EFT

1. Financial Institution

Specify the value for the financial institution. The system writes the value that you enter to positions 21 through 23 of the EFT header record (Record Type 0). The Australian Payments Clearing Association (APCA) provides approved financial institution abbreviations in its publications.

2. File Description

Enter the text that the system writes to positions 63 through 74 of the EFT header record (Record Type 0). The text that you enter should accurately describe the contents of the file.

3. Indicator

Enter the one-character code that the system writes to position 18 of the EFT detail record (Record Type 1). The APCA standards specify valid values for this code. Values are:

Blank: New or varied BSB (bank/state/branch) number or name details.

T: A drawing under a Transaction Negotiation Authority.

W: Dividend paid to a resident of a country where a double tax agreement is in force.

X: Dividend paid to a resident of any other country.

Y: Interest paid to all nonresidents.

4. Remitter Name

Specify the name of the person or company that sends the EFT file. The system writes the value that you enter to positions 97 through 112 of the EFT detail record (Record Type 1). The APCA standards state that you must provide this information.