Multi-Currency EFT Payment File Solution

Overview

About the Client

The client is a leading multinational corporation providing wireless technologies services and high-performance products. Its highly experienced team is dedicated to solving complex wireless connectivity issues. They have a wide range of products and a history of custom cellular and antenna designs. Their products are designed to connect with a range of machine applications, IoT, automotives and mobiles.

The Challenge      

• Clients were looking to optimize their payment processes by leveraging multiple currencies within a single ACH wire electronic payment. Having successfully implemented domestic ACH wire payment files, they partnered with us to extend this functionality to international payments across various currencies. 
• Primary challenge is to design a unified payment file template capable of accommodating the unique formats, character constraints and requirements of multiple currencies. 
• Each currency had distinct formatting standards and data sourcing complexities, posing significant hurdles to seamless integration within the existing payment functionality. 

Our Solution 

Designed a versatile wire payment file template in XML format capable of generating ACH wire payment files for currencies such as CAD, Euro, GBP, CNY, and TWD. This template incorporated multi-currency functionality, enabling seamless processing of international payments.

Leveraging data from both the Company bank record and Entity bank record, we sourced essential payment information. Custom fields on the Entity bank detail record facilitated mapping with vendor or employee records, ensuring accurate data sourcing for payment file generation.

Recognizing the unique payment file formats for each country, we integrated conditional logic into the template. This dynamic formatting ensured that payment files adhered to the specific requirements of the currency being utilized, enhancing compatibility and compliance. 

Technology & tools used

• Oracle NetSuite
• Oracle NetSuite Electronic Bank Payments
• Smartsheet

Results

• Efficiency in Payment Processing: With the implemented solution, a streamlined payment processing for vendor bills and employee expenses across multiple currencies. 
• Compliance and Accuracy: By aligning payment file formats with country-specific standards, our solution enhanced compliance adherence and data accuracy. This minimized errors in payment execution and mitigated risks associated with regulatory non-compliance. 
• Scalability and Flexibility: The scalable nature of the payment template allowed for future additions of currencies or modifications to existing formats. This flexibility ensured that the solution remained adaptive to evolving business needs and currency requirements.