Our October 2026 webinar focused on Orchid's EFT Processing for Sage 300.
Before diving into the detail, we stepped back to examine how the world of business-to-business payments has changed in the 20-odd years since we first released this product. Three trends stood out.
Trend One: Data
ISO 20022, the global standard for payment messages, has quietly won. Swift says more than 98% of payment instructions now use it.
The next step is less glamorous: Addresses. The free-text payee address is on its way out.
The new minimum is a “hybrid” address, with town and country in their own fields plus up to two lines of free text.
What must you do...and when?
Swift was due to enforce this in November 2026. In late August, it blinked. Too much of the industry wasn’t ready, and a new timetable is expected by December.
Some banks are sticking to the original date anyway. So treat the delay as extra time, not a reprieve.
The fix doesn’t live at the bank. It lives in your vendor records, and someone has to check that city and country actually sit in the right fields. Contact your bank to check what address formats they accept. Orchid can update the EFT File format if any changes are required
Trend Two: How files reach the bank
More banks now offer SFTP, a secure direct connection that ends the routine of logging into a portal and uploading files by hand. Many also ask for PGP encryption on top.
SFTP protects the file while it travels. PGP protects it once it lands.
Orchid is ready to support both
- EFT Processing for Sage 300 supports uploading to SFTP
- Orchid has developed an EFT PGP Encryption app in Extender to encrypt and sign files before they are uploaded
It won’t remember when a key expires, though, and keys do expire. Banks change servers too. Someone needs to own them!
Trend Three: Fraud
The classic scam hasn’t changed: an email asks you to update a supplier’s bank details, and the next payment run lands in a stranger’s account.
Banks are fighting back. For example, in Australia, "Confirmation of Payee" has been used more than 100 million times since it launched in July 2025. It’s a great safety net, but it’s the last one.
The first line of defence sits with you!
In your business, ask who can change bank details, and who must approve that change?
You've read the book, now watch the movie!
The video of the entire webinar can be viewed here. Topics covered include more about the ISO 20022 change to structured addresses, plus our tips for setting up vendor approval and SFTP.
