Defining MICR IDs

MICR Information - Address Page

CUSTOMER_MICR

Enter MICR IDs and associate them with remit from customers.

MICR Information - Customer Bank Page

CUSTOMER_MICR2

Enter additional bank information for specific customers.

Effective Date

MICR ID information is keyed by effective date to enable you to keep a history of changes that you make and enter changes that will go into effect on some future date.

Remit From Customer

Select the SetID and the customer ID of the remit from customer to enable Payment Predictor to select items from more than one customer based on the MICR ID. Because a remit from customer is the paying entity, you link MICR IDs to remit from groups rather than to individual customers. Every customer is its own remit from customer if it does not belong to a larger remit from group.

Address

If a customer that is enabled for draft processing will use this MICR ID and the bank interface requires the draft bank address, then enter that address in the fields in this group box. Otherwise, this information is optional and not used in any Receivables processing.

Effective Date, Status, and Remit From Customer

View data from the MICR Information - Address page.

Remit From Customer

For each MICR ID that you set up for the customer, enter the bank account information to process direct debits and drafts electronically. This action associates the bank account details with the remit from customer and the MICR ID that you enter on the MICR Information - Address page.

Country

View data from the MICR Information - Address page and define where the bank is located. Depending on the country, you may be required to enter different information to identify the customer's bank account.

Bank Name Alt Characters (bank name alternate characters)

If you have enabled alternate character sets for the user, the Bank Name Alt Characters button appears next to Bank Name. Click to enter each name in alternate characters.

Bank ID Qualifier

Defines which fields are required for the customer's bank and the editing rules for each field. For example, you may be required to enter a bank ID with five characters for the French Bank (009). System-defined qualifiers are provided for each country; review them on the Bank ID Qualifiers page.

See the product documentation for PeopleSoft Banks Setup and Processing.

Bank Identifier Code

Enter a bank identifier code (BIC) for this bank branch. This code is based on the ISO standard (9362), which is the universal method used to identify the financial institutions that enable automated processing of payments. A BIC code is used to route cross-border and some domestic payments to a bank branch or payments center.

SEPA requires the use of BIC and IBAN codes to uniquely identify the creditor's and debtor's banks and bank accounts in all Euro cross-border payments. The IBAN and BIC codes must be correct to avoid repair fees that the bank charges due to processing errors and to avoid delays in processing payments and collections due to the correction of these errors.

Once you enter a BIC code, the system validates the length and layout of the characters, and it validates the BIC country code against the country code set up for the bank branch.

Bank ID

Identifies the bank.

Branch ID

Depending on the bank ID qualifier, you may need to enter a check digit for the account number and a corresponding branch ID.

Account Type

Select a value:

• Bond.

• Bus Acct (business account).

• Check Acct (checking account).

• Dem Dep (demand deposit).

• Lf Ins-Net (life insurance account - net cash value).

• Life Ins (life insurance face value).

• Mutual (mutually defined).

• Ret Acct (retirement account - vested interest).

• Ret It-DDA (return items on demand deposit account).

• Ret It-Sav (return items on savings account).

• SB Acct (stocks and bonds account).

• Time Dep (time deposit).

• Trust fund.

Bank Account Number

Enter bank account number.

If you set up bank account encryption, account numbers are masked when you save the page. You can edit the bank account numbers using the Unmask button.

For more information about bank account number encryption and the National Automated Clearing House Association (NACHA) data security requirements, see Understanding Bank Account Encryption and Setting Up Bank Account Encryption.

Unmask

Select to unmask the bank account number.

DFI Qualifier

Select to identify the bank using its DFI ID and enter the associated DFI ID. The DFI qualifier specifies the format and how many characters and numerals are used in the bank's DFI ID.

Attachments

Click this link to access the Customer MICR Attachments page, where MICR attachments can be uploaded, viewed, and deleted.

Use Lead Time and Holiday List from Biller's Bank

Select this option to use the lead time days and holiday list based on the Biller's bank account.

The Lead Time and the Holiday List should come from the same source, either both from MICR ID or both from Biller's Bank account because the customer and biller's bank may be in different countries with different holiday schedules. Lead Time and Holiday List entered in MICR ID will be used when Use Lead Time and Holiday List from Biller's Bank is not selected. When Use Lead Time and Holiday List from Biller's Bank is selected, Lead Time and Holiday List fields in MICR ID will be disabled and it will be ignored by the process.

Direct Debit Lead Time Days

Enter the number of lead time days. Default value for Lead Time Days is zero.

Holiday List ID

Enter the Holiday List ID for the customer's bank account.

Transit Number

Exactly nine numerals, plus check digit calculation.

Swift ID

Eight or 11 characters; positions five and six must comprise a valid two-character country code.

CHIPS ID

Three or four numerals.

Canadian Bank Branch/Institute

No validation.

Mutually Defined

No validation.