Businesses in the United Kingdom frequently use electronic funds transfers to collect and refund payments for customers in addition to making credit payments to suppliers. All electronic fund transfers are processed according to Bank Automated Clearing System (BACS) standards.
Businesses also print checks. Checks in the United Kingdom are required to meet the standards established by the Association for Payment Clearing Services (APACS). The bank statement serves as the source document for all banking activity.
J.D. Edwards solutions for banking requirements in the United Kingdom include the following tasks:
Working with bank account information
Working with automatic payments
Working with the APACS check format
Processing automatic debits
Working with logged vouchers
Processing bank statements