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In our system, we don’t charge fee on cover rate, and there is no reason for bank to charge fee on cover rate. The reason that cover rate fee is shown on the FX Deal History log is because the cover rate is attached to the pricing templates that consists of fee amount. You have a good catch. Maybe it should not be shown it there. You can go to see your customer profile, under Foreign Exchange setting, you will see the place to set cover rate template.
In Payment Wizard, for Australia and New Zealand, BSB code is required in beneficiary bank information
This message appeared because the time zone for some countries is different from one another, we need to set cut off time for each currency.
Yes, receiving customer and beneficiary name is the same person.
For example, if you choose DHL as a delivery method, the tracking number will be provided. If you want to know the status of draft whether it is delivered, you can ask DHL to check it for you by simply giving them the tracking number which is provided.
When payment is released, the transaction is done in our system, but the bank still need to generate Swift message and send it to the beneficiary bank.
No, it is not the end of payment process yet. After “Payment Batch” is posted, the payments or drafts in the batch have just been submitted to the bank. Banker needs to go into “Payments” screen or “Draft” screen to approve fund, verify and release the payment.
The bank which receives Swift message does not need to have TSG’s platform. The bank use Swift application to send Swift message, and they just generate the swift message in our system, so they can send the swift message through the Swift application to the other bank without needing to key the swift message manually.
No, only foreign currency payments will appear in AUSTRAC screen to be downloaded in xml file. In Beta system, our based currency is USD, so every payment in USD will not appear in AUSTRAC screen.
“Session Timeout” is duration limit for users that stay inactive in the system. In the example in the above screen shot, if a user stays inactive in the system 60 minutes, the system will log the user out.
No, they can’t obtain the rate. Right now they have to request the new quote in New FX Deal.
“Cash Trade cutoff time” is the time of the day that Cash Trade can no longer apply or the deal cannot be settled on the same day. If the customer book Cash trade beyond that time, the value date of the deal will be the next day.
“Account alias” is the number that banker set up to represent the real account number. If someone sends a payment to that number instead of your real account, the payment will still go to your account. “Account alias” is usually created for Australia since the format of account number is confusing. Some people put BSB before account number and some put account number before BSB. Thus, it is good to create an alias so that whether BSB is put before or after, the money still goes to the right account.
When customer order a big amount in FX Deal, the bank will charge smaller fee/ no fee and smaller spread since the bank wants to encourage customer to order in big amount, which make the bank earn more money. For the time allowed to book the deal for the quoted rate, it is often shorter when the amount is bigger since the rate is changing all the time, so the longer the time the bank provides, the more risk the bank has.
ACH stands for Automated Clearing House. It is an electronic network for financial transactions in the United States. ACH processes large volumes of credit and debit transactions in batches. ACH credit transfers include direct deposit payroll and vendor payments. It is a form of Electronic check payment.
Electronic funds transfer or EFT is the electronic exchange or transfer of money from one account to another, either within a single financial institution or across multiple institutions, through computer‐based systems.
ACH is a subset of EFT. EFT is an Electronic Funds Transfer. This can take many forms. It can be a
debit card transaction, an ATM withdrawal, a telephone banking transfer, an online banking bill
payment transaction, or an ACH credit or debit, to name a few.
ACH stands for Automated Clearing House. It is a specific type of electronic transfer (can be debits or credits) that process under rules set by and through NACHA (National Association of Automated Clearing Houses) and state or regional associations. Some examples of ACH transactions include direct deposit of payroll or government benefits and automatic loan payment drafts.
auto generated is where the system saves (in some currencies) the routing from payments set out. It is building its own database.
Payment Profitability Report is the report of all payments and fee from each payment which is generated based on value date of the payment.
Payment Profitability Report‐Processed Date is the same as Payment Profitability Report, but it is generated based on the date that the payment is created.
Payment Profitability Report-Processed Date by BSB is the same as Payment Profitability Report-Processed Date. The difference is that banker will be able to generate Payment Profitability Report-Processed Date by each account representative or multiple account representatives.
Although bank does not allow customer to book Spot deal on their own, but under customer profile in foreign exchange setting, the pricing template is set for each type of deal. Thus, when banker books spot deal on behalf of customer, the pricing will be charged based on the template assigned under their profile.
The banker and or the customer can click on the view link under action in the documents tab.
That is just the status of LC application. It tells the user what stage of LC application they are in now. This phrase tells user that they are in Entry stage, and this LC application has not been submitted to bank for review yet.
In practicing, some lines can be deleted to fit with the validation so that you can continue process it. The information here is just the default template. The banks can fill their own instruction.
The term “Release for Review” and “Release to Entry Review” are not different for its functionality since when we click on it, LC is going the Entry step. However, it is distinguished depending on its attachment. I would refer this to below screenshots. If we give access right to customer to be able to only Entry LC, the File shows up only “Release for Review”. And if we give the access right to be able to Submit LC only, the File shows up only Release to Entry Review. Moreover, if we give access right to both, both also show up in the File. Their benefit is to move LC to Entry Review step.
No, after clicking on “General Swift File” function, there is a file downloaded. Banker will use this swift message file to send to Advising bank. If the LC is advised by the advising, the banker needs to mark it as advised.
As the Closing of letter of credit is the last stage, so being a customer user or bank user, they cannot amend anything else. The transaction is already completed. Keep in mind that the amendment stage can happen when the letter of credit is just established or issued.
There are two types of templates:
- Bank Templates: General template which can be used by every user.
- Customer Templates: Template which is assigned to specific customer.