Create an Inter-Account Transfer

  • Video Tutorial 

    How to create Inter Account Transfers in Commercial Banking Online

    Duration: 02:29



    1. From the Manage payments section page, select Create payment to display the Create payment screen.

       

      If you want to create a payment based on an existing payment, select Create from existing > Individual payment and enter the name of the Inter-Account Transfer  you want to use in the box on the right or click Search icon to search for and select the payment you want.

      If you want to create a payment based on an existing template, select Create from existing > Template and enter the name of the Inter-Account Transfer template you want to use in the box on the right or click Search icon to search for and select the template you want.

      If you want to create a freeform payment select Inter-Account Transfer from the drop down list in Payment type. Please note that the role assigned to the User creating the transfer must have access to both the debiting and crediting accounts.

    2.  Continue to enter the payment’s details.
    3.  In the Debit account information section:

    4. IAT debit

      • Account number – Enter the sort code and account number of the account you want to make the payment from or click Search icon to search for and select the account.
      • Debit account reference (optional) – Enter a reference to identify this payment in your statement.
      • Account name – The name of the registered account.  This field will be pre-populated once you select the account number.
      • Friendly name – The name of the account used to identify it in Commercial Banking Online. This field will be pre-populated when the account number is selected
       
    5. In the Credit Account Information section:

      IAT credit

      • Account number – Enter the sort code and account number of the account you want to credit or click Search icon to search for and select the account.
      • Friendly name – The name of the account used to identify it in Commercial Banking Online. This field will be pre-populated when the account number is selected.
      • Bank ID – This will automatically update when you enter the Account number.
      Exclamation markFor your security, please check the beneficiary account details for each payment, even for inter-account transfers.
    6. In the Payment details section

      The layout of the Payment details section will depend on whether the Debit and Credit accounts are in the same currency:

      If Debit and Credit accounts are the same currency:

      IAT payment

      • Credit amount – enter the amount you want to transfer from the debit account to the credit account.
      • Currency code – the currency of the account, this will automatically populate with currency of your accounts.
      • Value date – the date the money will arrive in the credit account. Click Calendar icon(1) to select the date you want the transaction to take place.
      • Transaction date – the date the payment will be made, this will automatically populate when you select a value date.

      If Debit and Credit accounts are different currencies
      :

      IAT Payment different

      • If Debit and Credit accounts are different currencies:

        Please note Credit is the current available option.


        • Credit amount – enter the amount you want to transfer in the currency of the credit account. This will be indicated in the Currency code box.
        • Value date – the date the money will arrive in the credit account. Click Calendar icon to select the date you want the transaction to take place.
        • Transaction date – the date the payment will be made, this will automatically populate when you select a value date

       
    7. Foreign Exchange Rates

      Any Inter Account Transfer that requires a conversion between currencies must have a rate of exchange applied before it can be submitted to the bank. You must be attached to a Role that has Get Rate enabled to carry out this action.

      FX Contract ID field – If you have a pre-booked FX deal the FX reference number is provided here along with the rate in the associated field. This must be correctly formatted with either B, F or X followed by 10 digits.

      If a pre-booked rate is not being used an FX rate must be obtained once the payment has been fully approved before it can be submitted to the bank.

      Once the payment has been fully approved a link titled Get Rate will be available from the pop up confirmation window, follow the link.

      •Or alternatively, payments requiring rates can be found within the Needs Rate Payments view within the Payment Management screen.
      •You can also be notified whenever payments require an FX rate by configuring the Payments option within the Notifications bar, any payment requiring an FX rate can be accessed from the FX option within the Payments section.

      Future dated payments

      If you have future dated a payment that requires a rate of exchange, the rate of exchange can only be obtained on the value date selected for the payment. The future dated payment will be displayed in the Payment Management screen and on the value date it will also be displayed within the Needs Rate Payments view within Payment Management. An email alert can be set up to advise of future dated payments that are ready to have rates applied, click here for guidance on Payment Alerts. On the value date an alert will be displayed in your Notifications bar which if selected will take you to the Needs Rate Payments screen or go directly to the Payment Management screen and select Needs Rate Payments option from the View dropdown box.
    8.   Beneficiary reference – (Optional) Enter the reference that will appear in the statement of the credit account.

      IAT ref

      Exclamation mark For your security, we recommend that you check the beneficiary details are correct before submitting the payment.
       
    9. When you’re ready, submit the payment for approval. nce the payment has been submitted the following ID’s will be generated:


      Client Payment ID – this is an internal payment ID for your own reference

      Bank Payment ID – this ID will be required by the helpdesk to assist with any queries relating to the payment


      If you’re not ready to submit the payment yet, save the payment as a draft for now.

      If you want to remove all the details you have entered and start the payment again click Reset or click Cancel to return to the Payment management screen.
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