Cor Pay Solution The Corporate Payment Channel EGACH
- Slides: 9
Cor. Pay Solution The Corporate Payment Channel EG-ACH Direct Credit Copyright © 2012
EG-ACH Introduction o The Egyptian Automatic Clearing House (EG-ACH) is a nationwide Electronic Funds Transfer (EFT) network. o EG-ACH processes batches of interbank Credit and Debit transactions. o EG-ACH facilitates a wide range of (B 2 B, B 2 C, C 2 C) payments such as salary distribution, supplier payment, governmental payments, pension distribution and many more. 2 Copyright © 2012 Egyptian Banks Company
EG-ACH Workflow Originating Bank Receiving Bank Payers: Corporations Ø Corporate Payees: Individuals RTGS Ø Corporate Ø Individual Funds Movement 3 Copyright © 2012 Egyptian Banks Company
ACH Benefits for Corporate o Cash management q Initiate all payments from one bank to all banks q Business-to-Business payments (Supplier payments, Merchant payments) q Improves cash flow management o Reduces processing cost (No paper work, less time) o Easy recurring payments o Reduce domestic transfers transaction cost o Secure and cost effective mechanism to eliminate cash transfer risk 4 Copyright © 2012 Egyptian Banks Company
What is Cor. Pay? o Cor. Pay is a user friendly web based solution hosted at the bank in order to avail the following: q Transfer funds to all banks in Egypt q Track the payment online q Concrete workflow for corporate users q Eliminate manual operations 5 Copyright © 2012 Egyptian Banks Company
Cor. Pay Features Web Based User Friendly interface Bulk Upload Avail New Payment Channel Multi Level Approval Reduce Paper Work Authorization Matrix No additional investment needed Support Multi Bank Account Comprehensive Reporting Engine Ø Daily/Weekly/Monthly Report Ø Users Activity report Ø Ability to Search by: Ø Due Date Ø Beneficiary Data Ø Payment Status Ability to Integrate with ERP Easy Recurring Payment Real Time Payment Tracing 6 Copyright © 2012 Egyptian Banks Company
Cor. Pay Overview Corporate Payment System Response Payment File Upload Payment File EG-ACH Direct Credit ISO file eck Ch nt File me Pay Checker Pa Co ym nfi en rm t. F ile Maker Bank A Cor. Pay (Hosted at the Bank) Bank C Bank B Different Banks Confirmer 7 Copyright © 2012 Egyptian Banks Company
System Users Roles Corporate Users Maker • • Upload file Add Single transaction Edit and correct batches/transaction Forward to upper level Checker • Review batch • Reject batch/transactions • Approve batch Confirmer • Review batch • Reject batch/transactions • Approve batch/send to bank 8 Copyright © 2012 Egyptian Banks Company
9 Copyright © 2012 Egyptian Banks Company
