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Reply from Nikki Klein on Dec 12 at 12:59 PM Hi Jason
The bank is right to reject your payments, as they use the SWIFT and / or IBAN codes to be very specific about identifying the correct recipient bank and bank account holder.
Typically the SWIFT code identifies the actual physical bank branch itself (eg First Bank, 104 Main St, Anytown will have its own unique SWIFT code). Usually the IBAN code goes one step further and identifies the account holder at that bank, although this does vary from country to country.
While I understand that your vendors want to be paid, they really ought to provide you with better and more accurate data so that the banks involved can be assured that they are distributing your funds into the correct accounts.
Nikki
| | | ---------------Original Message---------------
From: jasondflores
Sent: Wednesday, December 12, 2012 3:38 AM
Subject: Vendor Bank Details in SAP
I'm not familiar with this. Please can someone help me how are SAP bank details related to one another (i.e. Bank Key, Bank Account, IBAN and SWIFT and Bank number.
We are not booking invoices if SWIFT/BIC code is different from SAP against Invoice. But client is mad as base on SAP, we have the same Bank Key and Bank account.
Does Swift Code/BIC it have effect of payment if they are not the same but on bank key and account they are? |
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