General Information about Electronic International Payments

MONITOR contains a built-in feature that supports international payments to foreign suppliers using electronic transfers to the bank. In order to send international payments electronically, your company must first have signed up for this kind of service with your bank.

In order to correctly address the payments to your supplier's bank, the bank system called SWIFT is normally used. The banks connected to this network have been assigned a unique SWIFT address. If you use this SWIFT address, the payment will be processed with greater speed and security. You can also address the payment with the bank's name in plain language, or send the payment by check directly to the supplier. However, if you state the bank's name in plain language, the payment will take longer and may also cause higher processing fees abroad.

The payments are exported from MONITOR as a payment file and will then be transferred via the Internet bank.

Unfortunately, the banks do not have a common or mutual standard concerning the format of the payment files sent to the banks. That is why MONITOR contains a built-in feature to manage payments to any of the following banks, as well as the PlusGiroo:

Before you can start sending international payments electronically, you must configure certain settings and basic data for the suppliers registered in the system. These settings, as well as how to make international payments, are described in the following chapters: