Product Update 398: Ability to Identify Urgent Payment Instructions (Belgian Legislation)

In Belgium, SEPA bank payment formats have an identifier for urgent payments. This indicates the degree of urgency which the initiating party would like the debtor’s bank to apply when processing the payment instruction. A high priority means a request for urgent interbank clearing, that is, interbank clearing on the day of debiting, provided the debtor’s bank supports this facility and its conditions are met.

It is now possible to identify urgent payment instructions for the Belgian legislation. An Urgent check box has been added to the payment terms screen with the following conditions:

• By default, this check box is not selected.
• This check box is only available for invoice terms and when Advanced is clicked in the payment terms screen.
• When splitting invoice terms, the “urgent” status will be copied to the additional term created.
• If the invoice terms are manually matched and the write-off function is used to create a balance term, the “urgent” status will be copied to the balance term as well.
• When a SEPA payment file is generated, there will be an indication on the priority of payment.