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ERP System Analysis-TD Bank - Assignment Example

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Date: Course of Learning: ERP System Analysis-TD Bank 2.1 Vendors Vendors provide specialized and specific ERP systems and solutions making the industry more competitive. The common ERP software that are applicable in the banking industry include; Vendors on large businesses which include SAP and Oracle…
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ERP System Analysis-TD Bank
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ERP System Analysis-TD Bank

This category of vendors has been estimated to be generating more than $ 3.0 billion in the banking sector every year in Canada (Eschinger and Dominic 34) [3]. The other category of vendors which is not common in banks is the vendors serving small business such as the SaaS ERP vendor which offers ERP applications of low-cost standards in order to attract large small business segments. Vendors serving specific vertical industries provide ERP solutions to a wide range of industries such as retail, manufacturing, professional services, fashion, and non-profit organization(Eschinger and Dominic 34) [3].. The Vendors providing open source ERP solutions forms the greatest ERP market thus mostly attracts most banks to make use of it. Its open source scope has been increasing over the years and this is expected to continue increasing in the years to come. Vendors have been in the forefront in offering open source solutions to ERP systems. Despite the fact that traditional ERP systems which have already been licensed make the most part of the ERP market, the ERP open source scope has increased over the years and this trend is expected to continue in the years to come. ...
However, the TD bank settled on SAP R/3 and CM as the most suitable ERP systems applications considering its situation (Eschinger and Dominic 97) [3]. 3.0 ERP IN BANKING ERP’s cashbook mainly deals with the processing of cash as well as reconciliation that offer one of the best functionality breed among the various ERP systems. Cashbook provides a wide range of bank interfaces including (Dodds 34) [2]; 1. Bank Statement Upload: This ERP application allows banks to upload and match open invoices automatically on receivable accounts and goes further to ensure that payments are posted to the payment column of the transit accounts and manual payments reflected on the general ledger accounts. 2. Bank Lockbox Upload: lock box from any bank can be easily transferred into its Cashbook after which it is processed automatically to end up in the ERP system. This enables the banks to handle deductions, short payments, bank charges, over-pays and cash receipts for inter-companies. 3. Electronic Payment Files- Such files enable banks to conduct international payments all over the world, integrate BACSTEL-IP and find solutions to SEPA compliant. This also allows for ACH files payment. 4. Positive Payment Files- This application allows banks to come up with positive file payments across nations. 5. Direct Debit Files- ERP systems permit the creation of direct debit files from its data and upload the files into the software of the bank in question. Such files contain all the information needed by the banks in collecting money from different customer accounts. 6. Draft management Files AP & AR- These draft files comply with the local rules for banks and contain all the important ... Read More
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