Nomentia Cash Management November Product Updates

Increased visibility and efficiency, better control for your cash management

In the latest Nomentia Cash Management 2024.10 release, we’ve introduced a number of critical key updates to improve risk management and compliance, as well as streamline and enhance the overall user experience. With added functionalities and new modules, this release provides increased efficiency in banking and cash management with Nomentia.

Let’s see what’s new and improved: 

Proactive risk mitigation with Sanctions Screening

Our new Sanctions Screening solution flags high-risk transactions and allows users to block payments to sanctioned creditors and approve legitimate transactions.

Why it matters: Compliance is a top priority for cash and treasury operations. With Nomentia’s integrated sanctions screening, users gain an extra layer of security by ensuring transactions are compliant with public sanctions lists. Enhanced user rights also help maintain process integrity by separating responsibilities across the team.

"As the compliance landscape grows more complex, we understand the importance of integrating screening tools directly into payment workflows. Our new Sanctions Screening solution ensures customers can manage risk proactively and prevent unauthorized payments before they happen, and safeguard compliance with minimal manual intervention." – Jukka Estola, Senior Product Manager for Nomentia Payments & Sanctions Screening

Key benefits: 

• Proactive compliance: Integrated sanction screening keeps your organization aligned with global sanctions.
• Improved accountability: Enhanced user rights and approvals help separate responsibilities and maintain process integrity. 

Increased validation for accurate data imports 

We've expanded data validation for CSV imports, ensuring that country codes, regions, languages, and reporting languages are accurate when importing user and company data. 

Accurate data is the foundation of effective cash and treasury management. With these enhanced validations, users can rest assured that data is clean and consistent from the start, reducing errors in reporting and regulatory compliance. 

"Data accuracy and efficiency are central to everything we do. By expanding validation checks in Nomentia platform, we’re helping customers ensure their data integrity right from the point of import. This saves valuable time and reduces manual errors, empowering finance teams to focus on strategic tasks." – Markus Makkonen, Senior Product Manager for Platform 

Key benefits:

• Error reduction: Minimizes the risk of mistakes in large data imports, which ensures cleaner, more reliable information.
• Simplified compliance: Validating data at import saves time on adjustments and reduces compliance concerns. 

Customizable bank connectivity for better cash control

This release introduces more customization options for bank connectivity that provide flexibility for unique requirements. In the Master Data settings for bank connections, users can now individually configure predefined EBICS authorization models per company. Additionally, new SWIFT and EBICS bank connections have been added.

The increased level of customization allows each organization to set up bank connectivity and authorization in a way that aligns with their unique needs, enhancing both flexibility and security in financial transactions.

"We’re committed to making connectivity as seamless and flexible as possible. By expanding our connectivity options, along with more customizable bank authorizations, we’re giving our customers the control they need to configure connections to suit their unique business structures and banking requirements." – Samuli Lehtonen, Senior Product Manager for Archive, Bank Connections, and Integration Flows 

Key benefits:

• Greater control: Tailor authorization models to specific needs, improving security without sacrificing functionality.
• Expanded banking reach: Access new banking options across regions with added SWIFT and EBICS support. 

Accounts: Improved balance calculations and exports 

Our new value date balance calculator provides faster, more accurate calculations. Users can streamline the process further by filtering out specific transactions, like sweep transactions. It also updates values automatically in reports. 

For finance teams, accurate balance calculations are crucial for cash forecasting and reconciliation. This update accelerates calculations and enhances accuracy while making it easier to make timely, well-informed financial decisions. 

Key benefits: 

• Enhanced accuracy: Filters improve calculation precision by allowing the exclusion of specific transaction types.
• Improved reporting: Calculated balances now automatically update reports, saving time on manual adjustments. 

General ledger export files now include detailed payment postings, giving finance teams a complete picture of financial transactions. 

Key benefits:

• Comprehensive exports: Easily track all details in one export, enhancing audit readiness. 

"We want finance teams to have access to detailed, actionable data instantly. The updates to our General Ledger exports and the faster, more flexible value date balance calculator make it easier than ever for customers to maintain precise, up-to-date records without the usual delays and manual adjustments." – Maria Junnola, Senior Product Manager for Accounts, Matching, and Banking 

Treasury Module: Optimized posting and tracking 

New Treasury Posting Rules New rules based on time to maturity help automate loan postings, allowing users to differentiate journal entries for loan repayments accurately. 

Key benefits: 

• Automated accuracy: Streamlines loan postings, ensuring transactions align with balance sheet requirements. 

The Treasury module now supports sorting by all columns and includes new journal entries for Current Principal and Reversal of Current Principal. 

Key benefits: 

• Detailed tracking: Easily post loans or deposits to the correct balance sheet account and ensure consistency in financial records. 

"Automation is key for treasury operations to maintain pace with business demands. Our new rule-based posting updates simplify treasury workflows, enabling customers to automate even complex loan postings with accuracy and consistency. It’s about letting the system handle the details, so finance teams can focus on high-value work." – Perttu Maunu, Senior Product Manager for Treasury 

Greater flexibility and precision in Liquidity management 

We’ve introduced more robust options for managing liquidity transactions. Enhancements include expanded character limits in the description fields, transaction-level right-click drill-downs for reports, and new options to send multiple reports in a single email. 

These improvements save time and add precision, especially for teams managing complex cash flows and requiring deep insights into individual transactions. Improved filtering and reporting make it easier to track liquidity and respond swiftly to financial shifts. 

Key benefits: 

• Time-saving filters: Quickly locate the transactions you need, even in large datasets. 
• Flexible reporting: Send multiple reports at once, making it easier to communicate insights to stakeholders. 

"Visibility and control over liquidity are crucial in volatile markets. The new filtering and reporting features in our Liquidity module allow users to drill down with unprecedented granularity, giving them instant access to the insights they need to make informed decisions across all their transactions."– Karl-Henrik Sundberg, Senior Product Manager for Liquidity

Improvements to Payments for efficient processing 

Updates to the Payments module include intermediary feedback on EBICS payment batches, allowing you to track if a payment batch is received or accepted by the bank, integration with sanctions screening, and new file format conversions. Additionally, a new feature in payment templates makes creating Austrian tax payments more intuitive with the “Manage message” functionality. 

Key benefits: 

• Real-time feedback: Instantly track EBICS payment statuses and improve cash flow management. 

Enhanced Integration Flows for seamless reporting 

New Accounts-Related import activities for TITO and MT940 transactions, along with automated value date balance calculation, save time on manual data handling. 

Key benefits: 

• Automated imports: Streamlined data handling processes save time and improve data accuracy. 

Nomentia Cash Management 2024.10: improved financial operations

The Nomentia Cash Management 2024.10 release brings new functionalities for enhanced control, expanded connectivity, and better usability that make the Nomentia solution portfolio more powerful and user-friendly. These updates are designed to support a smoother, more secure cash management process.

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