Norm

CWA 15670:2007 en

Business requirement specification - Cross industry remittance advice process

52,00

Over deze norm

Status Definitief
Aantal pagina's 31
Gepubliceerd op 01-03-2007
Taal Engels
This section describes the extent and limits of the business process within the supply chain being described in this document. The class diagram of the remittance advice business transaction is developed in such as way that it specifies the cross industry reusable business information entities. In the payment cycle the transfer of funds takes place between the customer and the supplier in settlement of the amounts that are due for the supply of goods and services. On a date prior to, or synchronous with, the payment date, information about the transfer of funds is exchanged between the parties involved. This document describes the payment order process and the remittance advice process for the transfer of funds. The following functions comprise the payment cycle:;The generation of the payment based on invoices having the status "payable";The communication of the remittance details between the customer and the supplier, either embedded in the payment, or as a separate remittance advice.;The execution of the payment between the customer, customer's bank, the supplier's bank and the supplier.;The reconciliation by the paying organisation of the remittance details with the open invoices in the accounts payable system.;The reconciliation by the paying organisation of the confirmation from the customer's bank that the payment has been executed with the "Payments in Transit".;The reconciliation by the receiving organisation of the remittance details (either the separate remittance advice or the invoices specified in the bank statement or Credit Advice) with the open invoices in the accounts receivable system. The different invoicing procedures are not part of the payment cycle, but are detailed in the invoicing cycle. To simplify the description the parties involved are limited to the customer, the supplier and their respective banks. In the total trade process each of the parties can play more than one role. For the payment cycle the customer can play the role of buyer, consignee, invoicee and payer. The supplier covers the roles of seller, consignor, sales agent or sales company, and payee. To ensure that the payment of the invoices are in line with the common practice used between industry and trade sectors, only the following three scenarios will be taken into consideration: The remittance advice is sent directly between the customer and the supplier, or The remittance details are embedded within the payment order and the bank generates a separate remittance advice message, to be delivered to the payee, or The remittance advice is sent indirectly in a form embedded within the payment order, exchanged through the customer's bank to the supplier's bank and delivered to the payee in the credit advice or the bank statement.

Details

ICS-code 35.240.60
Nederlandse titel Business requirement specification - Cross industry remittance advice process
Engelse titel Business requirement specification - Cross industry remittance advice process

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