Know your file delivery options

Treasury Management
January 2015

The following article was originally published in Capital One Bank’s “Inside Treasury Management” client newsletter

Today, just about every business uses electronic banking in some form. It saves time and money when initiating payments, and with today’s digital transformation, provides the opportunity to send and receive enriched information that can change the way companies do business.

Capital One® continues to invest in new and innovative digital solutions, including the recent launch of the Intellix® treasury management portal and enhancements to our direct file transmission/file transformation services. These services, which enable clients to send a file of payment transactions directly from their internal financial accounting and treasury systems to the bank’s secure servers, are now easier to use than ever before.

Direct file transmission
With direct file transmission, a client sends a transaction file to a secure directory on its server that is restricted to uploading files to Capital One via a secure file transfer protocol. The file may be sent immediately or uploaded at a later date. Because authorizations and controls are part of the specialized software sending the file and under the client’s control, there is no need to establish processes for dual approvals or authorizations as there is with manual file uploads via an Internet portal.

Receiving file transmissions is just as easy and secure. Clients create secure download directories to receive files from Capital One, and those files are automatically processed by their internal systems. “If your company has more than 200-300 payment transactions per month, you are a prime candidate for direct file transmission,” says Dominick Della Penna, senior product manager for Online Services – File Delivery.

Two ways to do it
Companies with strong technology infrastructures usually have technology staff to write and maintain the software scripts to create transaction files and send them to Capital One. If they deal with several banks, it is easier for them to create the software scripts needed to communicate with each bank.

Clients that have the volume to benefit from direct transmission and have Capital One as their primary bank may be better served using OneConnectSM, Della Penna says. OneConnect is a software package that links a company’s computer to Capital One for direct file transmissions, eliminating the need for the client to create software scripts.

OneConnect works with most operating systems. It takes the transaction file authorized and generated by your internal systems and sends it to the bank at a predetermined time from a secure upload directory. In certain instances, it can also format the file for the client.

“Capital One offers its clients a variety of file delivery channels,” Della Penna says. “Our clients are growing, and we can support their file delivery needs as their transaction volumes increase.”