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.

Netherlands specifics

Netherlands uses the SEPA format, SEPA pain.001.001.003.

Dutch banks agreed to follow the standard recommendations of the European Payment Council (EPC). They published implementation guidelines to facilitate and standardize the implementation of SEPA by corporates.

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:

  • NL_pain001_V03_ABN_Amro
  • NL Rabobank ISO20022 pain 001
  • XC SEPA pain 001
  • 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.