Could someone please briefly explain how to process WIRE transfers (Supplier payments) in IFS Cloud? Is the same way of defining a Payment Method - WIRE, connecting to a Payment Institute and the Supplier master, and defining the electronic payment address?
Many Thanks
HI Pasan,
Yes is the short answer. The Payment Method you create is attached to a Payment format.
if you want to generate a file to pass into the banking network to do the bank transactions then you would attach to a method that outputs a file (if this is US based then its more common got ACH to be used in a business environment). you need to make sure you chose one that supports the currency or is using a %
If you are doing the banking separately (Keying in the transactions in your online banking site as an example) then you can attach to the EMPTY format for complete flexibility 😉
Regards
John
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