The Commercial Bank of Ceylon has launched Host-to-Host (H2H) payment services for corporate clients as the latest addition to ComBank Digital Enterprise Solutions – the Bank’s comprehensive and powerful suite of cutting-edge digital banking solutions for SMEs and corporates.
H2H is an automated and secure solution that integrates directly with a corporate client’s Enterprise Resource Planning (ERP) system, and isdesigned to facilitate the electronic transfer of data between banks and their corporate clients.
This technology eliminates the need for manual processes involved in payment transfers and reconciliations, making overall transaction management more efficient and reliable, the Bank said.
An automated solution for high volume data transfer between banks and corporate clients without having to sign in to a banking app or a web interface, the H2H solution permits clients to generate and transfer files in standard industry formats such as XML or CSV, through a secure channel set up between the client’s ERP system and the Bank’s H2H platform. The system supports a variety of ERP platforms.
Commercial Bank’s AGM, Digital Banking, Pradeep Banduwansa said, “ComBank Digital Enterprise Solutions with secure Host-to-Host integration represents a unified platform that supports business growth and digital transformation.
“H2H opens up a world of opportunities for them to seamlessly conduct bulk transactions and automated reconciliation of payments between the ERP system and bank statements with enhanced efficiency and security, and offers instant access to all the data they need,” he said.
Banduwansa said Commercial Bank’s H2H solution is tailored to enhance business capabilities by streamlining processes such as payments, collections, bulk file transfers, and reconciliation, all of which are critical for corporate clients handling large volumes of data. Besides payments, the solution encompasses data transmission to automated reconciliations, bank account inquiry through the ERP system without logging into a system of the Bank, LC transmission and processing of various requests from the Bank.
Several corporate clients of Commercial Bank have already integrated their ERP systems with ComBank Digital for H2H services, he said. H2H connectivity solutions incorporate security measures such as encryption, digital signatures, and secure communication protocols and give the bank the flexibility to exchange information in corporate clients’ preferred file formats, network protocols and security standards on a 24×7 basis.
When payment files are transferred via H2H, they are processed in real-time by the Bank, whether the transactions are to accounts within Commercial Bank or to accounts in other banks. The process includes two primary authorisation methods.
The automated processes eliminate manual intervention, reducing the risk of errors and ensures that transactions are processed quickly.
