According to Article 26 of the German Außenwirtschaftsgesetz (AWG, German Foreign Trade Act) and Article 67 paragraph 1 no. 1 of the German Außenwirtschaftsverordnung (AWV, Foreign Trade and Payments Ordinance), companies in Germany have to report incoming and outgoing foreign payments to the Bundesbank (Federal Bank of Germany).
For outgoing payments, the form Z4 has been available for use since September 1, 2013. Companies can report outgoing payments to Bundesbank only in electronic form.
As a first provider, Hanse Orga facilitates the direct transmission of reports (in XML format) to Bundesbank with the new release 2.6.1 of FinanceSuite Payment Management. With this new function, the Z4 report is generated in an XML format and sent to Bundesbank directly via the automatic file transfer from the bank communication of the FinanceSuite Payment Management. In this way, the reporting on outgoing payments is further simplified and standardized, a separate upload in the extranet of the German Bundesbank is no longer necessary.
Please do not hesitate to talk to us, if you would like to know more about this new functionality! We are happy to show you the Z4 report and other new function of release 2.6.1 of FinanceSuite Payment Management.