Nomentia Cash Management October Product Updates

Increased visibility and efficiency, better control for your cash management

In the latest Nomentia Cash Management 2024.09 release, we’ve introduced several key updates designed to streamline operations, improve security, and boost the overall user experience. With enhanced administrative controls, new bank connections, and simplified workflows, this release provides increased efficiency in banking and cash management with Nomentia.

Let’s take a closer look: 

Improved administrative control & efficiency 

One of the standout features of this release is the update to the Administrative groups functionality. Companies can now assign rights to specific bank accounts via administrative groups, simplifying the management of user rights and bank access. This makes it much easier to maintain security while reducing manual efforts. 

Markus Makkonen, Senior Product Manager for Platform, highlights the user-centric approach to this update: 

"We've designed administrative group functionality with user efficiency and scalability in mind. By streamlining how organizations manage bank access, we're enabling teams to focus more on their core financial processes while reducing administrative overhead." 

Key benefits: 

• Streamlined processes: Managing user rights is now faster and more intuitive, saving time for your admin teams.
• Enhanced security: By allowing better control over who has access to specific bank accounts, your organization can ensure compliance and reduce risk. 

If your company uses administrative groups, activating this feature is simple through a license request. It’s a game-changer for large organizations with complex structures! 

Effortless FX rate integration 

Our platform now supports automatic daily imports of European Central Bank FX rates via API, reducing the need for manual data uploads. 

According to Samuli Lehtonen, Senior Product Manager for Archive and Bank Connections: 

"This update was all about removing friction in day-to-day operations. Automating FX rate imports ensures users always have accurate data without needing to manually download and upload files, freeing up valuable time for more critical tasks." 

Key benefits: 

• Up-to-date accuracy: Ensures that FX rates are always current, minimizing financial discrepancies. 
• Reduced manual effort: With automated imports, teams can focus on higher-value tasks rather than data management.

Smoother bank connectivity 

We’ve added new SWIFT and EBICS bank connections and refined existing ones to provide seamless transactions. The update supports several banks across different regions along with additional SFTP connections. 

Samuli Lehtonen shares his insights on this: 

"Global operations require robust and reliable bank connections. By adding new SWIFT and EBICS connections, we’re making it easier for our users to conduct seamless transactions, no matter where they operate. It’s about ensuring our platform supports every financial network efficiently." 

Key benefits: 

• Broader reach: Expand your banking options with newly supported financial institutions and countries.
• Optimized workflows: Faster, smoother transaction processes, regardless of where your operations are based. 

Enhanced Dashboards for better visibility 

We’ve added new icons and sharing options for dashboards to make it easier to manage and customize how data is presented to your team. You can now share dashboards with specific user groups and assign different levels of access. 

Karl-Henrik Sundberg, Senior Product Manager for Liquidity, explains the motivation behind these changes: 

"Dashboards are crucial for decision-making. By enabling more control over who can view and edit these dashboards, we’re fostering collaboration within teams while ensuring the right data is available to the right people at the right time." 

Key benefits: 

• Collaborative insights: Share key financial data across departments, improving decision-making without sacrificing security.
• Customized views: Tailor dashboards for different users based on their roles, ensuring relevant information is always available. 

Simplified Liquidity and Matching processes 

With enhanced search functionality in Liquidity and the ability to import bank transactions into Manual Matching, tracking transactions is faster and more accurate. You can now search liquidity transactions by descriptions and streamline balance management across multiple companies. 

Karl-Henrik Sundberg comments on these improvements: 

"Our focus was on making transaction tracking as effortless as possible. Whether it's searching through liquidity data or importing bank transactions, we want to ensure users spend less time searching for information and more time acting on it." 

Key benefits: 

• Time-saving workflows: Improved search features and streamlined import processes cut down on manual efforts and reduce errors. 
• Improved transaction tracking: Easily find the transactions you’re looking for, even in large datasets. 

More granular control for Payment approvals 

The update allows for more detailed approval limits, improving the payment approval process by enabling you to set limits at the batch, transaction, and payment levels. 

Jukka Estola, Senior Product Manager for Payments & Sanctions Screening, highlights how this impacts users: 

"We’ve listened to our users’ feedback about needing more granular control over payment approvals. This update ensures that they can define approval limits at a more detailed level, improving oversight and reducing bottlenecks in the payment process." 

Key benefits: 

• Precision control: Tailor approval workflows to fit your company’s needs, enhancing financial oversight. 
• Fewer bottlenecks: With more flexible approval structures, payments can move through your system with less delay. 

Improved efficiency in Material Conversions and Integration Flows 

In Material Conversions and Integration Flows, new functionalities, like renaming clients and improving encryption key management, were introduced to make operations smoother. 

Kalle Ojala, Product Manager for Material Conversions and Integration Flows, explains: 

"With these enhancements, we’re providing users with more flexibility in how they manage and secure their data flows. Whether it’s renaming clients for better clarity or adding new encryption options, we’re giving users the tools they need to operate with confidence and security." 

Treasury gets smarter and more transparent 

The Treasury module also received some key updates, including better logging for general ledger exports and the introduction of CSV export functionality for deal management. 

Perttu Maunu, Senior Product Manager for Treasury, remarks: 

"Our goal with these Treasury updates was to make financial reporting and exporting as seamless as possible. By providing better logging and flexible export options, we’re helping users maintain accuracy and control in their financial processes." 

Nomentia Cash Management 2024.08: improved financial operations

The Nomentia Cash Management 2024.09 release brings new functionalities for enhanced control, expanded connectivity, and better usability. We are committed to continuously improving our platform to meet evolving customer needs. These updates are designed to enhance security, improve efficiency, and empower you to manage your financial operations with confidence and precision.

For more information about this release and new features or to request a demo, get in touch here.