Technology Consulting

BankLink^TMis a finance control tool that connects your ERP accounting solution and the Bank’s internet banking platform to streamline and automate the management of digital payments and collection for greater efficiencies and security. It acts as the secure bridge between the two independent systems to give businesses full control over how billing transactions are prepared, reviewed, and approved.

BankLink^TMworks with any accounting systems and all major Banks. By integrating accounting (AR and AP) processes between your business and the Bank, it also eliminates the need for tedious and error-prone manual data entry, the handling of voluminous paper payment vouchers or cheques, and helps you save on cheque processing costs.

Staff inputs AR / AP transactions into the accounting system

Higher productivity, One time entry, Streamlined process

Approver verifies and authorises the transactions

Enhanced internal controls, Minimise fraudulent transactions

BankLink - Batch processing with a click

BankLink^TM generates encrypted Bank's file for internet banking

Securely approve payments

Staff uploads Bank's file. BankLink^TM updates the accounting system

Cost-effective, Reduce processing costs

Happy SMEs

“Our employee productivity is much higher today; the same number of employees can handle a bigger volume.”

F&B Chain with 11 Brands

Happy SMEs

“Our AR and AP processing time was cut down from a day to less than a minute. We have peace of mind with standardised internal controls. Now, every transaction is secure and tracked so there will be no scams.”

Independent Education Institution

What is the primarily role of BankLink?

A Finance Control Tool developed by RSM Stone Forest IT (SFIT). BankLink^TM is a SaaS application that bridges the client’s accounting solution and the Bank’s internet banking platform to streamline and automate the management of digital payments for greater efficiencies and security.

BankLink^TM converts transactions from the ERP accounting solution into a payment/collection file format that is readable by the internet banking platform (i.e. the Bank payment file format). This eliminates the need for tedious and error-prone manual data entry. BankLink^TM also acts as the secure bridge between the two independent systems to give businesses full control over how bill payments/collections are prepared, reviewed, and approved.

How does BankLink integrates the ERP accounting solution and the Internet Banking platform?

All essential account profile information of your company, your preferred banks, and vendors are maintained in BankLink^TM.

To initiate banking through BankLink^TM, your ERP will need to convert the payment transaction into a text file (i.e. the Bank payment file format). This text file requires four mandatory fields - Vendor ID, Description, Payable Amount, and Value Date (Payment Date).

If you are using Sage 300 or Microsoft D365 Business Central, there is ready API integration that imports these transactions into BankLink^TM to generate the Bank payment file in accordance to the predefined import format.

Does BankLink supports ALL ERP accounting solutions?

BankLink^TM supports all major ERP accounting solutions as long as it can export payment/collection transactions into a text file.

Ready API connectivity is available for Sage 300 and Microsoft D365 Business Central.

Are all the payment methods provided by the bank supported?

BankLink^TM supports GIRO, PayNow, and TT payment methods.

Where are the Vendor Bank Account details maintained?

The “Vendor Master” module in BankLink^TM captures vendors bank account details. You can edit, add or remove vendor profiles here.

If there is a need to upgrade or change ERP accounting solution after BankLink is implemented, can it still work?

Yes, as long as the new ERP accounting solution is able to generate the file format required by BankLink^TM – i.e. with the four basic fields, Vendor ID, Description, Payable amount and Value date (Payment Date).

Does BankLink allow different levels of user access?

Yes, for added security, BankLink^TM allows conditional access to information, where user access rights are granted based on their assigned roles. Approvers in BankLink^TM will have the right to configure master data and transactions.

Where is BankLink hosted?

BankLink^TM Cloud is hosted within RSM Singapore’s network.

Why is there a need for Simple Mail Transfer Protocol (SMTP)?

SMTP is used to send email alerts to the appointed personnel should there be issues with the API synchronization via a Scheduler between Sage 300/ Business Central and BankLink^TM Cloud for Master data.

What is the architecture of BankLink Cloud?

Users access BankLink^TM via a secure and direct connection on the web browser. With its user-friendly web interface, BankLink^TM allows users to easily access, view, and export bank import file - anytime, anywhere.

The ERP accounting solution communicates with BankLink^TM via a secure API to exchange data. All interactions occur over a secure network, ensuring seamless and consistent data exchange.

What are the data security measures in place?

Encryption for data-in-transit.
Network firewall, web application firewall (WAF), and Intrusion Detection Systems (IDS)/ Intrusion Protection Systems (IPS) to monitor and protect against external malicious threats.
Mandatory Multi-Factor Authentication (MFA) as an additional security layer to prevent unauthorised access.
Strict access controls to ensure only authorised users can access sensitive data. This includes the principle of least privilege access, where users are given the minimum level of access necessary.
Continuous remote monitoring to proactively detect and respond to suspicious activities promptly.
ISO/IEC 27001:2013 certified - International information security controls in place to ensure robust security, compliance, and risk management standards.

Is there data backup? How is data backed up?

Yes, data is backed up on premise with encryption in RSM Singapore Office.

Weekly backups are transferred to tape for off-site storage.

DID YOU KNOW?

The Monetary Authority of Singapore (MAS) sets out plans for Singapore to be cheque-free by 2025. As corporate cheques phase out: What does it mean for businesses?

Phasing out cheques is not endgame for businesses – instead, this curtain call would open three more doors for you.

Significantly reduce expenses associated with cheque processing
Since 1 November 2023, the Domestic Systematically Important Banks (D-SIBs) have implemented charges for clearing cheque issued by both individuals and corporates, while other banks will do so by July 2024.
Enjoy near-instant payment and receipt of funds
What would normally take about 2 to 3 business days to process can be done in minutes. Manhours previously spent on administrating cheques can now be meaningfully redirected to other work areas.
Do your part in saving the earth
Go paperless. A business’ green efforts – from its supply chains to financial practices – may influence today's more earth conscious customers to support your company.

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