IFS supports Virtual Account Numbers from IFS Cloud 24R2. In order to sent the e-invoices in xml-files they are supported from 25R1.

This is a quite neat function where you ask the bank for virtual accounts.

So the bank has your bank account and you ask them to create 5 virtual accounts

ABC00001 - Your account

ABC10001 - Customer 1
ABC10002 - Customer 2
ABC10003 - Customer 3
ABC10004 - Customer 4
ABC10005 - Customer 5

So when the customer gets an invoice, they get on the invoice their very own bank account, virtual bank account.

If there are any missing references or any other reason for a payment not getting correctly mapped, you can directly mapp the virtual bank that the payment comes from to a specific customer and instead of having a Parked Payment, you will have a Payment on Account which is way more easy to analyze.

Hope you get a good start of this.

Best regards

Denny

Hi Denny,

Many thanks for your response. However, I was mainly after how we can support this for supplier payments. If the supplier issues us a new IBAN for every single purchase order/invoice, we would need to create a new payment address against the supplier before processing a ISO/SEPA Payment. As you are aware, supplier payment addresses are closely monitored data, which the AP/procurement teams usually do not have access to amend.(For Due diligence)

How can Virtual IBANs be supported in this scenario, without placing a additional burden on the system and users, and not much delays?

Thanks

As far as I know, virtual IBAN will be the same for one supplier all the time.

If the Virtual IBAN for one supplier changes all the time, they have not understood the meaning of Virtual IBAN. It is supposed to be a specific account for a specific customer so if your supplier has set up a Virtual IBAN for you as a customer, it should be the same each time.

If there is another case, I cannot unfortunately answer.

BR

Denny