Defining EFT Payment Format Codes

Page Name

Definition Name

Usage

Payment Format Codes Page

PYMNT_FMT_CD_PNL

Define or modify EFT payment format codes.

To define EFT payment format codes, use the EFT Payment Format Codes component (PYMNT_FMT_CD_PNL_GBL) .

To make EFT payments, you must specify EFT payment format codes. These codes define the number of extra settlement days to consider when the system calculates payment schedules for EFTs. The system uses the EFT payment format code in conjunction with the EFT payment calendar to build a detailed adjustment table. The system references this table during voucher processing to calculate the scheduled payment date.

The system also uses the table during payment creation to calculate the settlement date for EFTs. The payment creation process adjusts the scheduled payment date to reflect both the number of settlement days you specify with the EFT payment format code and any business holidays that are recorded in the business calendar. This process ensures that the system selects a voucher for payment on a valid processing date and gives the bank enough time to process the EFT to make the payment due date.

Use the Payment Format Codes page (PYMNT_FMT_CD_PNL) to define or modify EFT payment format codes.

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Set Up Financials/Supply Chain > Common Definitions > EFT > EFT Payment Format Codes

Field or Control

Description

Format

Select from the following values:

  • Check Std (standard check)

  • Chk Urg (urgent check)

  • Chk urgrec (urgent check, with receipt)

  • Chck w/rcpt (check with receipt)

  • Euro Xfer (European transfer)

  • Pay & Dep (pay and deposit)

  • Postal Order

  • Stnd SWIFT (standard SWIFT)

  • Trade Exch (trade exchange)

  • Urg SWIFT (urgent SWIFT)

  • Wire

Settlement Days

Enter the number of extra settlement days to include when the system calculates payment schedules for EFTs.

Note: For the Spanish EFT layout CSB34, if you select certain format codes, the system automatically populates the EFT file with predefined values. If you select the Wire format code, the system populates the Payment Type field with a value of 56. If you select the Check Std format code, the system populates the Payment Type field with a value of 57.