15.17.10 Fee Payment Notice

Incoming messages with Message Name as Ongoing Fee Notice is placed in the Incoming Browser with Processing Status as Pending.

Specify the User ID and Password, logim to Homepage.

From the Homepage, navigate to Markit Incoming Interface Browser screen.

1. From the Markit Incoming Interface Browser screen, click Fee Payment Details.
   The Fee Payment Details screen is displayed.

   Figure 15-9 Fee Payment Details

   
   

   
   Description of "Figure 15-9 Fee Payment Details"

   
   
2. If the External CUSIP/ISIN in the incoming message is an active tranche contract in the system, the message is populated into the Incoming Browser with Processing Status as Pending.
   Once the Tranche is identified, if the event date is the same as application date, then based on the fee type mentioned in the message, the system identifies the component for which the payment notice has arrived.

   If the payment date mentioned in the message is on or before application date, then system checks if all fee schedules before the payment date of the current message are fully paid. If there is no pending past schedules, then the system compares the fee amount due for the schedule date in the system with the fee amount due in the incoming message.

   • If the difference is within the value maintained in the FpML Interest/Fee Payment Variance parameter, system processes the incoming message with the fee amount due for the schedule date in the system.
   • FLIQ event is triggered at borrower and participant contracts and payment message attached to FLIQ event is generated. An override message- Difference amount is within variance is flagged during processing and the Processing Status of the message is changed to Processed by the system.
   • If the difference between the amounts is greater than variance, then system marks Processing Status as Failed and log an exception Difference amount is greater than the variance.
   • System does not validate for any other tags in the incoming message other than those mentioned above

   The Payment Date field can be enriched by clicking on the Enrich button when the Processing Status is Enrich.

   During processing, the system logs the following exceptions.

   • If a matching external CUSIP/ ISIN is not found in the system, the Processing Status is updated as Failed and an exception message is logged.
   • If the notice date is later than application date, the system considers the message as an Intent message and updates the Processing Status as Hold. It retains the message in the Incoming Browser till the event date and on event date during batch system updates the Processing Status as Pending so that the job picks up the incoming message for re-processing.
   • If the fee type received is of type USERINPUT (One-Off) then system marks the Processing status as Failed by logging an exception -Notice is for One off fee which is not processed.
   • If the incoming message is for a schedule which is overdue or if past schedules are overdue, system marks the Processing status as Failed by logging an exception- Past schedules have to be liquidated manually by user or previous pending fee payment messages are to be processed.
   • If the difference between fee amount due in the system and the fee amount mentioned in the message is greater than the value maintained for FpML Interest/Fee Payment Variance then system marks the message as Failed by logging an exception Difference amount is greater than the variance