Multi-bank operations: how Cobase centralizes cash visibility and payment management

Introduction

Managing multiple banks, entities, and accounts can make it challenging to gain a centralized view of cash balances, statements, and transactions. Additionally, payments not initiated in NetSuite—such as urgent transfers, intercompany payments, or salary disbursements—often require manual processing at the bank. If you’ve ever struggled with the complexities of handling multiple bank connections, manually uploading payment files, and managing approvals, you’re not alone. Many organizations face these inefficiencies, leading to wasted time, resources, and operational bottlenecks.

Imagine having a single, centralized platform for both cash and payment management—one that seamlessly connects all your banks, automates and centralizes payments, streamlines authorization workflows, and ensures compliance. With real-time visibility into balances, statements, and transactions across multiple banks and entities, Cobase eliminates the complexity of managing fragmented systems, and will deliver visibility over your cash. In this article, we’ll explore how Cobase can help with handle banking, payments, and cash visibility.

Navigating global finance: the power of a centralized platform for cash & payments

In today’s global business world, managing multiple banks, currencies, and regulations across different countries can be overwhelming. Relying on manual processes or logging into multiple banking portals to track cash, process payments, and stay compliant feels like trying to untangle a messy knot. Cobase simplifies this by providing a single, automated platform for bank connectivity, payments, and cash visibility—making financial management easier and more efficient.

According to a study by The Hackett Group

By providing a unified dashboard for cash visibility and standardized workflows to approve payments, the Cobase payment hub allows finance teams to stay on top of cash flows, payments, and reporting without missing a beat in an audit-proofed manner. This is particularly useful for the CFO office; controllers, finance managers or treasurers who need immediate visibility into multiple accounts, as well as for accountants who want to reduce manual data entry and errors.

Cobase: transforming payment management and cash visibility

Although payment hubs have been around for a while, Cobase distinguishes itself by offering an all-in-one, user-centric platform that addresses far more than just basic connectivity. Where traditional solutions often stop at linking banks and payment channels, Cobase bundles dashboards, transaction screening, and robust reporting tools under one roof. This holistic approach gives finance teams what they truly need—speed, transparency, and control—resulting in widespread adoption among companies of any size. Instead of juggling multiple applications, organizations can streamline workflows and minimize redundant steps within Cobase, all while benefiting from end-to-end transaction traceability, stronger security, and a unified, real-time view of financial operations.

Key features of Cobase payment & cash management hub

Cobase is more than just a payment tool—it's a comprehensive solution designed to streamline your financial operations. With a wide range of features covering bank connectivity, cash visibility, payment automation, and treasury management, Cobase simplifies complexity and enhances efficiency. Below is a closer look at the core functionalities that make Cobase stand out.

Bank connectivity as-a-service (fully managed)

Cobase takes care of connecting your banks, so you don’t have to. With bank connectivity as a service, the Cobase Bank Implementation Team handles all the technical complexities—setting up connections, ensuring compatibility with different bank formats, and keeping everything running smoothly.

No need for IT involvement or manual setup on your end. Cobase manages the entire process, so your payments and bank statements flow seamlessly between NetSuite and your banks—securely, reliably, and hassle-free.

Seamless payment file integration between NetSuite and your banks

Cobase streamlines all payments generated from NetSuite, whether processed individually or in batches. It supports domestic, international, SEPA, non-SEPA, and any other specific payment types, ensuring smooth and secure transactions across all banks.

Acting as a universal translator, Cobase automatically converts payment instructions from NetSuite into the exact format required by your bank, whether it’s ISO 20022 XML, SEPA, or a country-specific format.

By eliminating manual adjustments, Cobase reduces errors, prevents failed transactions, and ensures payments are processed accurately. This automation saves time, accelerates payment cycles, and strengthens supplier relationships, giving you full confidence in every transaction.

Effortless bank statements import and reconciliation in NetSuite

Sending payments is just one side of the story—you also need to see what’s coming in without second-guessing if something is missing. Without automation, that means logging into multiple bank portals, downloading statements, and manually entering or importing them into NetSuite. It’s tedious, time-consuming, and easy to make mistakes.

Cobase eliminates that hassle by automatically retrieving bank statements and transaction confirmations, converting them into a standardized Cobase Generic Statement, and pushing them daily to the File Cabinet in NetSuite. No matter which bank you use, all statements arrive in a consistent format, ensuring seamless integration.

From there, these statements/ bank feeds can be connected to NetSuite’s Native Bank Reconciliation/Feeds solution or used with other SuiteApps like ZoneReconcile for fully automated bank reconciliation. Think of it like having an automated assistant that collects all your incoming financial data, organizes it, and delivers it exactly where you need it—so you always have a clear, complete picture of your cash flow without the manual work.

