Credit transfers

Vendors can be paid from accounts payable by transmitting credit transfer messages to the bank in a format that the bank can interpret. The bank can then take the appropriate action.

New Zealand specifics

These New Zealand banks can be used for credit transfers:

  • Bank of New Zealnd (BNZ)

  • BNZ use Internet Banking for Business (IB4B) banking platform. Direct Credit import file allows to transfer data from ERP directly into IB4B for processing. Direct credit type files can also be used as a source for the bulk import & conversion to same day cleared payments.

  • Westpac

    Westpac Bank is classified with a SEPA Entry Readiness Certification. It also supports ISO 20022 XML payment initiation messages (pain.001 and pain.002).

  • ASB Bank

    Standard Bulk Payments includes Direct Credit, Payroll and Creditor payments.

    Either of the following formats can be used for importing into ASB FastNet Business for Standard Bulk Payments:

    • MT9 File Format

      MT9 is a data standard used within the banking industry for the creation of Bulk Payment and Receipts. It is ASB's preferred data standard.

    • CSV File Format

      CSV File format allows the user to import direct debit receipts into ASB FastNet Business.

  • ANZ Bank

    Three (3) types of New Zealand Domestic Payments import file formats available in ANZ Transactive:

    • NZ Domestic Payment CSV (Full File Import) - allows a user to import a Domestic Payment file into ANZ Transactive as one or more batches of payment instructions.
    • NZ Domestic Payment CSV Detail Import (With Control Record) - allows a user to import a CSV file containing payment details into an existing Domestic Payments batch or template.
    • NZ Domestic Payment CSV Detail Import (Without Control Record) - allows a user to import a CSV file containing payment details into an existing Domestic Payments batch or template.

How Infor meets this requirement

The FSM_ION_SyncCreditTransfer_Out BOD is used to generate the vendor payment file to LSP. A message is generated and sent to the bank to pay the vendor with the given instructions.

The successful prompting of the FSM_ION_SyncCreditTransfer_Out BOD to ION is validated against the corresponding Schema. The output is saved in the designated folder.

These are the supported formats in the FSM-Localization integration:

  • NZ ANZ foreign payments
  • NZ ANZ local payments
  • XC LTD ANZ MT101
  • XC ISO20022 pain 001

Credit Transfers GEMS must import into ION and an SFTP connection must be established in the document flow. This process is used to convert the credit transfer BODs into corresponding proprietary bank messages readable by the banks.

See Infor Localization Services GEMS User Guide.