Quadient AP partners with Cambridge to provide wire and EFT payments. Cambridge wire payments allow you to make same or different currency cross-border payments to your vendors. This article covers wire payments, read our article here for information on EFT payments. You can also reach out to your Customer Success Manager for more tailored information.
Cambridge Wire eligibility
Cambridge wire payments are available for Quadient AP customers who meet the following criteria:
- Use a fund source domiciled in the United States or Canada
- Pay vendors in a currency and country supported by Cambridge. The full list of limited and unsupported currencies and countries can be found here
- Do not belong to Cambridge's restricted categories of business. Please reach out to your Customer Success Manager for a complete list of restricted business categories
Cambridge Wire Onboarding Requirements
Cambridge's complete list of onboarding requirements is provided by your Customer Success Manager.
Cambridge Wire workflow in Quadient AP
Once onboarded, you can select Wire (Cambridge) as a payment method when creating payments in Quadient AP. Please ensure to select the matching Bank Name when coding the payment. With Cambridge, the same Bank Names can be used for EFT and wire payments. Bank Names for Cambridge have the following naming convention:
- [Currency] Bank Account Name
The Currency field must be coded on wire payments. It is important to note that the Currency field coding represents the currency of the invoice, and does not affect the currency of the payment. The vendor's currency is set during the onboarding process for Cambridge. The FOREX banner at the top of the payment details shows the payment's originating currency along with the vendor's receiving currency.
Releasing Wire payments
Fully approved wire payments are found in the Releases tab. When releasing the payment, you will be prompted to accept the FOREX quote provided by Cambridge. The quote is valid for 300 seconds before it expires. The quote includes the following information:
- Exchange Rate at the time of payment
- Settlement Amount (how much you pay)
- Payment Amount (how much the vendor receives)
Wire payments can not be released in batches with other payment methods (Cheques, REPAY, etc.) as this will result in release errors. Wire payments move to Paid status in Quadient AP immediately after release.
For major countries and currencies, payments are transmitted 1-2 days after release. Depending on the vendor's bank, country, or currency, the payment may take an additional 1-2 business days to settle.
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