Escheatment of Unclaimed Check Payments Using a REST API

Use the enhanced Payments REST API to initiate Escheatment operation on unclaimed check payments. Use the Payments REST API to identify stale payments and initiate the escheatment process. Use the ERP Integrations REST API to escheat payments in the Escheatment Initiated status and create the invoice to remit funds to the escheatment authority.

This feature improves compliance with legal regulations by initiating escheatment process for unclaimed check payments which are not cashed in a specific time period and transfer such payments to the escheatment authority.

Steps to Enable

You don't need to do anything to enable this feature.

Tips And Considerations

• You must account an escheated payment before you create the escheatment invoice.
• You can’t create escheatment invoices for stale payments that settle invoices belonging to different invoicing business units and legal entities.
• You can only create escheatment invoices for the escheatment authority supplier site assigned to the invoicing business unit.

Access Requirements

The new predefined privilege Escheat Unclaimed Payments is required to secure the Initiate Escheat and Escheat and Create Invoice actions in the Manage Payments page. This new privilege is added to the predefined duty role Payables Payment Processing Duty. This duty role is assigned to the predefined Accounts Payable Supervisor and Accounts Payable Manager job roles. Users who are assigned a configured job role that contains these privileges can create invoice using a REST service.