DOKA-SaaS New features and enhancements

Version 2.3 introduces a number of new features that we are pleased to share with you. 
The following sections provide a highlight of those, with links to more detailed articles should you wish to dive deeper.  Enjoy reading.

1. Reference Number Configuration changes for all Business transactions:

Reference numbers are unique identification numbers for all business contracts.

These contract references are allowed to modify only at source code level earlier in the system. But now with the latest change the user is allowed to configure this reference numbers at the static data level itself. The configuration is common for the entire entity group. The requirements included for this configuration are Business module / Product code, Entity code / Entity name, Year. Additionally, other normal requirements such as counter (running sequence), special characters, sequences are also a part of the reference number's structure. The business users can configure/re-arrange the position/order of the iterations as per the requirements. 

Refer to this linked article Reference Number Configuration for more details. 

2. Multi Signatures

We have introduced multi-signatures facility configurable at static data level to have more control on releasing business transactions. Multiple authorization with currency-wise transaction limits and different signature hierarchies for different slabs of amount can be defined. 

Refer to this linked article How to Setup a Multi Signatures Setting for more details. 

3. Structured Party Infotext and Attachments

Maintaining all relevant party information in one place related to the processing of transactions is very important nowadays. To improve efficiency, structured processing information are introduced in the system at static data level to assist the users to view the customer instructed information before initiating any business contracts.

Refer to this linked article Structured infotext for more details. 

4.Supply Chain Finance Products - Receivable Finance Business Module

In order to improve business efficiency for buyers and sellers connected in a sales transaction, Supply chain finance (SCF) products is used within the Banking Industry. Supply Chain Finance (SCF) includes a broad set of products with unique features. SCF offers many benefits to all parties involved along
the value chain - suppliers (both SMEs and large corporates), buyers, distributors and financial institutions.

“Receivable Finance” is a supplier-centric business in which the invoices are uploaded by the supplier and are paid by the supplier’s bank. The invoices are then paid back by the buyer to the supplier's bank. The approval process of the invoices by the buyer takes place outside of the application.

The system workflow engine handles the automated execution without user interaction, e.g., adding invoices, creation of receivable offers, opening receivable finance, etc.

When a receivable financing is executed, the financed amount is credited to the supplier and the credit line of the buyer is used.

Due to the nature of this business, the invoices are paid in bulk. This means that the buyer sends the supplier's bank the repayment amount and may or may not have mentioned the invoice details or contract numbers that needs to be paid. To handle such type of payments, a separate business module for ‘Repayment’ is used, where more than one finance contract can be paid in the same repayment contract.

Once the information regarding funds is received by the bank from the buyer, a repayment transaction is triggered where the user manually selects the invoices that can be paid. When the financed invoices are paid, the buyer is debited, and the liability amount is released from his credit line. New API’s have been introduced to support the automatic processing of this module.

5. ISO 20022 messages for Swift CBPR+

We are moving towards a standardized system of payments messaging with the migration to ISO 20022

Cross-border Payments and Reporting Plus (CBPR+) specification defines how we can adopt ISO 20022 standards in the cross-border payments area and cash reporting on the SWIFT network. 

The FIN MT messages, after a coexistence period from 20 March 2023 until November 2025, will be replaced by the CBPR+ MX message in the FINplus network of Swift.

Our application now supports SWIFT MX CBPR+ version payment messages for receiving and sending ISO 20022 messages. If this functionality is activated then Swift payment messages are generated as MX messages in XML from the given date.

Refer to this linked article CBPR+ for more details. 

6. Target2 RTGS improvements in Doka SaaS

The Euro system Single Market Infrastructure Gateway (ESMIG) is providing several Target2 services. One of the services is 'Target2 with RTGS'. In RTGS (Real Time Gross Settlement System) High Value Payments are cleared. TARGET2 enables payments to flow safely and efficiently across Europe, and contributes to the stability of the euro.

The messages for the Target2 clearing system, using FIN MT-format will switch to XML messages on 20 March 2023.

This improved functionality changes i.e. only XML messages are allowed according to the T2 RTGS rulebooks, specifications and XSD validations are now available in DOKA SaaS application.

Refer to this linked article T2 RTGS for more details.