Question

ISO20022 payments for ACH, EFT and Wires

  • 5 February 2024
  • 4 replies
  • 154 views
L
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I am looking for help on understanding how to set up ISO20022 payments from beginning to end in IFS Cloud. We would like to include EFT, ACH and Wires into ISO20022 for North America.

Below I have included a listing of areas I would like to gain a better understanding on and some questions. This is just a start….

  • ISO 20022 payment formats
    • client mapping
    • message codes
    • payment address presentation
  • Routing rules
  • Format specific information per Institute
    • Payment instruction
    • Cash account information
    • Operator info
  • Supplier master record and how to properly set up the supplier record for payments

What other setups are required to process ISO20022 payments?

If we are including EFT, ACH and Wires into the ISO20022 will it still be different payment methods with the format id ISO20022 or would it be one payment method and whether the supplier is EFT, ACH or wire is defined elsewhere?

When payment proposals are run, can the payment file include all payments; that is, EFT, ACH and wires and different currencies?

Can we generate supplier remittance emails and include the invoices that the payment is for?

Thank-you!

 

4 replies

JJäthing
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Hi,

The ISO20022 format is a bit flexible, banks can implement it in different ways and sometimes not even the bank clerks have answers when you ask them for support.

So start with stating what bank/-s you want to make the setup against and ask the banks to send you their MIG’s (Message Implementation Guide) and then try to understand the MIG - that is hard. Once you’ve given up you can search the community for a recommendation of a consultant that might be able to help you.

Sorry, I’m not joking. The above is a serious answer to your question.

L
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Hi,

Thanks for your reply. I do have the specifications from BMO and have been trying to make sense of it. My hope is to find help on understanding how to set up ISO20022 payments from beginning to end in IFS Cloud.

Thank-you!

JJäthing
Rank
Userlevel 4
Badge +9

Sorry, I don’t think I can help you. It will take quite some time to investigate, set-up and verify the payment solution. It is an iterative process. Can you not find a local IFS Financials consultant that knows your bank and the payment methods you want to include in your ISO20022-payments? We are talking about five or six workdays to get it all right if it is complicated and if your bank contact is not all helpful.

L
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Yes, we are in the process of trying to find a consultant to help.

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