What are the available payment types?

  • The payment types available to you in Commercial Banking Online depend on the payments and cash management roles currently assigned to you. If you need to create a type of payment that you can’t see or select in Commercial Banking Online, please contact your Administrator for more help.

    The following payment types are available for creating payments in Commercial Banking Online:

     

    Payment Type

    Description

    Cut-off time

    File Import Cut-off time

      Bacs   The Bankers Automated Clearing Service (Bacs) is a service for making direct payments. Payments using Bacs will take three working days to credit the beneficiary's account. The cut-off time for making and receiving Bacs payments in Commercial Banking Online is 17:00.Payments submitted and approved after their cut-off time will be rejected. In order to submit a payment after its cut-off time, please enter a future transaction date. Payments approved after this time will be processed the next day. Payments with a future transaction date will be stored until the transaction date is reached. 17:00 16.40
      CHAPS
    The Clearing House Automated Payment System (CHAPS) is used to transfer cleared sterling funds within the UK, for same day settlement. The cut-off time for making a same day CHAPS payments in Commercial Banking Online is 17:25.Payments submitted and approved after their cut-off time will be rejected. In order to submit a payment after its cut-off time, please enter a future transaction date. Payments approved after this time will be processed the next day. Payments with a future transaction date will be stored until the transaction date is reached.   
    17:25 17:10  
      Faster payments
    Faster Payments is a UK service that allows you to send and receive payments in hours, or even minutes, once approved. The maximum amount that can be sent using Faster Payments is £100k The cut-off time for making a faster payment in Commercial Banking Online is 23:55. Payments approved after this time will be processed the next day. Payments with a future transaction date will be stored until the transaction date is reached.
    23.55 23:35
      Inter Account transfers
    A transfer is a way of moving money between those accounts that are part of your organisation’s Commercial Banking Online agreement. The cut-off time for making a transfer in Commercial Banking Online is 23:45.Payments submitted and approved after their cut-off time will be rejected. In order to submit a payment after its cut-off time, please enter a future transaction date.  Payments approved after this time will be processed the next day. Payments with a future transaction date will be stored until the transaction date is reached.
    23:45 23:25
      Euro payment
    Euro payment allows you to send payments to other European accounts inside the Single Euro Payments Area (SEPA). The cut-off time for making an Urgent Euro payment in Commercial Banking Online is 15:45.Payments submitted and approved after their cut-off time will be rejected. In order to submit a payment after its cut-off time, please enter a future transaction date. Payments approved after this time will be processed the next day. Payments with a future transaction date will be stored until the transaction date is reached.
    15:45 15:25
      International payment
    International payments allow you to send payments to vendors or suppliers outside of Europe. The cut-off time for making an International payment in Commercial Banking Online depends on which country it is sent to,Payments submitted and approved after their cut-off time will be rejected. In order to submit a payment after its cut-off time, please enter a future transaction date Payments approved after the Cut- off time will be processed the next day. Payments with a future transaction date will be stored until the transaction date is reached.  
    Dependant on currency
      International Draft
    International Draft allows you to request a bankers draft. The cut-off time for making an International draft in Commercial Banking Online is 14.00 regardless of the currency or country that the draft is drawn on. Draft requests submitted and approved after their cut-off time will be rejected. In order to submit a draft request after its cut-off time, please enter a future transaction date. Drafts approved after this time will be processed the next day. Drafts with a future transaction date will be stored until the transaction date is reached.
    14:00 13:40

     

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