The Transition to BankFabric Library: A Game Changer for our D365 F&O Customers
In the ever-evolving landscape of financial technology, adaptability is key. A significant transition is on the horizon for our D365 F&O customers, one that promises enhanced efficiency and reliability in managing bank file format transformations. The BankFabric Library (BFL) is set to revolutionize the way organizations handle outbound file formats. D365 F&O customers have until the deadline of March 1, 2024, to migrate. In this article, we’ll dive into the crucial details surrounding this migration and explore the benefits that come with embracing the BankFabric Library.
The Migration Mandate
Deadline: March 1, 2024
The clock is ticking, and D365 F&O customers must migrate to using the BankFabric Library before March 1, 2024. This migration is mandatory for all SKG customers but does not necessitate a full departure from FileHub, your current platform for bank communications. However, it does require sourcing your Vendor Payments (AP EFT), Direct Debit, Customer Reimbursement, and Bank-to-Bank Transfer formats from the BankFabric Library. Additionally, some organizations may need to go through a Treasury Automation Suite (“TAS”) upgrade to facilitate this migration. The good news is that customers already on TAS version 11.4 or higher can make the transition to the BankFabric format library immediately.
Outbound Files Only
It’s important to note that this migration applies solely to outbound file formats (so, either Vendor payments or Direct Debit related payments). Your inbound files will remain unchanged, ensuring a smooth transition without disruptions to your existing processes.
Unveiling the BankFabric Library
What is BankFabric Library?
The BankFabric Library represents the latest advancement in the TAS solution. It offers BankFabric as the future-proof bank communications platform, designed to provide a more streamlined and dependable approach to managing bank file format transformations and bank communications. These transformations involve the conversion of ERP data into files or data streams that banks can readily consume, with variations depending on the specific bank’s requirements. Since the launch of the TAS version 11.4 in Q1 2022, all Payments Related Electronic File Transfers have been made available within the library or upon request. With over 700 bank-country specific payment formats covering more than 2300 global payment methods, the library is a comprehensive resource for D365 F&O Partners and end-customers.
What is a BankFabric Library format?
A BankFabric Library format is a self-contained file (DLL) that includes all the essential information required to receive ERP payment data and transform it into a file or API data stream that aligns with a particular bank’s format specifications.
Why should I use a BankFabric Library format?
The advantages of adopting a BankFabric Library format are multifaceted. When a BFL format version is assigned to your account, it remains unchanged independently from your TAS upgrades. This means that as the library’s base format receives updates, such as the addition of new payment methods, you have the flexibility to choose whether to stick with your existing format or leverage the new features.
I’m not using BFL formats now, and everything is working great. How can I be sure that using a BFL format will yield the same results as my current format?
With TAS version 11.4 (or later), a valuable “format compare” function is at your disposal. This function enables you to select a payment file that you’ve used in production and, using the same data, compare it to the file that its corresponding BFL format would create. This process allows you to confirm that the new file generated by the BFL format aligns precisely with your existing format.
I am using Bank Communications Hub (FileHub) now; can I use BFL formats?
Yes, if you’re currently utilizing Bank Communications Hub (FileHub), you can seamlessly integrate BFL formats into your operations. A BFL format (DLL) can be downloaded from the BankFabric Library site and installed on your legacy FileHub. This transition will grant you the benefits outlined above.
In conclusion, the migration to BankFabric Library represents a pivotal moment for D365 F&O customers. By embracing this cutting-edge technology, organizations can enjoy enhanced efficiency, reliability, and adaptability in managing bank file format transformations. The deadline of March 1, 2024, serves as a crucial milestone, urging users to make the transition and unlock the multitude of benefits that the BankFabric Library has to offer.
For further information or assistance with this migration, it is recommended to consult with your reseller or reach out to us using the contact form on the website to explore the advantages of BankFabric Library formats in greater detail or contact us at +45 22880000.