EFT processing

Based on a pay-through due date, a programic process selects and extracts open items for payment. If the customer requires prenotification of this process, then an extracted list of open items are printed for the customer. A bank file is produced and sent to the client’s bank for an electronic funds transfer from a customer’s bank to the client’s bank. Receivables can optionally accommodate credit balances that result in a direct deposit versus a direct debit. The open items that are selected for EFT are flagged as pending application records and are processed using the automatic cash application process.