Electronic Funds Transfer

A FINANCIAL MODULE

Overview

The SYSPRO Electronic Funds Transfer (EFT) system improves multi-currency payment efficiency and provides an accurate, current picture of your cash flow. Furthermore, it reduces the risk of fraud and transactional costs associated with beneficiary payments.

The Benefits of Electronic Funds Transfer

  • Lower transactional costs of beneficiary payments
  • Reduced fraud risk
  • Reduced risk of late payment penalties
  • Reduced resource requirements
  • More accurate cash flow control
  • Paperless payment audit trails

Electronic Funds Transfer Features

  • Indicate per bank whether EFT transactions are required
  • Indicate per supplier whether EFT payments are required
  • Capture banking details for Cash Book beneficiaries
  • Define security at activity and field level
  • Define company-specific EFT remittance advice formats
  • Customise EFT output files for bank-specific formats
  • Define EFT narration at company or supplier level
  • Combine EFT payments for both Accounts Payable suppliers and Cash Book beneficiaries into one bank batch file
  • Post Accounts Payable EFT payments to the Cash Book in detail or in summary
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