Attn: Current Online Bank Direct Customers

Published 3/8/23

Funding changes streamline Online Bank Direct 

As a part of our continued commitment to offer the best-in-class payment platform, we are improving Online Bank Direct (OBD) to make it a more user-friendly solution.  These updates will help you reduce time spent on manual activities as well as streamline the reconciliation process. Here are the key benefits you’ll experience:

  • Funding for matched transactions only, making the reconciliation process much easier
  • Consolidated funding and reporting for OBD transactions
  • Funding different invoice-type accounts separately

What action do I need to take? 

As part of these enhancements, InvoiceCloud will receive deposits directly from the bank bill payment service provider. InvoiceCloud will then handle the disbursement of the funds, as it already does with other forms of payment, such as credit cards. To prepare for this transition, please reach out to your bank to provide them with this new originator ID: 9000005850.

This important step should be completed as soon as possible so your OBD funding can be deposited successfully. Prior to the update, you will see a $1 test transaction on your account. This is our way of confirming you will experience a seamless transition.

How can I learn more about these changes? 

InvoiceCloud product experts will host an informative webinar on March 15th, which will include a live Q&A segment.  This event is a great fit for anyone who manages banking relationships or payment reconciliation for their organization.

So, mark your calendar! REGISTER HERE