Singlepage

asd

Streamline your Accounts Payable Processsss

​

Save Time Using Electronic Funds Transfer for IFM

For electronic payment to Vendors

CISTECH’s EFT tool allows electronic funds transfers in IFM for foreign or domestic vendor payment, relieving the accounting department of the time-consuming task of manual payment processing and providing a faster and more reliable payment method for vendors.

Electronic Funds Transfers provide real-time accounting benefits of simple, paperless payment, and better control and management of payments and their delivery dates. CISTECH’s EFT tool generates activity reports that give accounting the opportunity to proof and edit activity transaction details prior to the actual funds transfer. A confirmation of the date and time the transfer is sent to the financial institution is also generated for documentation.

The EFT activity report provides all details of the transaction and enables accounting to completely trace the path each payment has taken prior to the actual transfer of funds.

·      Benefits of using EFT:

·       Save the cost of printed checks and postage with paperless payments.

·       Provide faster and more reliable payments to vendors.

·       Eliminate the time consuming, manual check writing and mailing process.

·       Gain better control your payment and payment schedules with real-time accounting.

·       Automatically generate reports of all payments and payment details.

 

EFT Features and Functions:

WEB URL:

​

​·       Foreign and domestic electronic payment delivery.

·       Automatically generated reports with detailed error tracking.

·       Proof reports.

·       Pending edits, which may include corrections, may be run as many times as necessary.

·       Once in the transmission file, a record will not appear on the pending edit again.

·       The transmission file that is in the creation process may not be run again until the financial institution uploads the file.

 

Services to support your use of Electronic Funds Transfer:

·       User manual

·       Implementation Instructions

·       Integration with your bank file format

·       CISTECH consultants can assist you in planning, educating, and implementing the EFT for IFM

Pre-requisites for Electronic Funds Transfer: IFM R6, R7