Centralized payment dashboard – full control in one place

Managing payments across multiple systems can be overwhelming. Cobase’s centralized payment dashboard—also known as a worklist—lets you view, validate, and approve or reject all payment files from one place. Easily filter by due date, status, or currency to prioritize what needs attention.

With a single, structured view, you can see who initiated each payment, who approved it, and which transactions are still pending authorization. No more logging into multiple portals—everything is managed centrally in Cobase.

Access your dashboard anytime, from your phone or laptop, using a single token via the Cobase App. For even greater convenience, Single Sign-On (SSO) is supported through Microsoft Entra ID or Okta, ensuring fast and secure authentication. With Cobase, payment management becomes simpler, more efficient, and fully under your control.

Centralized user management & approval workflows

Managing user rights and payment approvals across multiple bank portals is time-consuming and inefficient. Each bank has its own permission structure, and adding new users often involves lengthy KYC processes. Without a standardized approval workflow, teams rely on scattered emails and phone calls.

Cobase simplifies this by centralizing user management and automating approvals in one secure platform. Users can be added, modified, or deactivated in minutes, independent of bank portals. A 4-eye principle ensures secure user changes, while Super Users can define rights by entity, bank, account, payment type, or amount. Approval workflows are fully automated, with up to six levels of authorization for high-value or international payments.

With Cobase enforcing these rules automatically, businesses gain full visibility, stronger internal controls, and a faster, more secure approval process.

ERP Connectivity: NetSuite

NetSuite is more than just an accounting system—it’s the backbone of your finance and operations. The Cobase Bank Connector SuiteApp integrates directly into NetSuite, enabling a straight-through processing (STP) workflow via a certified and secured API connection. This ensures that payment files, bank statements, and other financial data flow seamlessly between NetSuite and your banks without manual intervention.

Instead of switching between multiple bank portals or worrying about incomplete data synchronization, everything is managed within one centralized platform. Payments are securely transmitted, bank statements are automatically retrieved, and reconciliation data is always up to date. By eliminating manual file handling and reducing the risk of mismatches, Cobase streamlines financial operations, enhances security, and ensures a fully automated banking process within NetSuite.

Audit trail / transaction screening

Audits can be overwhelming when transaction histories are scattered across bank portals, emails, and spreadsheets. Cobase simplifies the process by automatically logging every step of each transaction—from initiation in NetSuite to final bank confirmation—creating a complete, centralized audit trail.

Beyond tracking, Cobase enhances security by screening all outgoing payments against sanction lists before funds leave your account, helping prevent fraud and ensuring compliance.

Financial dashboards / cash visibility 

Cash insights are invaluable in finance. Whether you’re assessing liquidity before a major purchase or verifying receipts from a crucial client, having a centralized view of your cash position is vital. Cobase’s integrated dashboards compile data from all connected banks, presenting the available balances, upcoming obligations, and recent transactions. This holistic perspective allows quicker, more informed decisions, particularly when navigating fast-paced markets or last-minute payment requirements.

While automated systems (ERPs) are the backbone of modern finance, certain situations call for a manual or one-off payment—like compensating a freelancer overseas or issuing a client refund. Cobase covers these scenarios by allowing users to initiate payments manually or upload payment files directly within the platform, all while adhering to the same robust authorization and screening workflows that safeguard routine transactions. This functionality extends seamlessly to salary payments as well: users can upload salary files and implement role-based permissions so that some team members only see total amounts, while others have access to detailed breakdowns. By consolidating both specialized and everyday transactions under one system, Cobase ensures consistency, transparency, and top-tier security across all financial activities.

Advanced user administration

True security is about ensuring the right people have access to precisely what they need—while everyone else stays locked out. Cobase’s Payment Hub embraces a fine-tuned approach to user administration, letting you configure roles and permissions that mirror your organization’s hierarchy. For instance, you can grant certain team members view-only privileges for specific banks or legal entities, while others gain the ability to initiate payments or upload salary files. Treasury managers can then be empowered to approve or release large transactions. By aligning each role with distinct responsibilities, you not only bolster your defenses but also establish a transparent environment in which every user’s boundaries and privileges are clear.

Multi-layer access control

It’s one thing to secure your data in transit, but what about inside your organization? If every user had full access, you’d be wide open to accidental or malicious changes. Cobase mitigates this risk by offering granular role-based permissions and multi-layer access control.

