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Transmit ACH/Wire Files Electronically

This module allows you to electronically transmit ACH files, including all related invoice details, to
multiple Vendors and Employees directly from your ERP system.

ACH’s can be created for domestic payments, foreign payments (Wires) or indeed payments in
multiple business units spread across different countries. Cashbook’s ACH module is Electronic
Payments for USA customers.

Vendors are set up within the ERP system with a specific payment method e.g. E= electronic C =
Cheque. Cashbook takes this vendor information and uses it to process an ACH file. Security
rules surround the vendor bank account details to prevent unauthorised access and
amendments. Emails are generated should the vendor bank accounts details be deleted or
created (no edits are allowable).  Security module ensures bank account details are easily
auditable and there is clear separation of duty.

Cashbook selects payments from your ERP’s AP invoice file. Selections can be done for all
payments as would be used in a Shared Service Centre environment. Sub-selections can be
made based on: business units, currency, vendor number, invoice date, down to individual
invoices. Cashbook then creates an ACH payment file for transmission to the bank. If required,
Cashbook can populate the CTX records (addenda records showing invoice number) and if the
remittance details are large, include an 820 remittance file with the ACH Payment file.

Cashbook formats the payment file generated from your ERP into an ACH format and transmits
to your financial institution. ACH formats often vary from bank to bank across North America.
While there are commonalities in the data that generates ACH payment files, often the structure
and file specifications will vary significantly.

On formatting the ACH payment file, spooled remittances can be generated as part of the
process which can be faxed or emailed to vendors and held as audit back up for the payment
run. Cashbook also offers an Email Remittance solution which has additional benefits when
implemented alongside Electronic Payments.

The ACH payment file is then transmitted to the bank and vendors receiving the payment are
aware of the invoices included in the payment. If an 820 remittance file is sent with the original
ACH the vendor can then use this file in their own ERP to close the corresponding AR invoices.


Features:

  • Standard payment process no matter what bank or ERP system you are using
  • Invoice payment information can be inclusively sent via the ACH file (common issue with
    ERP systems)
  • IBAN (International Bank Account Number) & non-IBAN payment formats can be generated
    for non-ACH wire payments
  • Complete audit trail
  • Auditable security surrounding vendor/employee bank account details
  • Integrated with Cashbook Bank Reconciliation Module & Automatic Email Remittance
    Module
  • Spooled remittances – Vender Information or internal Audit Purposes
  • SEPA compliant files can be sent through same process.
  • Multiple sites, environments or ERP systems can be catered for


Benefits:

  • Vendors receive payments together with remittance details on Bank Lockbox, Bank
    Statement or 820 file
  • Payments to Vendors flow through the Clearing houses more efficiently as they are
    automated, thus ensuring that vendors are paid on time
  • Cost savings from electronic payments have been shown to be valued at USD $1.70 per
    transaction for ACH vs. check printing (NACHA 2003)
  • Automated processing of data reduces manual entry and consequently reduces the
    possibility of fraud and increases financial control
  • Elimination of manual effort allows companies to allocate more staff time to other higher-
    value activities
  • Your vendors/employees expect electronic payments in the current environment
Slashed our AP processing costs by 75%.

Charles Greene, Manager of Information
Systems, Sumitomo Electric Wiring Systems,
USA

Electronic ACH File Transmission

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