Make Payment (Transfer Money )

Transfer Money enables the user to initiate payment from his bank account to any other bank account without visiting the bank, through digital banking. Payments are categorized on the basis of the transfer being made to an account within the bank, outside the bank and beyond geographical boundaries. When transfer is to an account within the bank it is an internal transfer. Transfer to an account outside the bank but within the country is called a Domestic transfer. A transfer to an account outside the country is called an International payment. This categorization takes place when a customer saves the payee bank account details during payee maintenance.

User can initiate a money transfer when the payees to whom transfers are required to be made are registered in the system.

Application provides a solution to the users through Transfer Money to cater their requirement of different types of payments. User is provided a single screen of Transfer money for their Own, Internal, Domestic or International payments.

Prerequisites:

• Transaction and account access is provided to corporate user
• Approval rule set up for corporate user to perform the actions
• Transaction working window is maintained
• Payees are maintained
• Purposes of Payments are mandatory for Internal and Domestic Payment
• Transaction limits are assigned to user to perform the transaction

Features supported in application

Transfer money allows the user to make payments

• To Existing Payees – by selecting a registered payee
• To My Account - within own accounts

How to reach here:

Dashboard > Toggle menu > Payments > Payments > Make Payment
OR
Dashboard > Quick Links > Fund Transfer
OR
Dashboard > Quick Links > Own Account Transfer

Make Payment - Existing Payee

Application provides an option to the user to initiate a payment to an existing payee. All account payees created by the logged in user and shared by other users of the Party, are listed for selection. Details of selected payee are auto populated on transaction screen. User needs to fill in payment details to initiate the transaction. User can also view the transaction limits associated with a current transaction.

E-Receipt gets generated on successful completion of transaction in the Host. E-Receipt gets displayed in Activity Log detailed view.

How to reach here:

Dashboard > Toggle Menu > Payments > Payments > Transfer Money > Existing Customer
OR
Dashboard > Quick Links > Make Payment

To transfer the money to existing payee:

1. In the Transfer Type field, select the Existing Payee option.

Field Description

Field Name	Description
Pay
Transfer Type	Payee to which transfer needs to be done. The options are: Existing payee My Accounts (User's own account)
Existing Payee Below fields appears if you select Existing Payee option in the Transfer Type field.
Payee	Payee to whom fund transfer needs to be done and the nick name to identify the account for fund transfer.
Account Type	Type of account associated with the payee.
Account Number	The account associated with the payee along with the account nickname. For more information on Account Nickname, click here.
Account Name	Name of the payee in the bank account.
Bank Details	Address of the payee 's bank account. Note: Bank Details do not get displayed for Internal Payee.
Transfer From	Source account with account nickname from which funds are to be transferred. For more information on Account Nickname, click here.
Balance	Net balance in the selected account.
Amount	Amount to be transferred along with the currency. This field appears if you select the payee from the Payee list. Note: The currency for Amount gets defaulted as per payee in case of Internal/Domestic payee. Whereas it allows to select different currencies in case of International Payee only.
View Limits	Link to view the transaction limits for the user.
Transfer When	Specify when to transfer funds. The options are: Now: payment on the same day Later: payment on a future date
Purpose	Purpose of transfer. Note: This field is displayed only for Internal/ Domestic Payment.
Correspondence Charges	The party bearing the charges for transaction. The options are: Payee: transaction charges are to be borne by the beneficiary customer Payer: transaction charges are to be borne by the ordering customer Shared: transaction charges on the sender’s side are to be borne by the ordering customer Note: This field is displayed only for International Payee.
Select Date	Date of transfer. This field appears if you select the Later option from the Transfer When list.
Payment Details	The purpose of the transfer. Note: This field is displayed only for International Payee.
Note	Narrative for the transaction.

2. From the Payee list, select the appropriate payee. The account maintained under payee to transfer funds appears.
3. From the Transfer From account list; select the account from which transfer needs to be done.
4. From the Currency list, select the appropriate currency for the amount to be transferred.

5. Note: Applicable for international payees only. For domestic and internal payees, currency gets defaulted.

6. In the Amount field, enter the transfer amount.
7. In the Transfer When field, select the appropriate transfer date.
1. If you select the Now option, transfer will be done on same day.
   OR
   If you select Later option in the Transfer On field, select the appropriate future date for transfer.
8. From the Correspondence Charges list, select the appropriate option.

