U.S. Bank Virtual Payments Plus Program in SWIFT
The State of Minnesota continues to partner with U.S. Bank and the U.S. Bank’s Virtual Payment Plus program in SWIFT. Virtual Payment Plus utilizes U.S. Bank’s commercial credit card program. It allows suppliers who have opted into the program to receive payments via secure delivery of automated Visa card payments.
Minnesota Management and Budget, working with U.S. Bank, annually reviews and identifies a list of suppliers we believe are suitable for this program and contacts them. Enrollment is optional and is limited to suppliers receiving payments via state warrant. Suppliers receiving payments via ACH or non-business entities are not included in the enrollment campaign.
Benefits of This Initiative
This initiative is beneficial to both the State of Minnesota and our suppliers.
Key benefits that State of Minnesota receives from expanding our card program are:
Key benefits our suppliers receive from accepting Visa payments from the State of Minnesota include:
How it Works
The current payment process for suppliers enrolled in this program remains unchanged. Vouchers to suppliers enrolled in Virtual Payments Plus will default to the virtual payments pay cycle with net pay terms of 000. With the new payment process, our suppliers will receive an email notification for each payment instructing them of the card account, the amount to process using their Point-of-Sale device/software, and other pertinent details of the transaction.
Contact Information
Agencies may receive questions from suppliers that have enrolled in the U.S. Bank Payment Plus Program. Please refer suppliers to the US Bank Payments Plus Processing Guide. Suppliers can also contact PaymentPlus@access-online.com or call 855-268-5386.
For expired payment authorizations (45 days), contact syscomp.mmb@state.mn.us to request the payment to be reissued.
Late Payments on Purchasing Card Statements
US Bank charges late fees on past due purchasing card (PCard) accounts. Agencies are invoiced in the amount of up to one percent (1%) per month on the amount overdue, or a minimum of $2. Late fees are included on your monthly statement from US Bank and available to view in SWIFT. However, the Late Payment transaction cannot be reconciled the same way other transactions are reconciled.
To pay a late fee associated with a PCard statement, agencies must manually add this fee to their monthly PCard voucher by adding a line and entering the information. Make sure to enter Late Payment Charge in the Description field. In the Account field use Expense code 430008 (Interest Pd To Vend Late Pymt). After the line has been added, provide the voucher number to Angie Brandt, and she will remove the transaction from the PCard pages.
As a reminder, pay PCard statements on time to avoid potential late fees, take advantage of available rebates, and avoid potential violations of Minn. Stat. § 16A. Purchasing Card Use Policy 1b requires that Purchasing Card Coordinators use Access Online to review statements and monitor account activity.
SWIFT Hot Topic: Bilateral Netting Policy
SWIFT Hot Topics feature Frequently Asked Questions (FAQs) answered by the SWIFT Help Desk. Use these as a friendly reminder of a process or as an opportunity to learn something new!
Q. What is the Bilateral Netting Policy?
A. The Bilateral Netting Policy allows state agencies to complete transactions between other state agencies without creating payments (checks or ACH) or deposits in the Treasury. Agencies must use the Bilateral Netting Process in SWIFT when making interagency payments (one agency paying another agency).
The Bilateral Netting process requires the billing agency to create a bill in SWIFT, and the paying agency to enter a voucher that references the Invoice ID and the dollar amount shown on the bill. The Invoice ID and the dollar amount on the voucher must match exactly to the bill. All agencies making interagency payments are required to use bilateral netting.
There are some exceptions to this policy. Please refer to the 0805-01 Interagency Payment Policy for more information regarding these exceptions. Exceptions include:
SWIFT and EPM Data Warehouse Training
The SWIFT Training team offers training through a variety of methods. There are SWIFT training guides and training videos, EPM training guides, webinars, labs, eLearning, and individual sessions (by request through the SWIFT Help Desk).
Find current SWIFT training in Learning Management. Enter "SWIFT" in the Find Learning text entry box.
|
MODULE |
WEBINARS/eLEARNING
|
DATES |
|
INTRO |
Introduction to SWIFT Navigation webinar |
10/15/24 |
|
INTRO |
Introduction to SWIFT eLearning |
Anytime |
|
INTRO |
Overview of SWIFT Reporting webinar
|
10/10/24; 11/7/24; 12/12/24 |
|
AR |
SWIFT Accounts Receivable Part A: Direct Journal Deposits webinar |
1/7/25 |
|
AR |
SWIFT Accounts Receivable Part B: Apply Payments to Invoices webinar |
1/8/25 |
|
AR |
SWIFT Accounts Receivable Part C: Maintenance Worksheets |
1/9/25 |
|
AP |
SWIFT Create Vouchers Overview in Accounts Payable webinar |
11/5/24 |
|
BI |
SWIFT Billing Part 1 webinar |
11/13/24 |
|
BI |
SWIFT Billing Part 2 webinar |
11/14/24 |
|
EPM |
Build a My Dashboard for SWIFT Reports in EPM lab |
1/16/25 |
|
EPM |
Create a SWIFT All Expenditures Report in EPM lab |
10/3/24 |
|
EPM |
Create a SWIFT All Receipts Report in EPM lab |
10/16/24 |
|
EPM |
Introduction to the EPM Data Warehouse for SWIFT webinar |
10/23/24 |
|
EPM |
SWIFT EPM Create and Save a New Analysis lab |
10/9/24 |
|
EPM |
SWIFT EPM Formatting Your Report lab |
12/19/24 |
|
EPM |
SWIFT EPM Manager's Financial Report |
10/30/24 |
|
EPM |
Use SWIFT Standard Reports in EPM lab |
1/16/25 |
|
EPM |
Understand the SWIFT Data in the EPM Data Warehouse webinar |
12/3/24 |
|
KK |
SWIFT Budget Journal Administration webinar
|
10/23/24 |
|
PO |
SWIFT Create Purchase Orders Overview webinar |
10/1/24 |
|
SC |
SWIFT Create a Supplier Contract Shell webinar
|
1/7/25 |
|
SS |
SWIFT Strategic Sourcing Part 1: Create, Post, and Approve Events webinar |
11/14/24 |
|
SS |
SWIFT Strategic Sourcing Part 2: Analyze and Award Events webinar |
11/14/24 |
|
SS |
SWIFT Strategic Sourcing eLearning |
Anytime |
SWIFT Help Desk
Contact the SWIFT Help Desk for any SWIFT-related questions or issues.
Email: SWIFTHelpDesk.MMB@state.mn.us
Phone: 651-201-8100, option 2
Hours: 7:30 a.m. to 4:00 p.m., Monday through Friday (closed holidays)
When contacting the SWIFT Help Desk, make sure to include details about your question or issue, including:
Additional assistance can be found on the SWIFT Training Guides and Resources page.
