SVB has been a preferred bank over the years for many organizations, technological prowess being one of the major reasons for its popularity. Many of those are NetSuite users. Now with the collapse of SVB on 10th March 2023, tech users who were heavily dependent on the bank for its customer-vendor payments or employee payroll processing are suddenly wondering what it means for them. If you fall in this bracket of impacted NetSuite-SVB users, NetSuite has off-the-shelf solutions for many other banks.
Coordinate with your customers and vendors to declare the details of your situation, and set expectations of a couple of weeks for the new bank accounts to be active and fully configured within your ERP platform.
Users based out of the United States and Canada might think of banks like PNC, RBC and Bank of America for which NetSuite provides the facility of creating EFT, Positive Pay or Direct Debit file types, which can either be uploaded via your new bank portal or integrated directly with the bank.
Whereas for users in Europe with a high volume of international transactions, there are banks like HSBC, CreditSuisse, ABN AMRO which can be considered. The various file formats that are supported include BACS, Fast Payment .ISO20022 and more.
Besides payment processing, NetSuite has seamless integration capabilities with various Financial institutions that can simplify and create more efficient banking transactions and reconciliations, this can reduce manual activities by as much as 90%. Which results in more streamlined accounting. You can leverage the native bank feeds or use technologies like Cobase or Zone bank recon for introducing more automation in your banking.
Please get in touch with us to know more.
Authors: Parth Virkud (Partner, Berlin) & Sarbajit Bhatta (NetSuite Consultant, Berlin)