For instance, a junior accountant might only initiate payments but not authorize them. A manager might authorize up to a certain threshold, and an executive might handle high-value transfers. Splitting these roles prevents a single individual from controlling the entire process, drastically reducing fraud risk.

Alerts & robo assistance

In an ideal world, you’d have a personal assistant whispering reminders about urgent tasks, specific transactions, or get reports. Cobase’s alerts and robo assistance offer a digital version of this helpful aide. By setting customizable alerts, you can receive notifications for specific/ high-value payments, specific received payments, if a balance is below 0 or a specific threshold or required approvals that are nearing their deadlines. These nudges ensure that important tasks don’t get lost in the shuffle, minimizing delays and snags in your payment pipeline.

At the heart of Cobase’s Payment Hub, true security is about making sure the right people have access to exactly what they need—and keeping everyone else out. Its finely tuned user administration system lets you configure roles and permissions that align with your organizational structure. As a result, certain team members can be granted view-only privileges for specific banks or legal entities, while others gain the authority to initiate payments or upload salary files. Treasury managers, meanwhile, are empowered to approve and release high-value transactions.

On top of these robust permission controls, Cobase introduces a “Robo Assistant” that automatically labels payments with custom descriptions or codes. This makes it far easier to filter and locate transactions for auditing or reporting. The same feature can also generate automated PDF reports—like weekly balance overviews—so finance teams have a snapshot of critical information at their fingertips without additional manual work. By combining granular access rights with intelligent automation, Cobase delivers a streamlined, secure, and transparent environment for all financial operations.

ERP/TMS financial system connectivity

While NetSuite integration is a highlight, Cobase also connects with other ERP, TMS, and financial systems. This multi-system compatibility makes Cobase a flexible choice—especially if your company manages various platforms for specialized tasks like treasury operations or international trade. Over time, if you decide to change or scale your ERP ecosystem, you won’t have to undergo the pain of rebuilding your entire payment infrastructure. Cobase keeps it all unified under one roof.

Unifying global banking operations

For companies spread across different continents, dealing with local banks and varying regulations can be an administrative nightmare. Cobase streamlines this through a single platform that handles diverse currencies, local compliance rules, and multiple banking relationships. The end result? Your treasury team can view global cash positions at a glance and initiate transactions anywhere without toggling between incompatible systems. It’s like having a universal translator for your financial operations—bridging gaps, simplifying processes, and keeping everything in sync.

According to a 2021 EY Global Corporate Treasury Survey

Strengthening corporate governance & compliance

In an era of rigorous audits and increasing regulatory scrutiny, corporate governance is more than just a buzzword—it’s a vital safeguard. Cobase offers a built-in safety net by recording each activity in a detailed audit trail, from who initiated a payment to who authorized it and when. Should regulators or internal auditors come knocking, you have a comprehensive record ready to go. More than that, Cobase’s transaction screening helps flag potential compliance issues early, giving you the chance to correct them before they escalate into bigger problems.

Boosting operational efficiency

Imagine cutting your payment processing time in half simply by consolidating bank connections and automating data transfers. With Cobase, that’s not just possible—it’s a common outcome. By streamlining workflows and reducing manual interventions, finance teams can allocate their energy to value-added tasks like analytics and strategy. Faster approvals, fewer data errors, and a more transparent view of payment statuses also lead to improved relationships with vendors and partners, who appreciate prompt, reliable transactions.

Research by Boston Consulting Group (BCG)

Setting up Cobase with NetSuite: a smooth implementation process

Key Steps to Implementation

Implementing the Cobase Bank Connector SuiteApp in NetSuite is straightforward, following these key steps:

1. Assessment: Identify your banking setup—determine which banks you use and how you want to connect them.
2. Configuration: Install and configure the Cobase Connector in NetSuite. Setup takes less than 30 minutes, with Cobase assisting alongside a NetSuite consultant if needed.
3. Testing: Start in a sandbox environment, first testing automated bank statements and reconciliation, then configuring payment workflows and templates. A final end-to-end penny test ensures seamless processing from NetSuite to Cobase to the bank.
4. Go-Live: Deploy the Cobase SuiteApp in production, train users, and instantly reduce manual banking tasks with a secure, automated solution.
   

According to a McKinsey & Company study

Overcoming common challenges

No technological change is without hiccups, and rolling out Cobase is no exception. However, most potential hurdles—like data security or user adoption—are addressed through built-in features and proactive planning.

Data security & risk management

Data breaches and fraud attempts are hot-button issues in finance. Cobase mitigates these risks through multi-layer encryption, two-factor authentication, and continuous transaction monitoring. In addition, periodic penetration tests and security audits help maintain a robust defense. When combined with Cobase’s transaction screening and granular authorization settings, you get a system that’s prepared to catch threats before they become full-scale crises.

