Make Payment (Transfer Money)

Transfer Money enables the user to initiate online payments 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.

On selecting the option, ‘Existing Payee’, the user has to simply select a payee and subsequently select the specific account of the payee towards which the transfer is to take place. The user is not required to explicitly select the transfer type (internal, domestic or international) since this categorization is undertaken at the time of payee creation when defining the payees bank account details.

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 maintained which 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

• Existing Payee – by selecting a registered payee. Internal, Domestic and International transfers are supported and are triggered based on the payee and specific payee account selection
• My Accounts – Users are able to transfer funds within their own accounts held in the bank.

Workflow

How to reach here:

Toggle menu > Payments > Transfer Money > Make Payment
OR
Maker Dashboard > Quick Links > Funds Transfer > Make Payment
OR
Maker Dashboard > Quick Links > Own Account Transfer > Make Payment

Make Payment - Existing Payee

The existing payee option of the ‘Transfer Money’ feature enables the user to initiate payments towards existing registered payees. All account payees created by the logged in user and shared by other users of the PartyA party is any individual or business entity having a banking relationship with the bank. are listed for selection. On selecting a payee, the user must select the specific account of the payee towards which the transfer is to be made. Once the payee’s account has been selected, the details are auto populated on transaction screen. The user is then required to fill in payment details to initiate the funds transfer. Payment details will vary based on the transfer type associated with the payee’s account. The user can also view the payee and transaction limits by selecting the ‘View Limits’ link provided on the screen.

E-Receipt gets generated on successful completion of transaction in the Core Banking Application. E-Receipt also can be accessed from Activity Log detailed view.

How to reach here:

Toggle Menu > Payments > Payments > Transfer Money > Make Payment > Existing Payee
OR
Maker Dashboard > Quick Links > Fund Transfer > Make Payment

To transfer the money to existing payee:

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

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 (applicable for international payees only. For domestic and internal payees, currency gets defaulted).
5. In the Amount field, enter the transfer amount.
   OR
   Click the View Limits link to check the transfer limit.
   From the Channel list, select the appropriate channel to view its limits. The graph with utilized amount and the available limit appears.

6. View Limits

7. Field Description

   Field Name	Description
   Channel	Channel for which you the user wants to view the limits.
   Min Amount	The per transaction limit - minimum amount.
   Max Amount	The per transaction limit - maximum amount.
   Daily Limits	The daily amount limit and transaction count limit (available and utilized) of a transaction is displayed. This is represented in a graph - with a (colored) utilized amount (numeric figure below it) and the available limit allocated by the Bank (numeric figure below it) and the total of utilized and available limits.
   Monthly Limits	The monthly amount limit and transaction count limit (available and utilized) of a transaction is displayed. This is represented in a graph - with a (colored) utilized amount (numeric figure below it) and the available limit allocated by the Bank (numeric figure below it) and the total of utilized and available limits.

6. Click the View Current Exchange Rate link to check the transfer limit.
7. If user clicks Book New Deal to book the new forex deal. The Initiate Forex Deal Booking screen appears.
   
8. If user selects check box Use Pre-Existing Deals to select existing forex deal.

9. In the Deal Number field, enter the forex deal number.
   Click Verify. The deal details of selected deal appear.
   OR
   Select deal from the Lookup by clicking the Lookup Deal Number link.
   In the Search by Deal Number field, enter the forex deal number to be searched.
   Click to search. The list existing forex deal appears.
   Click on Deal Number field, to select the appropriate deal from the list.
   Click Proceed to continue the transaction with selected deal.
   The deal details of selected deal from Lookup appear.
   Click Reset to clear the entered details.
10. 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.
11. In the Pay Via field, select the appropriate network for payment (applicable for Domestic payees only).
12. From the Correspondence Charges list, select the appropriate option (applicable for international payees only).
13. In the Transfer via Intermediary Bank field, select the appropriate option (applicable for international payees only).
14. If you have selected Yes option in the Transfer via Intermediary Bank field, select the appropriate network for payment in the Pay Via field.
15. • If you select Swift option:
    • In the SWIFT code field, enter the SWIFT code or search and select it from the lookup.
    • Click Verify to fetch bank details based on Bank Code (BIC).
    • If you select National Clearing code option:
    • In the National Clearing code field, enter the National Clearing code or search and select it from the lookup.
    • Click Verify to fetch bank details based on Bank Code (BIC).
    • If you select Bank details option:
    • In the Bank Name field, enter the bank name.
    • In the Bank Address field, enter the complete address of the bank.
    • From the Country list, select the country of the bank.
    • From the City list, select the city to which the bank belongs.
15. From the Payment Details list, select the appropriate purpose of transfer (applicable for international payees only).
    OR
    Click the Add Payment Details link to add more details of the transfer, if required.
16. In the Note field, enter the remarks for the transaction, if required.
17. Click Pay to initiate payment.
    OR
    Click Cancel to cancel the operation and navigate back to ‘Dashboard’.

