For money coming into the university, wire transfers and Automated Clearing House (ACH) payments are two methods of electronic payment that can be used when individuals or organizations are paying Stanford for goods or services. Wire transfers are a same-day form of payment. ACH payments are primarily an overnight process that go through the automated clearing house before settlement into the university’s bank account.
Staff arranging wire transfer or ACH payments to the university are responsible for ensuring that the incoming payment is properly identified and booked to the correct PTA or PFOO.
Review the Resource: Wiring Instructions for more information and templates to provide to the paying party.
If the funds are to arrive by ACH, instruct the paying party to request their bank use a CCD+ or CTX type ACH format as this allows for much more remittance advice details to be included in the addenda field. Remittance advice information could include the name of the payor, purpose or other identifying details.
Notify Cash Management
If this is a new or first-time payment, to ensure proper revenue posting, submit a Support Request notifying Cash Management of the expected incoming funds. This notification should include:
- Expected Payment Date
- Company or Sender Name
- PTA to be booked
- Expenditure Type or Object Code