9. Note: Applicable for international payees only.

9. From the Payment Details list, select the appropriate purpose of transfer.

10. Note: Applicable for international payees only.

10. Click Pay to initiate payment.
    OR
    Click Cancel to cancel the operation and navigate back to ‘Dashboard’.
11. The Make Payment - Review screen appears. Verify the details, and click Confirm.
    OR
    Click Cancel to navigate back to previous screen.
12. The success message of payment appears along with the transaction reference number.
13. Click More Payment Options to go to Bill Payment screen.
    OR
    Click Add Favorite to mark the transaction as favorite. The favorite transaction is added. For more information, click here.
    OR
    Click Repeat to repeat the transaction. For more information, click here.
    OR
    Click Go To Dashboard to go to Dashboard screen.

Make Payment - My Accounts

User can initiate a transfer within the accounts mapped to the logged in user. User can also view the transaction limits associated with a current transaction.

E-Receipt gets generated on successful completion of transaction in the host. E-Receipt gets displayed in Activity Log detailed view.

To transfer the money to own account:

1. In the Transfer Type field, select the My Accounts option.

Field Description

Field Name	Description
Pay
Transfer Type	Payee to which transfer needs to be done. The options are: Existing payee My Accounts (User's own account)
Transfer To	Payee account where the funds need to be transferred along with the account nickname. For more information on Account Nickname, click here.
Balance	Net balance in the selected account.
Transfer From	Source account from which the funds are to be transferred along with the account nickname. For more information on Account Nickname, click here.
Balance	Net balance in the selected account.
Amount	Amount to be transferred along with the currency. The currency gets defaulted on selection of beneficiary account number.
View Limits	Link to view the transaction limits for the user.
Transfer When	Specify when to transfer funds. The options are: Now: payment on the same day Later: payment on a future date.
Select Date	Date of transfer. This field is enabled if the Later option is selected in Transfer when field.
Note	Narrative for the transaction.

2. From the Transfer To list, select the own account where the funds need to be transferred.
3. From the Transfer From account list, select the account from which transfer needs to be done.
4. In the Amount field, enter the transfer amount.
5. In the Transfer When field, select the appropriate transfer date.
1. If you select the Now option, transfer will be done on same day.
   OR
   If you select Later option in the Transfer On field, select the appropriate future date.
6. Click Pay to initiate payment.
   OR
   Click Cancel to cancel the operation and navigate back to ‘Dashboard’.
7. The Make Payment - Review screen appears. Verify the details, and click Confirm.
   OR
   Click Cancel to navigate back to previous screen.
8. The success message of payment appears along with the transaction reference number.
9. Click More Payment Options to go to Bill Payment screen.
   OR
   Click Add Favorite to mark the transaction as favorite. The favorite transaction is added. For more information, click here.
   OR
   Click Repeat to repeat the transaction. For more information, click here.
   OR
   Click Go To Dashboard to go to Dashboard screen.

FAQs

Can I transfer the funds to my loan account which I hold in same bank?

No, transfer is possible only to current or savings account.

Can I set a future date for a fund transfer?

You can set a future date for a payment using Pay Later payment option.

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

Balance check will not be performed at the time of transaction initiation with future date. The transaction will get declined in case of insufficient funds in the account on the given transaction date.

What happens if the transaction amount is less than set Transaction Limit?

If the transaction amount is less or more than transaction limit set by the Bank, user cannot proceed to make payment.

Can I make a payment to an account which is currently not registered as my payee?

No. You can make the payment only to your registered payees or can transfer the funds to your own accounts.

Can I transfer the funds to any CASA available under party ID mapped to me by selecting My Accounts transfer?

Yes.

Can I transfer the funds to an account belongs to linked party?

Yes, funds can be transferred to a CASA of linked party provided it is mapped to logged in user.

What happens when I add a transaction in my favorite list?

Once a transaction is marked as favorite it is displayed in customer’s favorite list. Customer can directly initiate a transfer using favorite transactions; all the transaction details are displayed - auto populated, on screen. User can make required changes in the details and submit the transaction for processing.

What is repeat transfer?

Repeat Transfer is a type of transfer which is regular and periodic in nature. If the customer needs to make a payment at a periodic interval, repeated over N times, this can be initiated only once through ‘Repeat Transfer’. Once initiated, these will be executed at the set frequency, till the end date.

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