Setting Up TransferMate Global Bank Accounts in Zone AP Payments

TransferMate Global Bank Accounts are virtual, multi-currency bank accounts that enable you to pay vendor bills directly from NetSuite. This article explains how to create a Global Bank Account, retrieve your account details, and fund the account so you can begin processing payments.

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Prerequisites

Before creating a Global Bank Account, create a corresponding General Ledger (GL) account in NetSuite for each account you plan to set up. This GL account represents the Global Bank Account within NetSuite and ensures accurate recording of Bill Payment transactions and proper bank reconciliation.

1. Navigate to Setup > Accounting > Chart of Accounts.
2. Click New to create a new account.
3. Set the Account Type to Bank.
4. Click Save.

Repeat this process for each Global Bank Account you plan to create.

Create an AP Payment Bank Account

1. Navigate to AP Payment > Setup > AP Payment Bank Account > New.

2. Populate the following fields:

   Field	Description
   Name	Enter a clear, meaningful name for the bank account. This name is displayed on payment batches and vendor bills as the Pay From source.
   Subsidiary	Select the subsidiary associated with this bank account. Only subsidiaries linked to an active AP Payment Connection are available for selection.
   Currency	Select the currency for this Global Bank Account.
   Corresponding GL Account	Select the GL Bank account created in the prerequisites step.

3. Click Save. A request to create the Global Bank Account is immediately sent to TransferMate.

Start using your Global Bank Account

Retrieve your bank account details

Once the AP Payment Bank Account record has been successfully created, retrieve the newly generated bank account details directly from the record.

1. Open the AP Payment Bank Account record.
2. Select the Bank Details subtab to view the IBAN and bank account information.

Fund the Global Bank Account

Before processing your first vendor bill payment in NetSuite, fund the Global Bank Account by initiating a bank transfer from any external bank account you use.

1. Retrieve the IBAN / Bank Account number from the Bank Details subtab of the AP Payment Bank Account record.
2. Initiate a bank transfer from your external bank to that IBAN / Bank Account number.

Once the funds are credited, the Global Bank Account is ready to process vendor bill payments in NetSuite.

Important: When initiating a payment to a Global Bank Account, populate the beneficiary field with "TransferMate" followed by your company name (for example, TRANSFERMATE Company X), or simply "TransferMate" (for example, TRANSFERMATE PTY LTD). Refer to the table below for region-specific naming conventions.