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Bank Fund Transfer Options

Question
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edited Jan 24, 2020 9:10PM in Financials – General

Summary

Bank Fund Transfer Options

Content

Hello All,

Really looking for feedback on how others are handling this situation.  All feedback welcome!  

Process Decision

Oracle is unable to initiate a request with Banks where funds have to pulled from Bank B to Bank A.

Oracle’s is able initiate a request to push the Funds from Bank A to Bank B.

In case of push request, it requires to design interfaces with each Bank from where the funds transfer will be transferred. This is an IT overhead and involves more maintenance cost.  

Booking a manual journal entry to record the funds movement is less cumbersome than maintaining multiple interfaces with Banks. 

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