Electronic Funds Transfer – Rajawali Adikarya

What Is It?

Electronic funds transfer (EFT) allows transfer of funds between accounts and firms electronically.

EFT is a transaction that allows banks to have premium payments drawn directly from their bank accounts, eliminating the need to write checks. EFTs simplify record keeping, eliminate postage fees, and reduce bank processing charges.

The Electronic Funds Transfer (EFT) solution is designed to interface specifically with the Account Payable and Cash Book solutions, allowing for electronic payments to be processed for Accounts Payable suppliers and user-defined Cash Book beneficiaries.

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SYSPRO Solution

The Electronic Fund Transfer system enables you to combine payments for both Accounts Payable suppliers and Cash Book beneficiaries into one bank batch file and choose whether to post Accounts Payable EFT payments to the Cash Book in detail or in summary.

The final output is an XML file (if required) which can contain combined EFT information for both Accounts Payable suppliers and Cash Book beneficiaries. This XML file is used by 3rd party software developers to generate the information in whatever format is required by a bank. Alternatively, 3rd party developers can interrogate the SYSPRO EFT data files directly to extract the information required by a bank.

A custom form option enables the entry of additional information against suppliers, beneficiaries and banks. All information captured in custom forms is output to the XML file. These custom forms are useful if a bank requires additional information (pertaining to a batch of EFT payments) which is not catered for by the standard EFT fields.

In addition to the custom forms, user defined fields have been created enabling the entry of additional information against Accounts Payable suppliers and Cash Book beneficiaries.

The amount of information that can be captured and exported from the EFT system means that it should cater for the requirements of banks in any country.

Operator activity and field security can be set against relevant EFT fields and actions.

A full audit trail, numerous reports and query facilities enable users to interrogate the status of EFT transactions.

Process Flow

The decision is made as to which suppliers will be paid electronically. These can be permanent or temporary suppliers. The bank from which the funds are being transferred is defined as an Electronic Fund Transfer bank and the supplier is defined as being Electronic Fund Transfer supplier. When performing a payment run, from either the Accounts Payable module or the Cash Book module, these suppliers will be paid electronically. In SYSPRO the suppliers need to be added as beneficiaries in the Cash Book.

Once the payments have been approved an extract XML file is created which can then be transformed into the relevant format that the bank needs and sent to them for payment. SYSPRO will create the XML file but not the file that is needed for all the different banks because each bank has a different format. You need to get a 3rd party developer to create the special bank files.

Process Flow for Electronic Funds Transfer

Integration

The Electronic Fund Transfer module (EFT) is designed to interface with the Accounts Payable and Cash Book modules. It allows for electronic payments to be processed for Accounts Payable suppliers and Cash Book beneficiaries. The final output is an XML-format file with all information required for a 3rd party developer to manipulate into a bank format for their country. It also has a trigger program in place for 3rd party developers who do not wish to use the XML file but prefer to interrogate the new EFT SYSPRO data files for the required information.

The EFT system is bank-driven. EFT payments can be made to any Accounts Payable (AP) suppliers or Cash Book (CB) beneficiaries who are attached to a bank that has been selected for EFT transactions.

The system does not allow Manual checks to be paid electronically.

It is important to note that the file is not encrypted.

Essential and recommended modules

• Accounts Payable and /or

• Cash Book

Electronic Funds Transfer Integration to other SYSPRO solutions

For more info about Syspro, you can also visit the Syspro website at Syspro

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