Electronic Bank Payments Overview
The Electronic Bank Payments SuiteApp (formerly called NetSuite Electronic Payments) enables you to process bank payments of your vendor bills, employee expenses, partner and employee commissions, and customer refunds, and also enables you to receive bank payments from customers.
Using Electronic Bank Payments, you can generate payment files that contain instructions for facilitating electronic fund transfers between bank accounts. These files are usually in comma-delimited ASCII format or in XML, and contain information such as transaction codes, transaction amounts, applicable taxes, bank identification numbers, bank account numbers, and bank account names, of the remitter and the payee. The standard format of each payment file is determined by a banking industry or the country where the payment file is used. The payment files generated by Electronic Bank Payments can be imported to your bank's payment software or submitted electronically to your bank for processing.
The Electronic Bank Payments SuiteApp also provides a check verification feature by generating a file format that contains information about all your issued checks. You can electronically send the check register to the bank for cross-verification.
This SuiteApp generates bank payment file formats but doesn't transmit them to banks. Contact your bank for information about transmitting payment files using the bank's EFT systems.
The Electronic Bank Payments SuiteApp provides the following features:
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Generation of payment files and direct debits using each bank's predefined file format
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Support for standard bank payment formats
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Ability to create your own custom payment formats
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Automated creation of payment batches for approved bills
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Scheduled automatic approvals of payment batches
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Processing of multiple payment batches at the same time
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Additional payment processing capabilities such as full reversal, partial reversal, and reprocessing
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Support for multi-currency conversions that help to pay suppliers across the globe in a single payment run using a single bank account
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Generation of Positive Pay file formats containing details of checks issued irrespective of how they were produced
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Ability to select transactions approved for payment using different combinations of filters
To set up electronic bank payments, see Setting Up Electronic Bank Payments.
To use this SuiteApp to pay bills and receive payments, see Processing Payments.
To use this SuiteApp's other features such as reviewing payments, sending notifications, and reprocessing payments, see Managing Electronic Bank Payments.
To create custom Bill Payment Processing pages, see Electronic Bank Payments API.