EFTXpress – or EFT Direct – the game-changing solution for Peresoft Software’s V2024, will be available for South Africa’s big four banks within the next month.
Peresoft founder and MD Bobby Perel says: “The response to the launch of EFTXpress has been very positive so far, thanks to the time it saves, its ease of use and the added layer of security it brings to EFT payments.”
EFTXpress will be available for all four of South Africa’s main banks within the next month, and Peresoft is adding to the list. “This feature is now available for Nedbank, Standard Bank and ABSA, with FNB to be set up within the next month," says Perel. “With certain banks, processing EFT payments using this system offers significant savings on bank charges. We will develop the interface for any client bank as required. EFTXpress also has the function to encrypt a file if the receiving bank requires it.”
He says: “The key benefits of EFTXpress are one-time set-up, real-time processing with direct Cashbook integration, and the only security you need is the Cashbook security. In addition, no rules are required to process it. The bank feedback is almost immediate. And because it’s through a Cashbook entry, there is no learning curve.”
EFT Direct, released at the end of 2023, is set to streamline EFT processes for around 5 000 organisations using EFTXpress for Cashbook. It brings secure, fast batch EFT capabilities to Cashbook and allows organisations to make batch payments to multiple banks, without anyone having to log into the individual bank accounts and import files manually. If authorisation is required, the batch payment can be suspended in Cashbook until it has been authorised by the necessary staff. The process is more secure than traditional methods, as batch payments are sent directly from Cashbook to the bank FTP or SFTP server, and staff no longer need to access the organisation’s bank account.
Once the bank has processed the EFT payments, EFTXpress imports the reference numbers generated by the bank, matches the payment entries to the EFT transactions in the Cashbook and updates the reference numbers in the Cashbook Bank Reconciliation to facilitate reconciliation to the bank statement.
EFTXpress is unique in that any errors are sent back from the bank, and these can be corrected and the payments posted again. When an organisation edits the error batch, the system automatically updates the vendor information, so errors are reduced over time.
Perel notes that while the speed of the process depends in part on the bank, EFTXpress dramatically shortens the time taken to process EFT payments. “Uploading is virtually instant. Traditionally, someone would have had to log in and go through each transaction manually. Now, all you have to do is batch post from Cashbook, review the response file and correct any errors, and batch post again. Checks have been put in place to prevent the risk of duplicating payments.
Perel adds: “These new features are digital technology redefined, and are available for both our on-premises and cloud versions of the software. Because these new features are so beneficial for Peresoft clients, the company has decided to make EFTXpress compatible with some of its previous versions of Cashbook too.”
Keeping Sage 300 Cloud ahead of the curve
Lemohang Radebe, Sage 300 Solution Architect AME, notes that Peresoft is a longstanding technology partner to Sage South Africa, and has developed applications that modernise the Sage 300 Cloud solution to meet the evolving demands of today's market.
He says: “This innovative development places Sage 300 ahead of the curve, aligning with South Africa's drive to lead Africa's digital economy. With the local banking system phasing out cheques, it's essential for ERP solutions to seamlessly allow for bidirectional integration with local banks. Peresoft's development not only achieves this, but also enhances security, leveraging Sage 300's robust security features.
This ensures adherence to proper business processes, from supplier creation to transaction reconciliation, with all stakeholders involved. Peresoft's EFT solution facilitates full digitisation of the procure-to-pay process within Sage 300 Cloud in South Africa. The solution eliminates manual processes entirely, providing a streamlined and efficient experience for our users.”
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