Repeat Transfers

Repeat Transfers, also referred to as Standing Instructions or Standing Orders, are instructions given by a payer (bank account holder) to the bank to transfer a specific amount to another account at regular intervals.

Once initiated, these transfers are executed repeatedly till the end date.

The application has simplified the user’s task of initiating repetitive payments by introducing the Repeat Transfers feature. Through this feature, users can set instructions for funds to be transferred at regular intervals towards registered payees or to the user’s own accounts. Once initiated, the details of these transfers can be viewed in the View Repeat Transfers screen. The user can also cancel a repeat transfer instruction, if so desired, from the View Repeat Transfers screen.

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

Pre-Requisites

• 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.
• Purposes of Payments are mandatory for Internal and Domestic Payment.
• Transaction limits are assigned to user to perform the transaction.

Features supported in application

• Set Repeat Transfers
• View Repeat Transfers
• Stop Repeat Transfers

Workflow

How to reach here:

Toggle menu > Payments > Setups > Repeat Transfers

View Repeat Transfers

The View Repeat Transfers feature enables users to view all the repeat transfers that have been previously initiated. The user can select any repeat transfer transaction in order to view extensive details of that particular transaction. The details include basic transfer details such as source account, payee account, amount of transfer, etc.; execution details encompassing the frequency of transfers and the start and end dates as well as the payment history which lists down the status of each executed transfer instruction. The reason of failure is also defined against instructions that have failed execution.

To view and to stop Repeat Transfers:

• All the repeat transfer maintained appears on Repeat Transfers screen.
  OR
  In the Search By Payee Name, enter the payee name of the specific transaction which you to want view and click .

• Click the Payee Name link to view details or stop the Repeat Transfer. The View Repeat Transfer screen appears.
  

View Repeat Transfer

• Click Stop if you want to stop the repeat transfer.
  OR
  Click Cancel to cancel the transaction.
  OR
  Click Back to navigate back to the previous screen.

Stop Repeat Transfer

An option to stop the Repeat Transfer instruction is available on Repeat Transfers summary screen as well as View Repeat Transfer details page for those transactions that have instructions pending to be executed.

To stop the Repeat Transfers:

1. All the repeat transfers maintained appears as a list on Repeat Transfers screen.
   OR
   In the Search By Payee Name, enter the payee name of the transaction for which you want to stop the repeat transfer and click .
2. Click the Payee Name link against the transaction that you want to stop executing. The View Repeat Transfer screen appears.

• Click Stop to stop the repeat transfer.
  OR
  Click Cancel to cancel the transaction.

• A pop-up window with confirmation for canceling the Repeat Transfer appears.
  Click Yes to confirm.
  OR
  Click Cancel to cancel the transaction.
• The Stop Repeat Transfers - Confirmation screen with success message along with the reference number, status and transaction details appear.
  OR
  Click Go To Dashboard to go to Dashboard screen.
  
  

Set Repeat Transfers

Through the Set Repeat Transfers feature, a user can initiate an instruction for repeat transfers to be executed towards a payee or account for a specific amount at a certain frequency.

To set Repeat Transfer:

1. All the repeat transfer maintained appears on Repeat Transfers screen.
2. Click Add New to setup a new repeat transfer for the account. The Set Repeat Transfer screen appears.

Set Repeat Transfer – Existing Payee

The following screen displays the fields that are populated when the Existing Payee option is selected in the Transfer Type field.

3. In the Transfer Type field, select the appropriate payee for a repeat transfer set up.
1. If you select Existing Payee option:
1. From the Payee list, select the payee to whom fund needs to be transfer. The internal / domestic accounts along with the bank details maintained for the selected payee appears.
2. From the Transfer From list, select the account from which transfer needs to be done.
3. If you have selected International Payee, select the appropriate currency from the Currency list.
   
4. In the Amount field, enter the amount that needs to be transferred.
   OR
   Click the View Limits link to view the limit of transfer.
5. If you have selected Domestic Payee, select the appropriate payment network in the Pay Via field.
6. From the Transfer Frequency list, select the frequency for the repeat transfer to be executed.
7. From the Start Transferring list, select date for the Repeat transfer to start executing.
8. In the Stop Transferring field, select either a date or enter the number of instances.
9. From the Purpose list, select the appropriate purpose of transfer.

2. If you select My Account option:
1. From the Account Number list, select the account to which the 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.

Note: In case of My Accounts option, if the user does not have more than one CASACurrent Account or Savings Accounts are operative accounts through which account holders perform day to day operations such as deposits and withdrawal of money. account, an error message will be displayed.

4. Click Setup.
   OR
   Click Cancel to cancel the transaction.

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.

5. The Set Repeat Transfer - Review screen appears. Verify the details, and click Confirm.
   OR
   Click Cancel to cancel the transaction.
6. The success message appears along with the reference number, host reference number, status and transaction details.
   OR
   Click Go To Dashboard to go to Dashboard screen.
   OR
   Click e-Receipt to generate the electronic receipt of the transaction. For more information, click here.

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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