Beanworks has partnered with Cambridge to provide cross border payments to its customer base. With Cambridge integration Beanworks’ customers can make following payments:
Same currency cross border payments (fund source currency is same as destination currency)
Different currency cross border payments (fund source currency is different than destination currency)
The payments are made via Beanworks payments module. Wire payments through Beanworks is similar to making payments from the bank account. The funds are pulled by Cambridge from the customer bank account and transferred to the vendor's bank account.
If you are interested to learn more about Wire Payments, please email email@example.com.
With the addition of this feature we empower the accounting teams to make all their vendor payments anywhere in the world from within one system - BeanworksAP.
The ability to make different currency cross border payments, is a unique feature and a value add for Beanworks AP product.
An account with Cambridge is mandatory before payments can be processed via Cambridge in Beanworks.
The company / legal entity is enabled for the payment module.
The vendor is enabled for the wire payment method.
The invoice is approved and exported for the vendor enabled for wire.
To be able to make payments to the following countries an approval is required by the CCO or compliance manager.
Under no circumstances can the customer send payments to Iran, Crimea Region, North Korea and Syria
HOW IT WORKS
STEP 1: Customer Account Setup with Cambridge
In order to pay vendors through wire transfers, the customer needs to set up an account with Cambridge. The following steps must occur:
1.a) The customer needs to complete the required setup documentation and forms with Cambridge. The process of KYC (Know Your Customer) is supported by Beanworks payment team.
1.b) Once the application is approved, the customer will need to determine if the vendors will accept wire transfer.
1.c) Once the customer has identified the vendors that accept wire transfer, the customers need to gather vendor information that is mandatory to make payments to the vendor. The information required from the vendor is dependent on the geographical location of the vendor. Below are some of the data points that are collected:
Vendor Province/ State
Vendor Postal Code/ Zip
IBAN (european vendor)
Bank Institution Name
Bank Province/ State
Bank Postal Code/ Zip
Type Of Business
Payment Purpose etc.
STEP 2: Vendor Enrolment
The customer collects the banking and additional information from the vendor and sends it to Beanworks support team. Beanworks team will set up the vendor for receiving wire transfers. This setup is done via Beanworks backend tool (BCM), where the vendor details are added and the information is sent to Cambridge via API. Once a successful vendor on-boarding is confirmed with Cambridge (this is instant), Wire payment for the vendor is automatically enabled on the UI.
A welcome email (from beanworks) is sent to the vendor, providing information regarding their future payments via BeanPay.
A remittance email (from Beanworks) is sent to the vendor with every payment made to the vendor. Beanworks remittance email includes the detailed information of the invoices paid including the invoice number, date, memo, payment currency and total. The remittance email is sent as soon as the payment is released from Beanworks.
STEP 3: Payment Workflow
3.a) The invoices are grouped by vendor, account and currency on the create tab.
You will see the currency for the vendor added on the create tab. Select the invoice you want to pay and click on Create Payments.
3.b) Once the payment is created, select the vendor currency, bank name and bank account and submit for approval.
Please note, if a valid currency is selected, and is not equal to the vendor currency or the fund source currency then the following message is displayed when the user tries to submit the payment for approval.
If for some reason the currency selected is not recognized, then the following message is displayed when the user tries to submit the payment for approval.
3.c) Once the payment is approved, you can release the payment(s).
Please note, on the payments list view, a new icon has been introduced to identify different currency cross border payments.
On the payment details view, you can see source and destination currency.
3.d) Once the payment is released, payment details are transferred to Cambridge.
Please note, cross border, same and different currency payments can not be released in batches with other payment methods. The reason is the technical limitation we have with Cambridge integration. Also in case of cross border, different currency payments the user is required to confirm the foreign exchange quote.
If you try to release a wire payment in batch with other payment method(s) then the system will give the following message.
For cross border, different currency payments, the user has to accept the quote.
Beanworks users have 300 seconds to accept the quote and release the payment.
After the payment has successfully released from Beanworks, the payment amount is directly deposited in the vendor's bank account. No action is required from the vendor.
The quote expires, if the user does not accept the quote within 300 seconds. After the quote has expired, the user can either request a new quote or release the payment later.
FREQUENTLY ASKED QUESTIONS
1) How long does it take for a wire payment to reach the vendor?
- For major countries the funds should process the same day and be deposited in the vendor bank account the next day. However, because of the time zone differences it may take anywhere from 1-2 business days for the payment to settle.