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.

Australia specifics

Australia and New Zealand Banking and Westpac Banking Corporation use MT101.

Aside from credit transfer from business to bank, one of the largest payment services in Australia is the BPAY. BPay is offered by four major banks in Australia. The banks are Commonwealth Bank of Australia, National Australia Bank, Macquarie, and ANZ Bank.

How Infor meets this requirement

The FSM_ION_SyncCreditTransfer_Out BOD is used to generate the vendor payment file to LSP. When the vendor payment file is generated, a message is sent with instructions to the bank to pay the vendor.

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.

This list shows the supported formats in the FSM–Localization integration:

  • AU ABA file format
  • AU MT101
  • XC LTD ANZ MT101
  • XC ISO20022 pain 001

Credit Transfers GEMS must be imported 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 that are readable by the banks.

See Infor Localization Services GEMS User Guide.