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.

Pre-Requisites

Transaction and account access is provided to the retail user
Transaction working window is maintained
Payees are maintained
Purpose of Payments are maintained
Transaction limits are assigned to the user

Features supported in application

Set Repeat Transfer
View Repeat Transfer
Stop Repeat Transfer

Workflow

workflow

You are here How to reach here:

Dashboard > Payments Widget > View Repeat Transfers > Repeat Transfers
OR

Dashboard > Upcoming Payments Widget > Setup Repeat Transfers > Repeat Transfers
OR

Toggle Menu > Payments > Repeat Transfers
OR
Dashboard > Payments Menu > Upcoming Payments > Set 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, beneficiary 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.

Field Description

Field Name	Description
Transfer To	Displays the name, address and account number along with the account nickname of the payee.
Transfer From	The source account number in masked format from which funds are transferred towards the payee account.
Transfer Type	Type of transfer e.g. Domestic, Own, Internal.
Next Payment	The date on which the next payment is scheduled.
Amount	Amount of the set Repeat Transfer.

To view the Repeat Transfers:

Click against a specific repeat transfer record. The following options appear: View/ Stop.
Select the option View to view the details of the particular repeat transfer. The View Repeat Transfer details screen appears.
OR
Click Stop if you want to stop the repeat transfer.
OR
Click Back to Dashboard, to navigate to the dashboard.

Repeat Transfers - View Repeat Transfer

Field Description

Field Name	Description
Transfer Type and Transaction Reference Number	The transfer type involved i.e. internal, domestic, etc as well as the transaction reference number are displayed.
Transfer To	Displays the name and account number along with the account nickname of the payee.
Transfer From	The source account number along with the account nickname, if maintained, is displayed. For more information on Account Nickname, click here.
Next Payment	The date on which the next payment is scheduled.
Amount	Amount of the set Repeat Transfer.
Purpose	Purpose of transfer.
Note	A note, if added, by the user at the time of transfer initiation is displayed.
Execution Details
Start Date	The start date of the repeat transfer execution i.e. the date on which the repeat transfer first starts being executed.
End Date	The last date on which repeat transfer instructions are executed.
Frequency	The frequency in which the repeat transfer is executed.
Payments History
Execution Date	The date on which the repeat transfer was executed.
Status	The status of the repeat transfer. The status can be: Active Failed
Reason for Failure	The reason why the specific transfer instruction failed is displayed against those transfer records that have failed to be executed.

Click Stop if you want to stop the repeat transfer.
OR
Click Cancel to close the View Repeat Transfer screen.

Stop Repeat Transfers

The option to stop a repeat transfer instruction is provided on the View Repeat Transfers summary screen as well as View Repeat Transfer details page only against those transactions that have instructions pending to be executed.

Repeat Transfers - Stop Repeat Transfer

Field Description

Field Name	Description
Transfer To	Displays the name and account number along with the account nickname of the payee.
Transfer From	The account from which the amounts are transferred towards the beneficiary or destination account.
Amount	Amount of the set Repeat Transfer.
Frequency	The frequency in which the amounts are transferred from the source account to the destination account.
Next Payment	The date on which the next payment is scheduled.

To stop a Repeat Transfer:

Click against the specific repeat transfer record. The following options appear: View/ Stop.
Select the option Stop to cancel the repeat transfer. The Stop Repeat Transfer details screen appears.
OR
Click View to view the details of the repeat transfer.
OR
Click Back to Dashboard, to navigate to the dashboard.
Click Stop to stop the repeat transfers maintained for the account.
OR
Click Back to navigate back to previous screen.
The Stop Repeat Transfer - Review screen appears. Verify the details, and click Stop to confirm cancelling the Repeat Transfer.
OR
Click Back to navigate back to previous screen.
OR
Click Cancel to cancel the operation and navigate back to ‘Dashboard’.
A message confirming that the repeat transfer has been stopped/ cancelled appears.
Click Go to Dashboard, to navigate to the dashboard.
OR
Click More Payment Options to access other payment options.

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.

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

Field Description

Field Name	Description
Transfer Type	This option enables the user to identify whether the transfers are to be made towards registered payees or towards the user’s own accounts. The options are: Existing Payee My Accounts (User's own account)
Payee	Select the payee towards whom the transfers are to be made.
Account Number	On selecting the payee, the account number associated with the payee appears.
Account Type	Type of account or transfer type associated with the payee appears, once a payee is selected.
Account Name	The name of the payee in the bank account appears.
Bank Details	The details of the bank i.e. the name and address of the bank’s branch in which the payee’s account is held appears.
Transfer From	Select the source account from which the funds are to be transferred.
Balance	On selecting a source account, the net balance of the account appears below the Transfer From field.
Currency	Select the currency in which the transfer is to take place. CurrencyA generally accepted form of money, including coins and paper notes, which is issued by a government and circulated with in an economy. is defaulted to destination account currency for Internal Transfers and local currency for Domestic Transfers.
Amount	Specify the amount to be transferred per frequency.
View Limits	Link to view the transaction limits applicable to the user.
Transfer Frequency	The frequency in which the repeat transfers are be executed. The options are: Daily Weekly Fortnightly Bi-monthly Monthly Quarterly Semi-Annually Annually
Start Transferring	The date on which the first repeat transfer is to be executed.
Stop Transferring	Select the option by which to specify when the repeat transfers are to stop being executed. The following two options are available: On: Select this option if you wish to specify a date on which the last transfer is to be executed. After: Select this option if you wish to specify the number of repeat transfers that are to be executed as part of the instruction.
Date	Specify the date on which the last transfer is to be executed. This fields appears if the option On is selected in the Stop Transferring field.
Instances	Number of instances. This field appears if the option After is selected in the Stop Transferring field.
Purpose	Select the purpose for which the repeat transfer instruction is being initiated.
Note	Narrative for the transaction.
Also Transfer Today	Select this option to also initiate a one-time transfer towards the payee for the same amount as each individual instruction.

