Understanding Banking and Recipient Processing

Global Payroll for Hong Kong supports net payment (employee salary) direct deposits and recipient payments using the electronic file (HSBC) format used by the Hong Kong and Shanghai Corporation Bank. Banking and recipient processing enables you to:

• Run an EFT file creation process to generate a file that includes employee salaries (net payments) and recipient payments.

  Net amounts and recipient payments are calculated by the core banking process and stored in the GP_PAYMENT result table.

• Generate data for delivering deduction details to the recipient.

  The process extracts payment information directly from the GP_PAYMENT result table to create the HSBC file.

• Decide whether to take the commission out of the recipient payment, as recipients may pay a commission to the pay entity.

• Keep track of your banking and recipient processing, and generate the following reports:

  • Net Payment report: Contains information about amounts transferred to employee accounts.

  • Recipient report: Contains details about amounts collected from employees on behalf of a recipient.