Bank of America SEPA Payment Processing

Enable payment processing for the Single Euro Payments Area (SEPA) region by integrating Oracle B2B with Bank of America. This feature allows organizations to process disbursements in EUR to SEPA countries using the ISO 20022 SEPA payment format. The integration includes a dedicated BOFA ISO 20022 SEPA payment template and format, helps meet regulatory requirements, and provides support for standard payment grouping, formatting, and acknowledgment files.

Business Benefits include:

  • Compliance with ISO 20022 SEPA standards, minimizing payment errors and fraud risk, while meeting regulatory requirements in the SEPA region through secure payment channels.
  • Companies can manage all supplier payments, including SEPA, centrally within Fusion, providing better visibility and control over their financial operations.

Steps to Enable and Configure

To enable this feature, you need to log a Service Request (SR).

Funds disbursement with SEPA payments provides the following preconfigured setups:

  • Payment System Account:  BOFA Payment System
  • Payment Process Profile:  BOFA ISO20022 SEPA
  • Payment Method:  BOFA EFT Payment Method

As part of the integration with Bank of America, you can also create payment files using the predefined BIP template BOFA ISO20022 SEPA Format.

Tips And Considerations

Key tips and considerations include:

  • Use SEPA as the Service Level Code.
  • Use the BOFA EFT Payment Method as the Payment Method
  • The payer and payee bank account country should belong to the SEPA region.
  • Use payment currency as EUR.
  • Make sure the payer's bank account currency is EUR.
  • Users can create their own payment process profile, but must use the preconfigured transmission setup related to this integration.
  • Log a service request for any transmission issues with outbound or inbound files.

The bank generates up to four payment acknowledgement files during the clearing process. Please refer to the 25C What’s New Content, Treasury and Payments > Manage Cash Activities and Operations > Integrated Banking and Payments with Bank of America, for more information on processing acknowledgements.

Key Resources

Please refer to the 25C What’s New Content, Treasury and Payments > Manage Cash Activities and Operations > Integrated Banking and Payments with Bank of America

Access Requirements

You must have the Financial Application Administrator job role to establish connectivity with Bank of America and review all related predefined and automatically configured Functional Setup Manager tasks.