Customer-Initiated EFT Draft Process

Customer-initiated EFT drafts are processed in PeopleSoft Payables much the same way that customer-initiated drafts are processed, except that you don't print the drafts. Instead of printing drafts, you send an EFT file to your bank when the draft payment is due. Your bank pays the draft on the draft maturity date.

Note:

If you haven't prearranged with your bank to receive a bank information file, you do not need to run the Draft Reconciliation and Approval process; however, you do need to run the Draft Reconciliation and Approval process to promote the draft status from C (created) to A (approved).