Consolidated Payables FAQ
The following payment and transaction types can be delivered through Consolidated Payables:
- Check Outsourcing Payments – Load to the ARP and Positive Pay systems, as well as sending the checks to be printed
- ACH Credit Payments – Straight through or auto-converted check to ACH
- Purchase -v- Card Payments – Typically converted for the client from a check payment to Key2Purchase card based on vendor enrollment
- Check Issue Information – ARP, Positive Pay, and Payee Positive Pay
- Wire (Outgoing) payments
Not at this time. Consolidated Payables is intended for AP payments.
Yes. Check Payments can be converted to Key2Purchase card payments. You may also designate that a payment is to be made by card via a payment indicator in your file. This requires you to review and upload to your ERP which vendors are registered for card. If you mark a payment as card, and the vendor has not enrolled, the payment file will fail.
Incoming wire payments would be received and processed as they are today, utilizing Key Total Treasury or file delivery. Incoming wires are receivables so they should not be included with a payments file.
You should submit payment files to Key’s Consolidated Payables service at least 60 minutes prior to payment file deadlines.
Debits post to your account as they would if you initiated separate payment files or entered the transactions via Key Total Treasury.
Wires post almost immediately. ACH will post on the effective date. Checks are posted when they are presented or payment. V-card transactions post to your Key2Purchase account when the vendor processes the payment.