Hi Group,
Some of our vendors have expressed interest in receiving remittance
info along with the ACH payments that we ftp to them. I've done some
research and determined that CTX will do the trick. The vendors confirm
that they have other customers that send them ACH in CTX format.
The problem that I'm having is our bank (Bank of America) is quoting
prices for this service which would make it financially impossible to
comply with the vendor's request. Their Treasury Rep is trying to sell
us something called "The Payment Network", which does a whole lot more
than just pass through ACH data, in addition to a number of other
banking services. I believe that we can meet the vendor's requests
without this expensive software.
I want to point out that we don't currently process EDI transactions. I
will be writing the code to translate our A/P data into EDI 820 format
and put it on the type 7 records. My understanding is that our bank
only needs to pass this information along to the ACH network. The RDFI
will be responsible for its translation and the vendor pays them for
that service.
Has anyone had similar experiences and, if possible, could you provide
the AFC banking service codes needed to get CTX transmissions processed?
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