We are getting proposals from different banks. They had the following questions that I was hoping could get answered quickly as they want to get a proposal to us.
Can IFS do the following (and does it matter if its Apps9 or Apps10)? We are in the midst of upgrading
• Can IFS accept a ANSI 820 EDI or Lockbox BAI – This will help us better understand if IFS can ingest the industry standard files or what alternatives it needs for cash posting & reconciliation.
o If no, what formats can it ingest?
• Can IFS produce an ACH NACHA file, XML/ISO 20022 – Leverage industry standards to help migrate payments from paper to electronic with greater control and oversight.
o If no, what formats can it produce?
• Can IFS ingest a BAI or MT940 – Automate the reconciliation process with previous day data.