Repeat Transfers

Repeat Transfers as the name defines, is a type of transfer, which is regular and periodic in nature. All the customer payments which need to be repeatedly done by the customer at a periodic interval can be initiated only once through Repeat Transfers. Once initiated, these will execute repeatedly till the end date.

Application has simplified the customer task of initiating repetitive payments by introducing Repeat Transfers. A repeat transfer can be initiated for the payee for whom maintenance is already done by the customer.

How to reach here:

Dashboard > Payments > Setups > Repeat Transfer

To view Repeat Transfers instructions:

Using this option, you can view summarized views of all the repeat transfers maintained under accounts mapped to the user.

Field Description

Field Name	Description
Payee Name	Displays the name, address and account number of the payee to whose account SIStanding Instructions: It is an instruction a bank account holder (Payee) gives to his or her bank to pay set of amount at regular intervals to another's (Payees's) account. is set.
Account Type	Account type of the payee.
Account Number	Account Number along with the account nickname of the payee in masked format. For more information on Account Nickname, for more information click here.
Frequency	Frequency of the repeat instruction set by the user for the payment.
Start Date	Date for the Repeat transfer to start executing.
Stop Date	Date when the repeat transfer should stop executing.

• Click the relevant transaction to view details or stop the Repeat Transfer. The details of SI maintained appears.
• Click Done to complete the transaction.
  OR
  To cancel the standing instruction maintained for the account, click Stop Repeat Transfer.
• The Stop Repeat Transfer screen appears. Click Confirm to confirm to stop repeat transfer.
  OR
  Click Cancel to cancel the transaction.
  
• The success message appears along with the reference number appears. Click Done to complete the transaction.

To setup Repeat Transfer:

Using this option, you can set the standing instructions (SI) for payee.

3. Click Create New to setup a new SI for the account. The Setup Repeat Transfer screen appears.

Field Description

 

Field Name	Description
Transfer Type	Payee for a SI set up. The options are: Existing Payee My Account (User's own account)
Existing Payee Below fields appears if you select the Existing Payee option is selected in Transfer Type field.
Payee	Destination account number along with destination bank /branch details.
Transfer From	Source account with the account nickname from which the funds is to be transferred. For more information on Account Nickname, for more information click here.
Balance	Net balance in the selected account.
Amount	Amount that needs to be transferred.
View Limits	Link to view the transaction limits for the user.
Transfer Frequency	Frequency for the repeat transfer to be executed. The options are: Weekly Fortnightly Monthly Bi-monthly Quarterly Semi-annually Annually
Start Transferring	Date for the Repeat transfer to start executing.
Stop Transferring	Date when the repeat transfer should stop executing or the instances after which the SI should stop executing.
Instances	Number of instances. The options are: On: Either select a date on which the repeat transfer will end After ‘n’ instances: Provide a number. Repeat transfer will stop after executing for ‘n’ number of times
Below fields appears if you select the My Account option is selected in Transfer Type field.
Transfer To	Payee account with the account nickname to whom fund transfer needs to be done. For more information on Account Nickname, for more information click here. Note: Lists only own accounts of the user.
Balance	Net balance in the selected account.
Amount	Amount that needs to be transferred.
View Limits	Link to view the transaction limits for the user.
Transfer From	Source account with the account nickname from which the funds is to be transferred. For more information on Account Nickname, for more information click here.
Transfer Frequency	Transfer frequency for the repeat transfer to be executed. The options are: Weekly Fortnightly Bi-monthly Monthly Quarterly Semi-annually Annually
Start Transferring	Date for the Repeat transfer to start executing.
Stop Transferring	Date when the repeat transfer should stop executing or the instances after which the SI should stop executing.
Instances	Number of instances. On: Either select a date on which the repeat transfer will end After ‘n’ instances: Provide a number. Repeat transfer will stop after executing for ‘n’ number of times.
Purpose	Purpose of transfer.
Note	Narrative for the transaction.

4. In the Transfer Type field, select the appropriate payee for a SI set up.
1. If you select Existing Payee option:
1. From the Payee list, select the payee to whom fund needs to be transfer, and then select internal / domestic accounts maintained for the selected payee.
2. In the Amount field, enter the amount that needs to be transferred.
3. From the Transfer From list, select the account from which transfer needs to be done.
4. From the Transfer Frequency list, select the frequency for the repeat transfer to be executed.
5. From the Start Transferring list, select date for the Repeat transfer to start executing.
6. In the Stop Transferring field, select either a date or enter the number of instances.
7. From the Purpose list, select the appropriate purpose of transfer.

Note:
1) Add the bank account details of the payee and then continue to set up the Repeat Transfer.
2) Repeat Steps i to vii of Existing Payee option.

2. If you select My Account option:
1. From the Transfer To list, select the payee to whom fund transfer needs to be done.
2. From the Transfer From list, select the account from which transfer needs to be done.
3. In the Amount field, enter the amount that needs to be transferred.
4. From the Transfer Frequency list, select the frequency for the repeat transfer to be executed.
5. From the Start Transferring list, select date for the Repeat transfer to start executing.
6. In the Stop Transferring field, select either a date or enter the number of instances.
5. Click Setup.
   OR
   Click Cancel to cancel the transaction.
6. The Review screen appears. Verify the details, and click Confirm .
   OR
   Click Cancel to cancel the transaction.
7. The success message appears with transaction ID.
   Click Done to complete the transaction.

Note:
If the transfer requires an approval workflow; the transfer will only be initiated once approved by the required number of approvers, the transfer will be effected from an account.
If the transfer does not require an approval workflow or is self / auto approved, then the transfer will be effected immediately from an account.

FAQs

Can I make any changes to the post-dated instructions?

Yes, you can cancel the post-dated instructions.

What happens if I have set up a transfer for a future date, but on that date I don't have enough funds in my account to cover the transfer?

In this case, the transfer will not be made. This transfer is done only on availability of funds in your account.

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