The standard format of each payment file is determined by a banking industry or the country where the payment file is used. These files are usually in comma-delimited ASCII format or in XML, and contain information such as transaction codes, transaction amounts, applicable taxes, bank identification numbers, bank account numbers, and bank account names, of the remitter and the payee.
Using Electronic Bank Payments, you can generate payment files that contain instructions for facilitating electronic fund transfers between bank accounts.
The Electronic Bank Payments SuiteApp (formerly called NetSuite Electronic Payments) enables you to process bank payments of your vendor bills, employee expenses, partner and employee commissions, and customer refunds, and also enables you to receive bank payments from customers.
