web
You’re offline. This is a read only version of the page.
close
Skip to main content

Announcements

🚀 Season of Sharing Community Challenge Launch!
Ask A Community Pro
Introducing our New Video Series: Community Spotlight
News and Announcements icon
Community site session details

Community site session details

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

EFT payments for Payables using an intermediary bank

(0) ShareShare
ReportReport
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?

*This post is locked for comments

I have the same question (0)
  • 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

Under review

Thank you for your reply! To ensure a great experience for everyone, your content is awaiting approval by our Community Managers. Please check back later.

Helpful resources

News and Announcements

🚀 Season of Sharing Community Challenge Launch!
Ask A Community Pro
Introducing our New Video Series: Community Spotlight

Quick Links

Season of Sharing Community Challenge Launch!

Jump in, show your community spirit, and win prizes!

Women in Power Builds Momentum

Expanding mentorship, skilling, and AI innovation

Congratulations to the May Top 10 Community Leaders

These are the community rock stars!

Leaderboard > 🔒一 Microsoft Dynamics GP (Archived)

#1
Dan Liebl Profile Picture

Dan Liebl 2

Last 30 days Overall leaderboard

Featured topics

Product updates

Dynamics 365 release plans