Supplier payments
Requirement
Functionality for payments and remittances of invoices to approved suppliers, through the banking systems of a specific country, is a normal business requirement.
Supplier payments are normally made by check or credit transfer. All interbank
transactions are controlled and cleared centrally by the Canadian Payment Association (CPA).
This association is jointly supervised by the Bank of Canada and the Department of Finance
Canada.
M3 solution
Supplier payments can be managed electronically or manually. Manual methods include check printing or the delivery of payment orders to the bank.
Supplier checks are generated from the M3 payment proposal. After the printing of a check run, check numbers are recorded in M3 for subsequent bank statement reconciliation. Void checks and reprints are supported in this process.