERP/Financial system interfaces
Open architecture delivers unmatched customization that fits your unique process requirements
Data reports, audit trails, history reports all at your fingertips
Plug and play interfaces to ERP/Financial systems and bank specifications
Simple and quick to install

Features

Forms of Payment MICR Cheque Printing
Positive Pay (Payee Match)
Electronic Funds Transfer (ACH & EFT)
Financial EDI
Electronic Remittance Advice Delivery (ERA)
GL Upload conversion
Reporting Data File Report
Audit Trail Report
History Report
User log report
Custom Reports
Security Multi-layer user privileges
Segregation of duties
System security key
Automated decision making
Encrypted setup files

Benefits:

MICR Cheque Printing

Security Benefits

Moving your cheque processing to blank cheque stock immediately increases your payment process security as you are not managing and tracking negotiable documents. Only when a registered user logs in Facta Vera and releases the approved ERP/Financial system payment run will the stock become negotiable and only to the correct vendors.

User Authorities: Facta Vera allows the administrator to define who can access design as well as print / merge functions. You can also assign authority levels to different stored signatures based on check amount.

Hardware Security Key: To maximize security, Facta Vera provides a software security key, which which all users (including administrator) need in order to run the system.

Positive Pay/Payee Match: Facta Vera produce Positive Pay file to any bank specification, which will drastically reduce the risk of fraud and company financial losses. Facta Vera can also meet the new Payee Match specification provided today by most major banks.

GL Upload: Facta Vera can also automate your reconciliation by importing your bank cleared files and converting them to your ERP/Financial system upload specifications.

Signature Security: Multi level thresholds and sorting can meet your process requirements surrounding auto-signatures. File are encrypted and only evoke by the system is thresholds are meet.

Audit Trail: All payments are recorded in the Audit trail, providing a hard track of all payments, including who, when and what. Furthermore, you can drill down in the audit trail to get specific information.

Time & Cost Savings

Facta Vera will deliver significant benefits in cheque printing management, cost savings, and minimizes human error.

Reduce the cost by purchasing less expensive blank cheque stock.
Maximize your discounts by purchasing a single stock rather than managing multiple accounts.
Eliminate the need for spoilage due to changes, since our system can process all cheque information.
Eliminate multiple inventory management, and reduce the time and multiple steps your staff usually takes to process pre-printed cheques.

ACH/EFT processing

Independent research with companies that have studied the costs associated with their payables has revealed that costs range from $15 to $25, and even up to $50 or more to issue each cheque. Three different areas comprise the cost of processing paper payments: direct, time and labour and opportunity.

Direct Costs

This is the most obvious cost, and the simples to review. The paper payments have a much larger cost of creation vs. electronic. These include cheque stock, envelopes, significantly higher bank transaction charges, postage/courier, printing, sorting, etc. Replacing cheques with electronic funds transfers (EFT/ACH) will reduce or eliminate most of these direct costs.

Time and Labour

The largest costs are clerical and handling. Simply having AP staff printing, sorting, stuffing/folding, stamping and delivering, is time consuming, especially since their time can be much better utilize. If you take the time to examine how much time it takes to perform the tasks and the cost of labour involved, you quickly equal what the independent studies have already concluded.

Opportunity Costs

From penalties for pate payment, to missed discounts and additional discounts many vendors give to receive payments electronically, opportunity costs can be substantial.
Our payment automation solution will help you seamlessly transition from paper to electronic. As more vendors sign up to receive payments electronically, less paper cheques will be processed. You will not be adding layers of processes to your AP staff and software tools to generate payments, you will only have ONE.

Electronic Remittance Advice Processing

Without an automated process to present your employees and vendors with comprehensive remittance information, there is no need to move the EFT/ACH payments. Facta Vera will automatically present full remittance information and deliver it via web, email or fax, drastically reducing the time and cost of processing, and meeting your employee and vendor requirements.

For AP staff

AP staff need solutions that make their jobs easier, not more complicated. Facta Vera gives them a powerful processing capability without a need for decision making. Interfacing to your corporate ERP/financial system, payments will be processed as tagged, in real time. No more multiple inventories, multiple systems to process different payments, etc. Point and click and your payment data is processed and presented.

For AP Manager

Managers need control over the payment process and efficiencies to unload the burden of their staff (especially with mindless tasks of stuffing, folding, sorting, etc). With a multi-layer process room for error is great, and Facta Vera system will help you take control of your payment flow and distribution. Facta Vera will process payment files from your ERP/Financial system straight through, there by eliminating decisions by staff and auditing the process.

For Executives

Executive need visibility and control over the payment process. Facta Vera provides multi-layer security, data reporting, comprehensive audit trail and segregation of duties. Executives can be confident that they have exceeded due diligence requirements. By automating the payment process and meeting all forms of payment requirements, they are also assured their vendors and employees are happy with timely payment process and convenient access to remittance information.

Download the Quick Facts Datasheet (.pdf)
     
     
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