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Automating and Streamlining the Electronic Fund Transfer ( EFT) in Oracle NetSuite
A leading Cyber & Cloud Consultant from the Middle East was facing a big problem: They were receiving tons of payments via EFT and digital modes, and they were spending a ton of time and resources to verify each and every payment.
They contacted us at Inspirria Cloudtech to streamline this tedious process, and to induce automation. Since they already used Oracle NetSuite ERP, we developed a powerful, scalable, and more importantly secured system for processing all electronic funds transfers, automatically.
We did this via a SuiteApp called SFTP (Secure File Transfer Protocol) Connector, which is based on the Oracle NetSuite framework, and highly secured for processing and streamlining electronic funds transfer by directly integrating with the bank servers.
In this blog, we will showcase how it’s done, and its benefits/USPs.
What Is a Secure File Transfer Protocol?
SFTP or Secure File Transfer Protocol is a Connector SuiteApp, that enables businesses to directly transfer all payment-related information, and files from Oracle NetSuite to the bank servers.
In layman's terms, the SFTP SuiteApp forms a connection, a bridge between Oracle NetSuite and bank servers. Hence, the files present in the bank servers can be downloaded directly to the Oracle NetSuite deployment, and vice versa.
Prominent Features Of SFTP SuiteApp
- Transfer files stored in predefined folders inside your local file cabinet to the SFTP server’s predefined file folders.
- Once a file has been moved from one location to the other, the system automatically generated a backup by moving the same file to the processed folder (in the same cabinet)
- The auto-backup feature works only when the bank provides Delete and Upload permissions for the associated files.
- Bank server details need to be properly configured for enabling the transfer of payment files.
- Both manual and automatic transfer of payment files from Oracle NetSuite to bank servers ( and vice versa) can be configured, based on the requirements and needs.
- Automatic transfer of payment files (both inbound and outbound) can be scheduled as well, at a particular time and date
- Real-time payment processing between bank servers and your business via NetSuite connector.
- It also supports Bulk Payments and checks if there are any duplicate payments
- Bank Reconciliation to track and monitor electronic funds transfer via a separate report
SFTP Connector SuiteApp: How Does It Work?
Developers who are working on Oracle NetSuite need to first create a decryption configuration record, for decrypting the payment files received from the bank servers, or any other encrypted medium.
This decryption is done via Forge Method.
The files encrypted via Forge Method can be only decrypted via SFTP Connector SuiteApp.
For this system of seamless bank transfer to work, the developers need to properly define and mark entities such as username, password/key, URL, port, upload/download directories, host key and host key type.
The bank servers’ host key changes, maintenance, and failover need to be mapped out for handling the exceptions and errors. The compatibility of SFTP ciphers supported by NetSuite can be checked here.
You can find the complete steps of establishing an SFTP connection between NetSuite and bank servers right here.
Consult with Inspirria to find out how we can help your business to streamline and optimize all electronic fund transfers via Oracle NetSuite SFTP Connector SuiteApp, and take your business to the next level of digital transformation.