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Dynamics 365 Community / Forums / Microsoft Dynamics GP (Archived) / EFT payments for Payab...
Microsoft Dynamics GP (Archived)

EFT payments for Payables using an intermediary bank

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Posted on by DebN 3,954

We have a customer who uses EFT for Payables and deals with many overseas vendors.  They sometimes don't want to transmit funds directly to the vendor's bank.  They wire the money to an intermediary bank who then transfers the money to the vendor.

Is there any way to do this within GP?  Or are there any 3rd party products to help with this?

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  • Suggested answer
    L Vail Profile Picture
    L Vail 65,271 on at

    Hi,

    Does the intermediary bank have a specific format that they use in order to transmit the money to the vendor's bank(s)? I'm feeling like Dynamics can do it, but it would have to be a separate check run. I imagine each of the foreign banks have their own format. It may be the same, but it might not. I think you'd need to ask what the intermediary bank needs in order to fulfill your request. As far as making a one step pass, you might could send all of the money to a single account at the intermediary bank using the standard ACH format. You'd need to set each of the international vendors up to point to this bank account. After that, you would send the intermediary bank a file in whatever format they require to transfer the funds out of that single bank account to the intended bank.

    Kind regards,

    Leslie

  • DebN Profile Picture
    DebN 3,954 on at

    Hi Leslie,

    We'll have to get more information and will let you know if we have any other questions.

    Thanks for your help!

    Deborah

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