Add Counter Party

Introduction

The customer of the bank can use this option to add details of a counter party . Counter party is an institution or individual with whom the user has a relationship. Counter party details should be entered if the user would like to either make a payment to, or collect payment from the counter party. You can either specify the bank account number of the beneficiary or provide the address of the beneficiary for sending a cheque or draft to the beneficiary. Any one field would be a mandatory field depending on the option selected.

While creating the counter party and beneficiary ensure the following validation:

• The beneficiary nickname and beneficiary account number, bank name, and branch is unique for a particular corporate customer and retail customer.

At the time of creation or modification of counter party, the bank details and the nickname are used to check if any existing beneficiary already has these details.  The uniqueness of the record is based on the validation of the nickname and the bank details of the counterparty.

If the beneficiary details already exist then user would get a message that the record already exists and there has been a violation on the uniqueness of the validation fields. The existing beneficiary is put under modification, accordingly an error message would be displayed.

For other bank beneficiary, the bank branch also needs to be stored in database. If the account number of the beneficiary is not mentioned while creating a beneficiary the uniqueness validation would not be performed.

Note:

1. Beneficiary nickname is mandatory for all screens where beneficiary of any type is created.

2. In all the beneficiary creation and updating screens, where the Bank is Other Bank the Branch name of the Bank should also be provided.

Navigation

• Click Add Counter Party in the Initiate Payment screen.

• The Add A Counter Part screen is displayed.

What you can do

The table below provides a brief description of the data that should be entered on the screen and the functions you can perform:

Field

Description

ADD COUNTER PARTY

Counter Party Name

Specify the name of the counter party.

Note:

This is a mandatory field.

Counter Party Nickname

Specify the nickname of the counter party.  

Note:

This is a mandatory field.

Counter Party Entity Type

Indicate the type of counter party.

Select the Corporate option for a corporate beneficiary, else the Retail option for a retail beneficiary.

From the drop-down list, select the type of counter party.

Valid Values:

Creditor (This is applicable when counter party would be used for a payment transaction).

Debtor (This is applicable when counter party would be used for a collection transaction).

Both (This is applicable when counter party would be used for both payment and collection transaction).

Note:

This is a mandatory field.

ACCOUNT DETAILS

Home Bank

If the counter party holds an account with the home bank, select the Home Bank option button and specify the following two fields:

Account Number

The account number of the counter party. Click View Account Details to see counter party’s account details.

Note:

This is an optional field if account number is not entered a message is displayed saying, any payment made to this beneficiary would be processed manually and beneficiary would be paid by Cheque or Draft.  The user has to confirm this, before he can proceed.

Bank Branch

If the counter party's bank is home bank, select the branch using the Lookup button, in which the beneficiary holds an account.

Note:

This is a mandatory field.

Other Bank

If the counter party holds an account in any other bank, other than the home bank, select the Other Bank option button and specify the following fields:

Counter Party Bank Search

The name of the bank in which the counter party holds an account. Click Lookup to select the bank name from a list. The remaining fields will be auto populated based on the bank record selected.

Note:

Incase user is not choosing the bank from the provided list, he will have to provide the details of the Bank in the following fields.

Counter Party Bank Name

The name of the bank where the counter party holds the account.

Counter Party Bank Branch

The name of the bank branch in which the counter party holds an account.

Note:

This is populated from the input of the above field.

Counter Party Bank Address

The address of the branch in which the counter party holds an account.

Note:

This is a mandatory field.

Counter Party Bank City & Zip

The city in which the counter party holds an account and the zip code of the city.

Note:

This is a mandatory field.

Counter Party Bank Country

The country in which the counter party bank is located. Select a country from the drop-down list.

Note:

This is a mandatory field.

Account Number

The account number of the beneficiary in other bank.

Note:

This is an optional field if account number is not entered a message is displayed saying, any payment made to this beneficiary would be processed manually and beneficiary would be paid by Cheque or Draft.  The user has to confirm this, before he can proceed.

Account Currency

The currency in which the counter party's account is operated. Select the currency code from drop-down list.

Note:

This is a mandatory field.

Account Type

The type of the account that was held by the counter party in other bank. Select the account type from drop-down list.

Note:

This is a mandatory field.

ADDITIONAL DETAILS

Address (Line 1)

The first line in the address of the counter party.

Note:

This is a mandatory field if the beneficiary account number is not provided. In that case it would be a manual process where Cheque or Draft has to be sent to the counter party on the mentioned address.

Address (Line 2)

The second line in the address of the counter party.

Address (Line 3)

The third line in the address of the counter party.

City and Zip

The city name and the zip code in the address of the counter party.

State

The state name in the address of the counter party. Click Lookup to select the state from the list.

Country

The country in which the counter party resides. Select a country from the drop-down list.

Telephone

The telephone number of the counter party.

Mobile

The mobile telephone number of the counter party.

Fax

The fax number of the counter party.

Email

The e-mail address of the counter party.

Pre Note Required

Indicate whether a pre-note is required for the counter party.

Certain networks used by the bank for payments would require a pre-note to be sent to them to validate the beneficiary account details. Pre-notes are sent at the time of beneficiary addition/approval/registration. If you select Yes in this field, the system sends beneficiary account details to the network for confirmation. On receiving confirmation, the RM should update the pre-note status of the beneficiary. Until then, you will not be able to make payments to the beneficiary.

Commission Indicator

Indicate who will bear the Commission amount: whether the Counter Party, the Retail User or both will share it. Select a valid option from the drop-down list.

Payment Details

Specify the details of the payment.