Giros

The giro is a common international payment method prevalent in the customer-to-business relationship because it provides efficiency with high volumes of transactions. In PeopleSoft Payables, the giro is similar to manual and EFT payment methods, but it is uniquely identified for reporting and analytical purposes.

Manual Giro Payments

In PeopleSoft Payables, the giro payment method (GM-Manual) is a type of remittance slip that is handled like a manual payment. The Accept Giro is a standard format used in the Netherlands that has an invoice with a tear-off portion. The tear-off section displays the information necessary to process a payment. You detach the tear-off portion and send it to your bank for payment to the supplier. Your bank sends payment to the supplier's bank, and the supplier's account information is updated. You do not need to run the Pay Cycle Application Engine process (AP_APY2015) because you use the information on the tear-off section to record the payment on the Payments page of the Voucher component.

In some instances, you may send an electronic payment file to your bank.

EFT Giro Payments

In PeopleSoft Payables, the EFT giro payment method (GE-EFT) is handled like an EFT payment. This standard payment format is used in Singapore for performing direct debits and credits. It is often used to make payments that recur within a set time period and has been used to make direct deposits of employee payroll checks and expense reimbursements. The EFT giro file layout is formatted when you set up banks and counterparties, and it is set up according to the local requirements of the supplier. For EFT giro payments in Singapore, you can use the sample file layout called FEDI. Giro authorizations are specific to a particular supplier, containing standard data elements according to the giro requirements. They contain your bank account information and the supplier's account information.

For the EFT giro, the supplier directly debits your bank account for remittances. During voucher entry, you specify a bank account sequence number to associate the supplier's bank information with the voucher.

In the Payment Selection Criteria component (PYCYCL_DEFN), you specify Giro - EFT on the Bank/Method page. During the Pay Cycle process, PeopleSoft Payables collects all EFT giro transactions and creates an output data file containing the payment information. You send the output data file to the bank electronically or on taped media.

This diagram shows the process flow for giro payments.