Has anyone set-up an automated Faster Payments process? If so what advice can you give.
We currently create BACS entries which are voided and then create manual Faster Payments outside of Oracle, but are looking to have a more automated approach.
My current thought is to create a "Faster Payments" assignment set for use in a payroll run > prepayments > BACS cycle followed by a custom concurrent process to modify the BACS .mf file header to the Faster Payments format. If anyone has an alternative idea I'm open to suggestions.
Yes I'm looking to pay selected quick pays via "Faster Payments" rather than BACS.
Just for clarification, "Faster Payments" is an automated clearing system like BACS and CHAPS (for corporations the fees tend to be a lot more than a BACS transaction but far, far less than a CHAPS). From the limited amount of info I can glean from the internet I believe that if the Payee holds an account with one of 10 banks then the payment hits the account in a matter of hours, if not it gets processed as a BACS transaction.
The issue is that Oracle does not provide a concurrent process to generate a "Faster Payments" file so would expect us to mark the prepayment as an external payment and generate the Faster Payment transaction manually.