We typcally send out a bundled remittance advice (820) to our bank and
they in turn send out payment to the sellers/vendor bank. I assume the
sellers/vendor bank then sends another un-bundled 820 to the original
seller/vendor to let them know funds have been deposited.
We now have an opportunity to get monies in this same fashion from a
vendor. Can I assume the vendor sends the bundled transaction to their
bank, the bank turns it around into ACH to our bank and we in turn get
the information from the bank once they've credited funds? Their bank
needs the bundled 820 - we just need an 820 to tell us the funds have
been paid. Does this sound right?
I just need to know/verify who gets an 820 transaction (bundled or not)
in all of this.
Thanks,
Walt
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