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We are running IFS Apps10 UPD8 (planning to go to UPD10).  I’m looking for some ideas on how we can get IFS to support both the Canadian EFT format and the US ACH format for supplier payments

Background - we are in Canada.  And the Canadian EFT file format does not match the US ACH format.  The 2 do the same thing, but have different file formats. 

When we implemented IFS Apps8 SP1+, we needed a way to build the bank’s EFT file to upload to their site for electronic payments.  At that time, the recommendation was to write logic to redirect the ACH selection to our defined EFT format.  We uplifted that code to Apps10 when we upgrade.

Fast forward - our finance department now has a need to do both EFT and ACH payments.  Our current solution is an either/or (either EFT or ACH, not both).

I’m looking for suggestions on how we could design a solution so that

  1. We can revert to standard IFS ACH
  2. We can continue to create EFT payment files - in the format we already have setup
  3. We can keep (either as is, or easily migrate to the new solution) the supplier EFT information we have in our system

I’m wondering if anyone else has this requirement (Canadian EFT and ACH for payments), and has any suggestions on how we might build this.

Hi Jeannine,

I am suggesting a different approach before you making a decision about the EFT or ACH formats. 

Please discuss with the bank and ask whether they support ISO 20022 based Credit Transfer payment. 

I normally recommend ISO 20022 payment for US ACH payments, since NACHA has already adopted ISO20022. Now most of the US banks accept ISO20022 based credit transfer. I believe the situation should be same in Canadian payment landscape too. The Canadian Payment Association has already adopted ISO20022 and their plan is to consolidate the current LVTS, AFT and EDI payment standards into a single, global standard. 

If your bank is willing to accept ISO20022 based CT file, you don’t need to worry about the new format. The solution is fully supported in APP10 Core version. You can use it for both domestic and cross-boarder payments.

Best Regards

Eranda

 

Hi Jeannine,

I am suggesting a different approach before you making a decision about the EFT or ACH formats. 

Please discuss with the bank and ask whether they support ISO 20022 based Credit Transfer payment. 

I normally recommend ISO 20022 payment for US ACH payments, since NACHA has already adopted ISO20022. Now most of the US banks accept ISO20022 based credit transfer. I believe the situation should be same in Canadian payment landscape too. The Canadian Payment Association has already adopted ISO20022 and their plan is to consolidate the current LVTS, AFT and EDI payment standards into a single, global standard. 

If your bank is willing to accept ISO20022 based CT file, you don’t need to worry about the new format. The solution is fully supported in APP10 Core version. You can use it for both domestic and cross-boarder payments.

Best Regards

Eranda

 

Thanks for the suggestion.  I forwarded it to my finance team and they are going to ask the bank if this is an option.

Hi Jeannine,

I am suggesting a different approach before you making a decision about the EFT or ACH formats. 

Please discuss with the bank and ask whether they support ISO 20022 based Credit Transfer payment. 

I normally recommend ISO 20022 payment for US ACH payments, since NACHA has already adopted ISO20022. Now most of the US banks accept ISO20022 based credit transfer. I believe the situation should be same in Canadian payment landscape too. The Canadian Payment Association has already adopted ISO20022 and their plan is to consolidate the current LVTS, AFT and EDI payment standards into a single, global standard. 

If your bank is willing to accept ISO20022 based CT file, you don’t need to worry about the new format. The solution is fully supported in APP10 Core version. You can use it for both domestic and cross-boarder payments.

Best Regards

Eranda

 

Our finance team got back to me and they can use ISO20022.  I’m having trouble finding information on it.  I can find references to it, specific to EMPLOYEE expenses, but not general accounts payable.  Do you know where I can find more info?

 

Thanks

@jhooperyan  please drop me a mail. I might be able to help.

e.maldeniya@e-analytics.com

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