Setup Considerations: Bank Institution Records
You can use this topic to help make decisions when planning your configuration and use of
bank institution records. It explains:
- Why to set them up.
- How they fit into the rest of Workday.
- Downstream impacts and cross-product interactions.
- Security requirements and business process configurations.
- Questions and limitations to consider before implementation.
Refer to detailed task instructions for full configuration details.
What It Is
Bank institution records in Workday are a configurable way to store detailed bank
information, by country, that workers can select when they create worker and
settlement bank accounts.
Business Benefits
Bank institution records enable you to:
- Enter bank details accurately and consistently, reducing errors and payment delays.
- Manage the level of detail workers have to input when they select a record.
- Reduce integration errors caused by incorrect bank information.
- Improve efficiency by reducing time spent on manual data entry.
Use Cases
You can use bank institution records to:
- Set up bank records that workers can select when they create worker and settlement bank accounts.
- Standardize bank institution information for each bank you do business with.
Questions to Consider
Question | Considerations |
|---|---|
How do bank institution records affect your existing bank account
information? | When you edit existing bank accounts, you must update them to match
your bank institution records. |
How do you want to configure bank institution records? | Depending on the needs of the bank and your organization, you can
control which bank institution information is standardized and which you
must manually enter in Workday. |
Recommendations
When you have a significant number of bank institution records to set up or update,
Workday recommends using the Enterprise Interface Builder (EIB) or an integration.
They enable you to upload a batch of records at the same time. To set up or update a
small number of records, you can use the
Create Bank Institution
Record
task.Requirements
No impact.
Limitations
You can't configure bank institution records for specific tasks. When you set up bank
institution records, they become available on all tasks used to create worker and
settlement bank accounts.
Tenant Setup
No impact.
Security
Users with security enabled for the
Set Up: Bank Institution Record
domain in
the Banking and Settlement and Payroll Interface functional areas can set up bank
institution records in Workday.Business Processes
No impact.
Reporting
Reports or Dashboards | Considerations |
|---|---|
Bank Institution Record Import
Summary
| You can use this report when uploading bank institution records to
view:
|
Find Bank Institution Record:
Branches
| You can use this report to view and edit bank institution records,
by branch. |
Find Bank Institution Record:
Institutions
| You can use this report to view and edit bank institution records,
by institution. |
You can use the
Bank Institution Records
report data source to
create custom reports.Integrations
You can mass upload and maintain bank institution records using an EIB and these web
services:
- Import Bank Institution Record Branches
- Get Bank Institution Record Branches
Connections and Touchpoints
Bank institution records impact payroll payment elections when you create worker and
settlement bank accounts.
Workday offers a Touchpoints Kit with resources to help you understand configuration
relationships in your tenant. Learn more about the Workday Touchpoints
Kit on Workday Community.