18. Note: The warning message appears, if user is initiating a transfer towards a payee for whom a 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. or Pay later is due within the next X days (as configured) to inform the initiator of the same.
    

17. The Make Payment - Review screen appears. Verify the details, and click Confirm.
    OR
    Click Cancel to navigate to the Dashboard Screen.
    OR
    Click Back to navigate back to the previous screen.

1. Note: If a standing instruction or a pay later transfer is due to the payee within the next X days (as configured), a warning message will appear on the review page intimating the user about the same. This is applicable only if the transfer being initiated is an internal or domestic transfer.
   

16. The success message of payment appears along with the reference number, host reference number and status.
    Click Go to Dashboard to go to the Dashboard screen.
    OR
    Click Add Favorite to mark the transaction as favorite. The favorite transaction is added. For more information, click here.
    OR
    Click the e-Receipt link to download the electronic receipt. For more information, click here.
    

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 Core Banking Application. E-Receipt can also be accessed from Activity Log detailed view.

To transfer the money to own account:

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

2. From the Account Number 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. From the Currency list, select the currency in which the transfer transaction is to be done.
5. In the Amount field, enter the transfer amount.
   OR
   Click the View Limits link to check the transfer limit.
   From the Channel list, select the appropriate channel to view its limits. The graph with utilized amount and the available limit appears.

   View Limits

Field Description

Field Name	Description
Channel	Channel for which you the user wants to view the limits.
Min Amount	The per transaction limit - minimum amount.
Max Amount	The per transaction limit - maximum amount.
Daily Limits	The daily amount limit and transaction count limit (available and utilized) of a transaction is displayed. This is represented in a graph - with a (colored) utilized amount (numeric figure below it) and the available limit allocated by the Bank (numeric figure below it) and the total of utilized and available limits.
Monthly Limits	The monthly amount limit and transaction count limit (available and utilized) of a transaction is displayed. This is represented in a graph - with a (colored) utilized amount (numeric figure below it) and the available limit allocated by the Bank (numeric figure below it) and the total of utilized and available limits.

6. Click the View Current Exchange Rate link to check the transfer limit.
7. If user clicks Book New Deal to book the new forex deal. The Initiate Forex Deal Booking screen appears.
   
8. If user selects check box Use Pre-Existing Deals to select existing forex deal.

   Pre Booked Deals

Field Description

Field Name	Description
Deal Number	The unique deal id of the forex deal.
Validity	The date upto which the deal is valid.
Deal Amount	The original buy or sell amount and currency of the deal.
Outstanding Amount	The remaining buy or sell amount and currency in the deal available for transaction.
Exchange Rate	Displays the buy or sell per unit rate for the chosen currency combination.

9. In the Deal Number field, enter the forex deal number.
   Click Verify. The deal details of selected deal appear.
   OR
   Select deal from the Lookup by clicking the Lookup Deal Number link.
   In the Search by Deal Number field, enter the forex deal number to be searched.
   Click to search. The list existing forex deal appears.
   Click on Deal Number field, to select the appropriate deal from the list.
   Click Proceed to continue the transaction with selected deal.
   The deal details of selected deal from Lookup appear.
   Click Reset to clear the entered details.
10. 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.
11. In the Note field, enter the remarks for the transaction, if required.
12. Click Pay to initiate payment.
    OR
    Click Cancel to cancel the operation, and navigate back to ‘Dashboard’.

13. Note: The warning message appears, if user is initiating a transfer towards a payee for whom a SI or Pay later is due within the next X days (as configured) to inform the initiator of the same.
    

13. The Make Payment - Review screen appears. Verify the details, and click Confirm.
    OR
    Click Cancel to navigate to Dashboard Screen.
    OR
    Click Back to navigate back to the previous screen.
14. The success message appears along with the reference number, host reference number, statu, Transfer To, Amount, Transfer From and Transfer When details.
    Click Go to Dashboard to go to the Dashboard screen.
    OR
    Click Add Favorite to mark the transaction as favorite. The favorite transaction is added. For more information, click here.
    OR
    Click Set Repeat Transfer to repeat the transaction. For more information, click here.
    OR
    Click the e-Receipt link to download the electronic receipt. For more information, click here.

FAQs

Can I use the Transfer Money transaction to transfer the funds towards the repayment of a loan that I hold in same bank?

No, fund transfers can be made only to current or savings account through the transfer money transaction.

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 CASACurrent Account or Savings Accounts are operative accounts through which account holders perform day to day operations such as deposits and withdrawal of money. 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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