Consolidated Payments - Remittance Information

What we are doing:

1. We are working on sending a Consolidated Payment file - which contains EFT, Wire & Check payment information of Suppliers.

2. A consolidated payment file will be sent to Bank to process payments.  1 .txt or XML will be sent which contains all the Payment information related to EFT/Wire & Check. (Bank will print the checks and send it to vendors)

3. Unlike the traditional way of processing payments, this will save time and cost in Payments.

4. PPP is setup and AP team will use this to process payments. Format payment instructions will generate .txt or XML that will be sent to Bank