To setup Repeat Transfer instructions towards an Existing Payee:

In the Transfer Type field, select the Existing Payee option.
From the Payee list, select the payee to whom fund needs to be transferred, and subsequently select the specific account of the payee towards which the transfers are to be made.
From the Transfer From list, select the account from which the transfers are to be made.
From the currency list, select the preferred currency.
In the Amount field, enter the amount to be transferred at regular intervals.
From the Transfer Frequency list, select the frequency in which the repeat transfer to be executed.
From the Start Transferring field, select the date on which the Repeat transfers are to start being executed.
In the Stop Transferring field, select the option by which to specify when the repeat transfers are to stop being executed.
If you have selected the option On, specify the date on which the repeat transfers are to stop being executed.
If you have selected the option After, specify the number of instances after which the repeat transfers are to stop i.e. if you specify the number 10, only 10 transfers will be initiated at the specified frequency.
From the Purpose list, select the appropriate purpose for which the repeat transfer instruction is being initiated.
In the Note field, specify a narrative for the transaction .
Select the Also Transfer Today checkbox to initiate a one-time transfer towards the payee for the specified amount along with the standing instructions.
The Set Repeat Transfer popup window appears.
Click Proceed to initiate the one-time transfer along with the repeat transfers.
OR
Click Cancel , if you do not wish to initiate the one-time transfer.
Click Setup.
OR
Click Cancel to cancel the transaction.
OR
Click the Back to Dashboard link, to navigate to the dashboard.
The Review screen appears. Verify the details, and click Confirm.
OR
Click Cancel to cancel the transaction.
OR
Click Back to navigate to the previous screen.
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 repeat transfer being raised involves transfers to an internal or domestic payee.
A message confirming that the transaction has been initiated appears along with the transaction reference number.
Click the Go to Dashboard link, to navigate to the dashboard.
OR
Click More Payment Options to access other payment options.

Set Repeat Transfer – My Accounts

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

Field Description

Field Name	Description
Transfer Type	This option enables the user to identify whether the transfers are to be made towards registered payees or towards the user’s own accounts. The options are: Existing Payee My Accounts (User's own account)
Account Number	Select the account towards which repeat transfers are to be made. All the accounts of the user are displayed.
Balance	On selecting an account number, the net balance of the account appears below the Account Number field.
Transfer From	Select the source account from which the funds are to be transferred.
Balance	On selecting a source account, the net balance of the account appears below the Transfer From field.
Currency	The currency in which the transfer is to take place. The currency is defaulted as the beneficiary account currency.
Amount	Specify the amount to be transferred.
View Limits	Link to view the transaction limits applicable to the user.
Transfer Frequency	The frequency in which the repeat transfers are to be executed The options are: Daily Weekly Fortnightly Bi-monthly Monthly Quarterly Semi-annually Annually
Start Transferring	The date on which the first repeat transfer is to be executed.
Stop Transferring	Select the option by which to specify when the repeat transfers are to stop being executed. The following two options are available: On: Select this option if you wish to specify a date on which the last transfer is to be executed After: Select this option if you wish to specify the number of repeat transfers that are to be executed as part of the instruction
Date	Specify the date on which the last transfer is to be executed. This fields appears if the option On is selected against the Stop Transferring field.
Instances	Number of instances. This field appears if the option After is selected against the Stop Transferring field.
Note	Narrative for the transaction.
Also Transfer Today	Select this option to also initiate a one-time transfer towards the payee payee for the same amount as each individual instruction.

To setup Repeat Transfer instructions towards My Accounts (Own Account):

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

From the Account Number list, select the account to which the fund transfers need to be made.
From the Transfer From list, select the account from which the transfers need to be made.
In the Amount field, enter the amount to be transferred at regular intervals.
From the Transfer Frequency list, select the frequency in which the repeat transfers are to be executed.
From the Start Transferring field, select the date on which the Repeat transfers are to start being executed.
In the Stop Transferring field, select the option by which to specify when the repeat transfers are to stop being executed.
If you have selected the option On, specify the date on which the repeat transfers are to stop being executed.
If you have selected the option After, specify the number of instances after which the repeat transfers are to stop i.e. if you specify the number 10, only 10 transfers will be initiated at the specified frequency.
Specify a narrative for the transaction in the Note field.
Select the Also Transfer Today checkbox to initiate a one-time transfer towards the payee for the specified amount along with the standing instructions.
The Set Repeat Transfer popup window appears.
Click Proceed to initiate the one-time transfer along with the repeat transfers.
OR
Click Cancel , if you do not wish to initiate the one-time transfer.
Click Setup.
OR
Click Cancel to cancel the transaction.
OR
Click the Back to Dashboard link, to navigate to the dashboard.
The Review screen appears. Verify the details, and click Confirm.
OR
Click Cancel to cancel the transaction.
OR
Click Back to navigate back to previous screen.
A message confirming that the transaction has been initiated appears along with the transaction reference number.
Click the Go to Dashboard link, to navigate to the dashboard.
OR
Click More Payment Options to access other payment options.

FAQs

Can I cancel a Repeat Transfer instruction?

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?

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