efOnline: Representation policy
Another new addition is a representation policy for client advisors that can be used in efOnline.
When archiving Information Center entries (e.g., imports), it is now possible to select what to show to clients—for example, all data that is not older than 30 days. This ensures enhanced use of storage capacities and thus optimal performance and clarity.
New fields have been added to the efOnline dashboard—reminder amount, late interest, and dispute amount, among others.
The encryption method for passwords in ef3 has been optimised: Both AES-256 and ARGON2ID are used.
As of now, invoices can be linked to a specific posting type.
In inhouse factoring, if too much money has been transferred to the factor for a client—i.e., if the amount received via the bank statement is greater than the one reported by the client via the OI file history of invoices (=overpayment)—, the money can now be automatically forwarded to the client.
It can be set up in the system that authorisations and users are checked for their correctness in a certain cycle. An additional monitoring level has thus been incorporated (monitoring cycle for rights control) that is also relevant for auditors.
The following innovation offers a real plus in terms of safety: Between the web services and the external source system (e.g. efOnline, for importing invoices) you can now set up a user and password for each source system.
Follow-ups have also been modified. Since our latest release, they can also be created and edited directly in efOnline.
In the case of retransfers to debtors, it is now possible to determine that the remittance is primarily performed to the remitter from the account statement.
A new button for the dispute has been created in the search results of the search dialog “Invoice”. It is possible to select multiple invoices and allocate them all at once to a dispute with the new button.
ef3: Approval dialog
A separate approval dialog is now available to approve authorisations, competences, user class changes, as well as the allocation of authorisation groups.
ef3: Outpayment document
By means of a new selection option, an outpayment document is only created after a change in the balance. This way, documents for zero postings are avoided.
ef3: Overall financing limits
If the currency of the overall financing limit differs from the drawdown currency, the limit can be retroactively exceeded due to exchange rate changes. When an overall financing limit is exceeded, a follow-up will be sent to the specialist (group) responsible.
ef3: Open invoices
For Open Invoice packages, the imports with errors are now very clearly marked for the specialists. The specialist can view the errors from the import log in advance and act accordingly.
ef3: Account statements
From now on, (foreign) account statements with longer account numbers can be imported because the relevant fields have been extended accordingly.
All translations are now summarised in a script which does not only add texts but also update them regularly. This allows for easier translations to other languages or the adoption of text modifications. Furthermore, efOnline will always be delivered in English, German, and (as of recently) Spanish.
efOnline: Reverse Dashboard
Both logged-in reverse buyers as well as reverse sellers will have their own dashboard as of now.
ef3: Instalment Payments
For instalment payments at debtor level, the calculation of interest and redemption can be customised. Furthermore, individual and flexible reminder categories can now be set up for instalment payment invoices which differ from the categories that usually apply to the dunning process of that client.
ef3: CAP Limits
The credit insurer can now also work with CAP limits. This expands your options for process mapping.
ef3: Individual Filters
You can use and save as many individual filters as you like for reports. This greatly facilitates the report process and saves time.
ef3: More Efficiency
The extra section “Information” (symbol “I”) can be used to create reports without locking the current data record. All search and maintenance dialogs offer this access to the report section.
ef3: Fraud Prevention
For incoming payments from certain high risk countries, an automatic follow-up will generated in ef3. Thus, the users will be made aware of possible risks in due time.
efOnline: Dashboard Extension
The dashboard is now also available for the control client and the client group. All client data is aggregated and displayed together. Furthermore, it is possible to have the data of individual clients displayed.
efOnline: Import Mass Data
Large data volumes can now be imported via the web service without any problems. The user must only upload the import file and will be automatically notified when the import is complete.
The cronjobs in efOnline can be maintained via the application itself. The current status of the job as well as all log files are made available, which decreases the administrative work.
efOnline: Direct Payments
If a client has received a direct payment from a debtor, the client can now autonomously report the payment on the dashboard. The concerned invoices as well as the payment amount can be entered in the corresponding window. The advice will then be imported directly into ef3 via the web service and the client can automatically collect the payment amount by direct debit or define it as an incoming payment.
efOnline: Client Synchronisation
All master data of ef3 can now be synchronised automatically with efOnline. This way it is no longer necessary to manually maintain the master data in efOnline. In addition, the client block is also synchronised. If a client is set to “completely blocked” in ef3, the login of the client user may be prohibited in efOnline.
efOnline: Cherry Picking
The outpayment process does not support the cherry picking functionality: The user himself can define which invoices should be purchased. By indicating an outpayment amount, invoices will be preselected according to their due date. Following this, the user can also specify the bank account to which the outpayment should be made.
efOnline: Inclusive for all genders
Gender-inclusive wording should be an integral part of our everyday communication and work, including in the context of software solutions. For this reason, we added the field “Diverse” for contact persons.
ef3: Money Laundering Prevention
Anti-money laundering is one of the most important topics on the side of the legislature and is controlled by a multitude of regulations, among others the Money Laundering Act (GwG) as well as the German Banking Act (KWG). We also account for that in ef3: From now on, ef3 will check in the automatic incoming payments whether the account holder who made the payment corresponds to the debtor.
