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Just want to check, when acting for Vendor (unencumbered), and all proceeds of settlement to go direct to vendor's nominated account. All that needs to be done is to enter:
- the relevant banking account details; and
- the amount to be paid
in Payment Directions and under the Vendor Destination Line Items, correct?
How do we know that the Vendor has received the funds?
That is my understanding of the process.
Re timing - if Financial Settlement has occurred, funds are on their way. It is then subject to bank clearance times, however from experience most of our clients receive the funds within 24 hours.