New Payment Method - BNZ Customers
BNZ File Transfer Channel
BNZ no longer provide payroll letters of credit (PLOC’s) as a result of their move to 7-day payment processing.
Therefore, we now have a new payment method with BNZ customers which uses BNZ’s File Transfer Channel function (BNZ FTC). This uses a direct connection between iPayroll and BNZ and initiates payroll transactions directly from cleared funds in your account on your behalf. The new service will also ensure we can continue to manage the net payments to your staff and you will still have up to 3pm on payday to confirm your payroll.
It removes the need for iPayroll to direct debit the funds from your bank account. This ensures we can continue to manage the net payments to your staff and you will still have up to 3pm on payday to confirm your payroll.
There is no limit to the payroll value you can process using BNZ FTC. You just need to ensure there are sufficient available funds in the bank account by the 3pm cutoff, so when the payroll file is automatically sent to BNZ at 3.45pm for processing, it is not rejected.
To start using BNZ FTC please arrange for the BNZ FTC form to be signed which can be found under Setup > Onboarding > BNZ File Transfer Channel Form.
BNZ will validate the signatures on the form against their own account records so please ensure the correct signatories sign the form. If the bank account requires dual signatories then both parties will need to sign the form.
Please arrange for the signed form to be sent to documents@ipayroll.co.nz at your earliest convenience.
Please let us know if you do not wish to use BNZ FTC and we will change your payment method to you managing the net payments to your staff using our bank file each payday through your internet banking. Alternatively, we can continue to manage the net payments to your staff using our 2 day Direct Debit service. This will require you to confirm the payroll by 3pm, 2 days prior to the payday, to ensure that the debited funds have cleared when we pay your staff.
If you have any questions, please contact Sharon Bailey on 04 890-6541 or via email sharon.bailey@ipayroll.co.nz
For more information here BNZ File Transfer Channel Customers
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