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Automated Wire Transfer

  • 1.  Automated Wire Transfer

    Posted Jul 22, 2015 08:42 PM

    Hello,

    We're looking for a 3rd party product that will automate the ACH and Wire transfer process, including an interface of some kind between GP and our bank.  Does anyone have a system like this already in use - or heard of any Microsoft partners with that kind of software?  Any recommendations or tips would be welcome.

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    Paul Crabb
    Sr. Financial Systems Analyst
    Sempra US Gas & Power
    San Diego CA
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  • 2.  RE: Automated Wire Transfer

    TOP CONTRIBUTOR
    Posted Jul 23, 2015 09:37 AM

    Hi Paul.

    I would start by talking to your bank.  They may have options for you or possibly can recommend solutions that their other customers use.

    Wire transfers and EFT transmission are two different cases.  Wire transfers generally originate from your bank or brokerage and are booked in GP with manual payments entry.  The manual payment can be imported to GP with IM, eConnect, SmartConnect or Web Services and the process can be automated with pre- and post integration scripts.

    EFT transmissions originate within GP and you want to automate the transmission of the ACH file to the bank.  The Checkbook EFT Bank Maintenance window (Financial >> Cards >> Financial >> Checkbook >> enter or select a checkbook ID >> EFT Bank button) provides some functionality for this.  In the Application field you can enter the path to the application that you use to send EFT files to your bank. If you place the file on an FTP site, you enter the URL for that site. Click the folder button to locate the program by browsing. Click the Application link to test the communication link.

    If you are going to GPUG Summit 2015, consider comming to my Thursday afternoon session on Getting Started with EFT.

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    Lou Spevack
    Systems Accountant
    American Council on Education
    Washington DC
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  • 3.  RE: Automated Wire Transfer

    Posted Jul 23, 2015 05:10 PM

    Hi Lou,

    Thanks for the detailed reply.  We've been following the process you described for the past 10+ years, but now we are looking for a more automated solution.  Thanks again.

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    Paul Crabb
    Sr. Financial Systems Analyst
    Sempra US Gas & Power
    San Diego CA
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  • 4.  RE: Automated Wire Transfer

    TOP CONTRIBUTOR
    Posted Jul 24, 2015 08:32 AM

    Paul,

    We have written something for 2 of our customers which can create the ACH file, it then encrypts the file using PGP and uploads it to the banking institutions website.  We worked with the clients bank to handle this.  Essentially what happens is the client runs the normal ACH process from within GP, they send email notifications to vendors letting them know the payments are being sent, etc. using standard GP features, then nightly at 6pm the service goes through and picks up the ACH files created throughout the day, encrypts them and submits them to the bank.

    The above process could be altered to to pickup, encrypt the ACH file and load it to the bank website as soon as the ACH file is generated but the client wanted to have it sent at end of day.  We have an additional step that creates the SafePay file and auto uploads that to the bank as well.

    We looked at creating the ACH file as part of the automated process but it would have taken more time/effort and $ than what the client was willing to spend so they went the route of just clicking the buttons in GP to generate the ACH.

    As for the Wires, we have never looked into that and I'm guessing that would be completely different since a Wire is an immediate request where the ACH could be a batch of transactions paid/settled in 2 or 3 days.

    I would be more than happy to talk to you about the level of effort to make this work with your bank, we use a combination of SSIS and a tool called VisualCron to handle the automation.  SSIS is available with your SQL license and VisualCron is about $350 so relatively cheap on the software side.  The above approach is GP version agnostic so when you upgrade to the next release of GP you can simply confirm everything still runs, if not you edit the SSIS package as needed.

    Feel free to reach out to me directly if you would like to discuss further, if your familiar with SSIS you can certainly achieve the same result or we can help you.


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    Wally Dodds
    Dorado Solutions
    West Chester PA
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  • 5.  RE: Automated Wire Transfer

    Posted Jul 29, 2015 07:39 PM

    Wally,

    Thank you for the information.  I'll refer this to my manager and if we need more information, we may be in touch.  Thanks again.

    ------------------------------
    Paul Crabb
    Sr. Financial Systems Analyst
    Sempra US Gas & Power
    San Diego CA
    ------------------------------




  • 6.  RE: Automated Wire Transfer

    GOLD CONTRIBUTOR
    Posted Jul 24, 2015 10:26 AM

    In my previous company, we used a product called B4B by Professional Advantage.  It was supported by their UK operation.  It allowed us to create the payment in the AP module and based on the setup in B4B, it knew whether to pay the vendor via eft or wire.  It also emailed the vendor with the remittance information.  I found a vendor at Convergence that may also do what you want - Regal-Software and the product is RegalPay.  

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    Theresa Rago
    Manager, Financial Systems
    CV Starr & Co, Inc.
    New York NY
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  • 7.  RE: Automated Wire Transfer

    Posted Jul 29, 2015 07:37 PM

    Theresa,


    Thanks very much for your time and referrals.  We really appreciate it.

     

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    Paul Crabb
    Sr. Financial Systems Analyst
    Sempra US Gas & Power
    San Diego CA
    ------------------------------




  • 8.  RE: Automated Wire Transfer

    SILVER CONTRIBUTOR
    Posted Feb 08, 2019 02:48 PM
    Paul,

    It was a while ago that you were looking for an automated solution for your wires in GP.  Did you find a solution?

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    Sheila Jefferson-Ross
    Senior Consultant
    Sheila Jefferson-Ross Co.
    Rocklin CA
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