Information sessions for supplier banking setup and form changes

Summary

• Effective May 26, 2023, Supplier Setup Forms 3401 FR.01 Supplier Payment Setup: Wire Transfer and 3401 FR.02 Supplier Payment Setup will be updated to make setup or changes to supplier ACH and wire payment easier.
• Information sessions will be held to review the banking setup process and form changes. Please register for one of the sessions listed below.

Details

On May 26, 2023, the changes to Supplier Setup forms 3401 FR.01 Supplier Payment Setup: Wire Transfer and 3401 FR.02 Supplier Payment Setup will become effective. The changes will:

• make the setup process easier and more accurate;
• reduce send-backs and re-work associated with incomplete banking information; and
• minimize the delays in processing banking setup or changes.

The forms have been updated and reformatted to:

• clearly define the parts the supplier needs to complete vs. the Yale requestor; and
• include enhanced directions and checklists to help guide users to complete the forms accurately.

Additionally, a new Wire Reference Tool will be added to Form 3401 FR.02 to assist users in finding the relevant documentation needed for international transactions for each country​.

Information Sessions

Information sessions will be held from May 15 through May 22. The sessions will include a brief overview of the:

• overall process for banking changes
• form approval sequence
• role of the requestor vs. supplier
• form updates designed to minimize the delays in processing

The sessions will help users:

• understand the role of the department in the banking change process
• recognize the impact of incorrectly completed forms on the cycle time
• identify the updates to the required forms to set up or make ACH or wire changes:
  • Form 3401 FR.01 Supplier Payment Setup: Wire Transfer
  • Form 3401 FR.02 Supplier Payment Setup: ACH/EFT
• understand and use the new directions, checklists, and Wire Reference Tool embedded in the forms to make form completion easier

Information Sessions Schedule:

Log log onto the VPN, then register here via TMS for one of the sessions listed below.

Questions?

For questions about the updates, please contact the Finance Support Center at askfinance@yale.edu or call 203-432-5394.

Thank you,

Susannah Gobbi
Chief Procurement Officer