The Global Disbursement Service (GDS) is UBC’s method for making international payments (outside of North America) to over 130 countries globally with a mix of payment types, both low value and high value wires, and a mix of currencies.
FX rates are applied in bulk per currency pair enabling UBC to gain from better exchange rates than under the previously used wire transfer system. Payments should normally be received by beneficiaries up to five days following submission of the file to the bank, though timing is dependent on the beneficiary country. Acknowledgements are received by UBC for any missing or invalid banking information.
GDS payments are made either by means of:
- the ACH system, for mass non-priority payments, where the payments are made in local currency using local clearing systems or
- the Wire system, for individual priority payments, when ACH is not available
The GDS engine will automatically determine the appropriate and cheapest method of payment, and ACH will be the default as it covers over 60 countries and territories.
For Global Disbursement (GDS) payments, the supplier's bank account must be able to accept the currency reflected on the invoice.
Departments paying foreign suppliers will need to ask their suppliers to complete the Global Disbursement Form.
This form needs to be completed for:
- New request to use Global Disbursement
- New suppliers to UBC
- Suppliers migrated (converted) from Peoplesoft to Workday
- Update Global Disbursement payment details
- Suppliers with changed bank account details
Please note that GDS makes use of local in-country clearing systems, so banking information may be slightly different from a traditional Wire Transfer or individual Priority Payment.
Note: The Supplier Name must match the Beneficiary's Bank Account Name.
Completion of the form is required for the first payment to a new or converted international supplier in Workday. Thereafter the banking information is stored in Workday for subsequent payments, until a change is requested. Business units may proactively update banking information with their suppliers or let Accounts Payable trigger the process to engage departments and faculties as invoices arrive.
The GDS service is intended only for payments to bank accounts outside of Canada and the USA. In Workday, payments to bank accounts in Canada or USA are not permitted to use GDS as an accepted payment type.
TThe EFT and ACH forms have different verification requirements: either a copy of a void cheque or a bank letter displaying a bank stamp to evidence the banking information being supplied to UBC.
Know your Customer
Business units are responsible for taking reasonable steps to ensure their banking information is correct.
- Know your customer. Be sure that you are receiving the GDS form from an email address that you recognize and cross check to the email address that UBC has on file
- If you have an IBAN #, check that it is reasonable. Check IBAN's website if the bank identified makes sense for your supplier.
- Double check with your known contact. If in any doubt, double check the reason. For example if a change request does not make sense, check with your known contact.
Changes to expect with GDS
- New intake form for banking information
- No more standard Wire fees charged to the department. Wire fee charges could previously be in the range $7 to $57 per transaction. The charges for Low Value Wires will now be absorbed centrally. For High Value Wires, there may continue to be charges processed to the departments.
- The value of the payment received by the beneficiary will be fixed. The value of the debited amount from UBC’s bank account will therefore be variable and depend on the exchange rate applied at settlement. Therefore departments may expect the Bank Reconciliation team to make small exchange rate adjustments once the payment is settled
- No longer a requirement for correspondent bank information
Every supplier in the Workday database will be checked against an OFAC sanctions list monthly to ensure no payments are processed to blacklisted suppliers or countries.