Initiate Collection

Introduction

This option allows retail user to initiate local and foreign e-collection transactions from creditors having their accounts with other banks within or outside the bank. Users should have transaction privileges to initiate collections, and also approved counter party should be available.

The retail user can initiate one time e-collections and recurring payment. Payments can be initiated as a batch of e-collections.

User can save all the transactions and initiate at a later point of time. There is no limit on how many transactions can be added to the list at a time. However, there is a limit on how many transactions can be submitted online at a time. If this is exceeded, all the transactions will be posted offline to the back end.

Navigation

• Click  Initiate Collections in the Transaction Management menu option

• The  Initiate Collection 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

COMMON  DETAILS

Frequency Type

There are two options:

• One time

• RecurringIf the Frequency Type is selected as ‘Recurring’, then the following additional fields are to be provided in addition to the transaction date and transaction currency:
  Frequency -This can be ‘Daily’ or ‘Weekly’ or ‘Monthly’ or ‘Yearly’ or ‘Quarterly’. Based on the requirement, the frequency can be chosen.
  Number of installments - Provide the number of times the funds transfer has to be recurring
  Validity Indicator - This decides when the transfer needs to be initiated in case the date of recurring falls on a holiday. The possible options are:
  Next Valid Date
  Previous Date
  Skip

Based on the requirement the user can prefer to do one time or recurring transfer.

Transaction Date

The date of transaction can be selected form the calendar widget. If current date is provided then it is considered as an instantaneous transfer else scheduled. Back dated transactions are not possible.

Validity Indicator

The validity indicator as selected by customer will be displayed.  For example,  Next, previous or skip valid date.

Note:

If there is a currency holiday, based on the validity indicator the date is recalculated.

Transaction Currency

Choose the transaction currency from the drop-down.

Manual Release Required

The retail user can select this check box in case, the user wants to hold the transaction for some reason and later release the transactions for posting.

Note:

In case of centralized collection scenario, holding and manually releasing cannot be done.

ADD ENTRY DETAILS

Initiator Details

Account

The retail user can select the origination account (Dr Account) from the drop-down..

If the values in the account drop-down increase beyond a pre-configured value, then the drop-down will be changed to lookup.

Click View Account Details to view the details of the account selected.

Note:

Available balance in the account will be displayed next to the field.  (If the Java Scripts are not enabled in Browser then the balance cannot be displayed here.)

Transaction Reference Name

Type the reference name for the transaction, which can be used for retrieval of the transaction details in the future.

Note:

This is a text field and there will not be any validations on this field.

Remark

Enter the remarks about the origination entry.

Counter party details

Counterparty Type & Nickname

The destination type can be

• Personal payee

• Payment/Presentment billers

A Lookup button is provided to fetch the list of accounts based on the destination type.

Amount

Enter the transaction amount. In case the transaction is a multi currency transaction, then click Check Counter Rate to view the exchange rate.

Note:

The exchange rate can be fetched from the core system, by replicating rate code set up as in core and by mapping the rate mode and rate codes appropriately. This should be done by the bank admin user. The PRPM parameter DEFAULT_RATE_CODE_FOR_CR for MID rate mode should match the value in core.

Remark

Provide the credit transaction remarks.

Network

Select the applicable network for the transaction. Click View Applicable Networks link to get the list of networks applicable for the transaction type.

Mandate ID

Specify the mandate ID. Click the Look Up button to fetch the list of collection mandates based on the selection criteria.

Note:

In case of local collection scenario, the Look Up button would not be present.

Commission/Charge Indicator

This field is used only in case the Counter party type is My accounts in other banks.

• Shared (shared between home bank and other bank)

• Their (other bank)

• Our (home bank)

Transaction Purpose

Select the appropriate purpose for the funds transfer transaction from the drop-down.