BSH performs bank file uploads and disbursement on behalf of clients through highly secure web-based banking services.
In addition, BSH has developed a highly automated process to eliminate human errors in raising funding requests and in disbursement to employees, authorities and third parties.
Following the client G2N sign-off followed by ‘Close payroll’ action by BSH, disbursement amounts in associated currencies (statutory and payroll) are automatically pushed to the Fund Request Engine to construct the Fund Request when generating the payment report and bank file. Reconciliation amounts from previous disbursement are automatically reconciled in the generated fund request. The fund request and bank file are automatically sent to the client under a pre-set naming convention with needed security.
Upon receipt of the fund, BSH finance releases the disbursements to the beneficiaries.
Aside from the money movement services, BSH has a disbursement service to perform the ‘first upload and audit’ of generated bank files into the client’s banking system. In this mode, clients maintain the responsibility of the final audit and release.
