Elire has partnered with Stifel, Nicolaus & Company, a full-service brokerage and investment banking firm established in 1890, to complete a global electronic payments implementation. Elire initially implemented global ISO 20022 formatted payments for Oracle Cash Management that included ACH, BACS, Wire, and SEPA.
The initial project scope included integrating Stifel with BOFA globally to process bank reporting and electronic payments formats. As the project began, Elire ran into many challenges. All existing supplier setup, base configuration, workflow and reports weren’t built during the original implementation in such a way to support the electronic payments.
The Elire team remapped their existing suppliers to better utilize the supplier/sites relationship converting this process to a global Stifel initiative, established tailored payment approval workflows, built a series of validation reports to confirm supplier setup, updated bank configuration, built audit reports, and reconfigured the base AP configuration.
This project served as a pilot project for Stifel to establish KPI’s and other value propositions for implementing global electronic payments in Oracle Cloud in other markets and geographies. The implementation has aligned Stifel with industry best practices of remitting electronic payments, saving time and money by no longer manually producing and reconciling payments out of multiple bank portals and other systems. Elire’s process of building an electronic payments project roadmap and implementation path furthered the client relationship with Stifel and encouraged collaboration on future projects.