1.2 Settlement Preferences

You can maintain preferences for an entity means defining the settlement accounts and a detailed settlement route comprising the correspondent accounts and the intermediaries through which the settlement messages are to be generated.

The party information you can capture adheres to SWIFT standards. You can maintain the following basic settlement preferences for an entity (counterparty), module, currency, mnemonic, branch, product, and settlement sequence number combination.

• The Pay (out) Account, Branch, and Currency
• The Receive Account (for incoming payments), Branch, and Currency.
• If a Cover is required to be sent for SWIFT messages
• If the charge (for the message) is to be borne by the bank or the beneficiary
• The charge account is used as the default account for all charges during contract input
• If a receive notice (MT 210) has to be generated for money settlements made in a specific currency

This topic contains the following sub-topics:

• Settlement Preferences for a Customer
  
• Message Details
  
• Parties involved in Payments
  
• Parties involved in Receiver
  
• Capture Receive Notice Details
  
• Parties involved in Direct Debit