Accuity upgrades payment data for SAP systems

Source: Accuity

Accuity, the leading worldwide provider of payment routing data, AML screening software and services, has announced a key enhancement to its financial institution data and routing information database for SAP systems, Global Payment FileTM-ERP XML (GPF-ERP XML).

Designed to provide complete information on financial institutions for incorporation within the bank master table on any SAP system, the solution now offers a data file in local languages that may be used with Accuity's Bank Master Update Program to load bank data directly into the SAP bank master (BNKA).

GPF-ERP XML provides information on financial institutions in all countries around the world including head office and branch mailing addresses, department-specific contact information, SWIFT/BICs and national clearing codes - everything needed to process payments more efficiently and with fewer errors.

By providing bank data in a local language, including languages using a non-Latin character set, customers can quickly and easily effect a local payment within the respective country, such as China, that requires payments made with data in Chinese characters. Utilizing a local payment method provides a lower-cost alternative to a non-local cross-border wire transfer. With this release, GPF-ERP XML will include data for Chinese bank locations in the Chinese character set; expansion to include other languages and character sets as required is planned for future releases.

"The need to streamline international payment processing is critical in today's financial industry," said Brent Newman, Managing Director, global product group for Accuity. "The addition of enhanced data sets geared toward local requirements furthers our mission to offer the kinds of data financial institutions and corporate treasurers require to ensure the highest levels of payment STP rates.

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