EFT Transform Formats
Electronic File Transfer (EFT) allows businesses to make paperless payments through their banking institution with electronic data transmission in a format approved by their bank. BST11 provides external processes that take the generated payments created electronically and stored in the Payment In Progress table and transform that internal data into a specified EFT format that is useable by the banking institution identified in the Bank Account specified for Payment Generation. Currently BST11 supports the following financial control agency formats.
APCA
Banking institutions in Australia look to the Australian Payments Clearing Association (APCA) for the defined format approved by the Australian Banking Association (ABA) which will allow for interaction with banking institutions electronically. BST11 supports two formats of ABA EFT output files – Unbalanced and Balanced. The main difference between the Unbalanced and Balanced formats is the inclusion of an additional detail record in the Balanced format that sums all of the individual payment records and defines the company bank account for which the entire sum of payments will be debited.
NACHA
In the USA, the National Automated Clearing House Association (NACHA) defines the necessary format(s) for business to interact with banking institutions electronically. BST11 supports two formats of NACHA EFT output files – Unbalanced and Balanced. The main difference between the Unbalanced and Balanced EFT formats is the inclusion of an additional detail record in the Balanced format that sums all of the individual payment records and defines the company bank account for which the entire sum of payments will be debited.
SEPA
The Single Euro Payments Area (SEPA) is a payment-integration initiative of the European Union for simplification of bank transfers denominated in euro. As of July 2015, SEPA consists of the 28 member states of the European Union, the four member states of the European Free Trade Association (Iceland, Liechtenstein, Norway and Switzerland), Andorra, Monaco and San Marino. The remittance information for a payment can be generated in two distinct SEPA EFT output formats, structured and unstructured. The unstructured format depends on an agreement between the parties involved. The structured format is predefined by SEPA.
|