May 22, 2013
New Jersey, May 16th 2013 - Fundtech, a market leader in global transaction banking solutions, today announced the launch of the TotalTransact SuiteApp, built using NetSuite’s SuiteCloud Computing Platform. The new SuiteApp extends NetSuite’s capabilities with a cloud-based financial management solution that automates paper check payment entry, posting and remote deposit capture (RDC) for corporate accounting departments. The seamless integration of Fundtech’s TotalTransact SuiteApp provides NetSuite customers with a streamlined accounts receivable process.
The TotalTransact SuiteApp extends NetSuite’s capabilities with the first, integrated RDC application available to NetSuite customers, allowing users to scan checks for automated entry and post with optional matching to outstanding invoices. Users can then directly submit the items for deposit to their bank accounts, all within their NetSuite session. The solution is ideal for businesses that receive paper check payments and use NetSuite’s financial management functions.
“With a single, integrated process, businesses can reduce manual effort, eliminate errors and accelerate order management,” said Tim Gunderson, Director of Strategic Alliances at NetSuite. “Partnering with Fundtech, a leader in the RDC space, allows us to offer our customers a new and innovative way to reduce the time and cost associated with handling paper check payments”.
Key features and benefits of TotalTransact for NetSuite include:
- Automatically recorded, deposited and matched check transactions in NetSuite
- Visibility into returned items
- Time and money savings by eliminating the manual entry and posting of paper check payments and reducing the number of bank trips required to deposit checks
- Fraud mitigation and quality control tools that are compliant with FFIEC guidelines and backed by - Fundtech’s SSAE 16 standard data centres to ensure the solution is secure and that businesses can easily manage risk and meet audit compliance requirements
The TotalTransact SuiteApp for NetSuite leverages Fundtech’s secure and proven NetDeposit RDC processing platform, a solution used by thousands of financial institutions and businesses today. Fundtech’s NetDeposit customers can easily add the TotalTransact SuiteApp for NetSuite to their business services portfolio as an additional service.
“With the TotalTransact SuiteApp, corporate accounting departments are now fully supported with RDC capabilities, a ‘must’ in today’s competitive environment,” said Danne Buchanan, EVP of Fundtech. “With this partnership, Fundtech has leveraged its expertise in providing RDC solutions to financial institutions and corporate accounts, allowing NetSuite to offer customers the opportunity to expand their operating footprints and ultimately grow their businesses.”
Re-disseminated by The Asian Banker