on 08-10-2018 9:31 AM
We only have payment methods C (Check), D,P,T (three types of ACH) and I (ISO PAIN.001 [we don't use this]) configured. What payment method do you use to represent wire payments to your international customers?
If anyone in their answer would clarify whether they actually utilize any automated or semi-automated output in conjunction with the payment method that would be great. We actually do not - for wires, once a payment run is done, we just go to the bank website and key them in.
In the US the country-specific payment medium formats is available: US_CGI_XML_CT
The payment format is used for domestic and foreign credit transfers (outgoing payments). The format is based on the ISO 20022 payment initiation message (pain.001.001.03). The payment format corresponds to the specifications made by Common Global Implementation (CGI).
Automatic payments program can produce payment files with the format US_CGI_XML_CT that you can upload to bank website.
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I have seen similar. Most payments are by cheque - and electronic payments for international suppliers tend to be done direct with the bank. Would be interesting to know what businesses where this is a higher volume scenario use.
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Just to come back to this - in our case we simply set up an additional outgoing payment method 'W', that is thin on functionality etc. We assign that to all international wire vendors. That way, we can do a separate payment run for these vendors. I do this because our use case is to key these directly into the bank, as we have a one to three per week (low volume).
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