Users access the platform either through secure web browser connections or by linking existing IT and operational systems (accounting/billing, ERP/Treasury Management) with the ENPAY APIs available on Finologee’s secure API portal.
All users log in via a highly secure yet easy-to-use process using either specific ENPAY credentials and second-factor authentication through Finologee’s Authenticator (a mobile App for Android and iOS), their existing Luxtrust certificate, or their corporate user authentication framework that is connected to ENPAY (OAuth2 protocol).
Once connected, users can create
Payments and counterparties can also be uploaded using batch files – standard Excel templates are provided directly on the platform. These transactions and counterparties are then approved by authorised signatories who also connect to the ENPAY interfaces, typically upon receiving email or SMS notifications. The ENPAY platform caters for complex approval processes, with signatory rights depending on accounts, amount, specific signatory group membership and other factors.
Alternatively, outgoing transactions can also be submitted through the ENPAY APIs without the need for human interaction or authorisation (unless such an authorisation process is part of the setup). This capacity allows for end-to-end process automation designs, interconnecting the ENPAY clients’ systems with the clients’ bank accounts.
Transactions are transformed into SWIFT messages by the ENPAY platform and routed to the account holding bank via Finologee’s own SWIFT connector/BIC over the SWIFT network. The banks operating the users’ connected accounts need to pre-authorise this type of message receiving capacity based on their internal standard process (Power-of-Attorney to establish the SWIFT RMA with Finologee).
Users are able to monitor the progress of a transaction and its current status at any time, from creation to execution by the bank, with the intermediary processing and authorisation steps, and retrieve comprehensive audit reports detailing every single action and step. The platform also provides detailed and aggregated views of all transactions on all accounts, with the ability to download statements and visualise balances based on the data stemming directly from the banks’ systems.
The number of accounts and banks that can be connected to ENPAY is virtually unlimited: ENPAY clients may choose to process all their payments and bank accounts using ENPAY as their single centralised payments gateway.
Almost all banks are connected to the SWIFT network and thus able to provide the right type of interconnection to make their accounts accessible via ENPAY.