User adoption & training

Even the best platform will fail if the people using it aren’t comfortable with its features. Cobase places a strong emphasis on training, offering workshops, online tutorials, and accessible user guides. These resources empower everyone from junior accountants to CFOs to navigate the platform confidently. Tailored support and a responsive customer service team further ensure that any initial roadblocks are quickly resolved, driving up user adoption rates and maximizing ROI.

Future-proofing your payment strategy

Financial regulations, market conditions, and technology can all shift on a dime. That’s why Cobase is designed with flexibility at its core. By integrating with multiple bank , different ERPs, and even other financial systems, Cobase remains adaptable to changes in your business environment. This means you won’t have to overhaul your payment infrastructure whenever a new regulation emerges or you pivot to a different business model. Instead, Cobase evolves with you, ensuring your payment processes are always up to date.

How Cobase payment hub transforms cash management

Cash management is the lifeblood of any corporation. Efficiently managing your liquidity, investment opportunities, and debt obligations can be the difference between growth and stagnation. Cobase’s real-time dashboards, consolidated reporting, and advanced analytics transform how you oversee your cash. Instead of spending hours gathering data from scattered sources, you can instantly view global balances, upcoming liabilities, and potential shortfalls. This enables more informed decisions about short-term investments, foreign exchange exposures, or potential funding avenues.

The role of real-time insights

Speed is critical in finance. Whether you need to confirm an urgent paymet or verify that a high-value transaction has cleared, real-time insights let you act without delay. Cobase pulls data from connected bank accounts and financial systems, giving you visibility. This is especially crucial when dealing with tight deadlines, sudden market shifts, or unanticipated urgent transactions. Think of it as having a financial radar: the moment something changes, you can assess its impact and respond strategically.

Best practices for successful deployment

To get the most from Cobase, first identify your biggest bottlenecks—maybe it’s slow approval cycles or a lack of global cash visibility. Share these objectives across your finance and treasury teams so everyone is aligned. During implementation, run pilot tests to catch any subtle issues before a full-scale launch. After going live, foster an environment of continuous improvement by encouraging user feedback and reviewing performance metrics. Over time, as your organization evolves, revisit your Cobase settings to ensure they still fit your needs.

Case studies: real-world success stories

A major European retailer managing accounts in five countries slashed its payment processing time by 45% after adopting Cobase. By centralizing connections and automating file transfers, month-end chaos became a thing of the past. Meanwhile, a mid-sized logistics provider leveraged Cobase’s real-time dashboards to optimize its daily cash positions, leading to a more efficient allocation of working capital. These examples illustrate how Cobase’s feature-rich approach delivers concrete benefits—both operationally and financially.

S4 Capital - case study

Conclusion

Cobase payment hub offers a powerful solution for organizations seeking to unify, secure, and optimize their cash & payment processes. By integrating seamlessly with NetSuite and other ERP systems, Cobase eliminates duplicative tasks and ensures that every transaction is both transparent and easily traceable. From centralizing cash in dashboards to advanced payments features, its functionalities cover the entire payment lifecycle; from paying out to receiving. In a world where finance must be agile and forward-thinking, Cobase stands as a steadfast partner. If you’re looking to move beyond outdated, fragmented methods, consider making Cobase the backbone of your payment strategy.

Want to find out what Cobase can do for you?

Frequent Asked Questions (FAQs)

1. Is Cobase suitable for small businesses or just large corporations?
Cobase is designed to accommodate both small and large organizations. Smaller firms benefit from simplified workflows and automated processes, while larger entities appreciate Cobase’s high-level integrations and audit trail functionalities.

2. How long does it take to implement Cobase payment hub?
Implementation timelines vary but typically range from several weeks to a few months. The duration depends on factors like the number of bank connections, complexity of ERP setups, and the existing payment workflow infrastructure.

3. Does Cobase support multiple currencies and international transactions?
Yes. Cobase is built to handle cross-border payments and manage multiple currencies seamlessly, making it an ideal choice for global operations or businesses with an international footprint.

4. What kind of customer support does Cobase offer?
Cobase provides comprehensive support that includes training, documentation, and ongoing technical assistance. Dedicated customer service teams work closely with clients to resolve issues and tailor solutions to specific needs.

5. Can I integrate Cobase with existing treasury management systems other than NetSuite?
Absolutely. While NetSuite integration is a standout feature, Cobase also supports a range of ERP and treasury management solutions, ensuring flexibility for organizations with diverse or evolving tech ecosystems.