Available PeopleSoft Payables Payment Formats

Suppliers might require specific methods of making payments, such as issuing a check or sending payments electronically using a specific electronic file format. PeopleSoft Payables currently supports the following payment methods and formats:

Term	Definition
System and manual check	Printed payment format for regularly scheduled payments.
Wire transfer	A transaction that you initiate through your bank. Printed remittance advice is the only format available for paying by wire.
EFT and ACH	Electronic payment file formats for regularly scheduled payments.
Draft	Internationally accepted printed and electronic payment format that adheres to a specific maturity date agreement between the buyer and supplier.
Giro	Printed and electronic payment format primarily used in the Netherlands and Singapore for regularly scheduled payments.
Letter of credit	Electronic payment format for scheduled payments that is supported by a signed agreement between you, your bank, and your supplier.
Direct debit	Payment method in which the buyer and supplier create a contract that enables the supplier to collect an amount due for specific goods or services directly from the buyer's bank through EFT.

Before you can use a payment format, you must associate it with a bank account. You specify the payment method on the Payables Options - Payment Options page, the Additional Payables Options collapsible region on the Supplier Information - Payables Options page, or the Supplier Bank Account page.

You must also set up payment relationships when you define suppliers.