Create new payment type for Payables?

Is there a way to create a new payment type called "wire transfer" for Payables?

We have bank draft as a payment type today, but we'd like to use it for just true bank drafts (vendor drafts our bank account). And we'd like to have a wire transfer payment type for when we pay an AP invoice via a wire we initiate to the vendor's bank account.

The distinction is important b/c the internal processes are different. thanks

Answers