The purchase management should be as flexible and as less restrictive as possible for the user. For this reason, we have extended the authorisation assignment for purchase blocks in a sensible manner. Starting now, ef3 users can individually be authorised to revoke a purchase block.
The GDPR, effective since May 2018, is a regulation of the European Union for processing personal data. In the context of our latest release version, we will provide you with a convenient tool which facilitates the implementation of the GDPR noticeably. We created a dialog where persons and their corresponding personal data can be searched for. The results are presented in an overview and can be further processed. This means: Deletable information can actually be deleted and non-deletable information can be anonymised.
Wherever your factoring workflow may be improved, we give our best. A good example: Reports created in ef3 which are printed at the client on the tab “Reports” can now be transferred directly to efOnline in form of a file upload. This way, your aggregated information will be provided on our web platform in real-time. You may only use this new feature if you work with efOnline since it is not part of our standard package.
ef3: duplicate check
From an efficiency point of view, duplicate control debtors are always a nuisance. This is why we further optimised the duplicate check in ef3 which improves the overview and saves time. The duplicate check for ef3 is only available as a chargeable add-on.
ef3: transfer postings
Do you frequently have to deal with manual transfers which must be posted in ef3? We will make it easier for you: On the one hand, the new release enables you to copy any recurring transfer voucher batches and thus, you save yourself the time-consuming new input. On the other hand, you will also be able to import transfer voucher batches. This new import type gives you various options on how to handle the individual transfer voucher batches.
ef3: search and display
Search queries and the respective result display are a core element of the daily work with ef3. This makes it all the more interesting for many users that any saved query can now be defined as standard. This provides you with more flexibility in the context of general search queries.
efOnline: file attachments
Less clicks, more time: File attachments can now be opened in a quick view which makes completing time-sensitive tasks more flexible.
efOnline: client group
Better overview: The client group and control client are now also available in efOnline. Thus, the dashboard at client group and control client user level can be accessed. The respective aggregated information is displayed to the users who can act accordingly in a more efficient way.
Asynchronous file imports: No matter how large your file import in efOnline is, you can now continue to work on other tasks while the actual import process runs parallelly and independently. The import process runs in the background and even permits the users to log out and in again in the meantime. This ensures a noticeable increase in your individual overall performance.
High-performance without losses: We have integrated some important and quite challenging functionalities into efOnline. We managed to maintain and even increase the usual high performance level of efOnline since it is our firm belief that additional functions should never be implemented at the cost of performance. Thus, we should not take one step forward and two steps back but always advance in great strides.
ef3: limits – greater possibilities
You can configure bottom limits. Here, the maximum unrestricted payout amount is set based on the customer. Payouts exceeding this bottom limit are then only made on request – up to the particular financing limit.
ef3: improved searching and entry
In terms of manual data entry, new parameters have been set up which indicate when debtors from barred countries or items from such are to be created. This results in an alignment with the parameter query just like with an automatic import.
ef3: automation – helpful extensions
You can add a custom favourites list with menus.
efOnline: limits and imports – increasingly more efficient
Factoring customers can now submit limit requests as part of debtor management. These are sent to ef3 where they can be processed via a new dialogue, thereby saving time and effort.
Direct imports via web services are now also supported. Your customer will then receive an import report or a potential error report which they can use to submit corrections. The converter is also supported – eliminating the need for import management.
efOnline: dashboard – new features
The dashboard displays information about the last five payouts. The associated payout coversheets can be requested directly.
Furthermore, factoring customers will in future be informed via the dashboard about an invoice request and can then upload the corresponding documents directly. The data is entered in ef3 and the specialist responsible is informed about the process.
In addition, the dashboard allows the status of the last import (x imports) to be displayed and the corresponding reports to be downloaded.
Some functions mentioned are not included by default in ef3, but they can be purchased separately. Please contact our consultants who will be pleased to provide you with further information.
Web services are not included by default in efOnline, but they can be purchased separately. In respect to Oracle licences, additional costs may be incurred depending on the specification. Want to learn more? Our consultants will be pleased to help.