Initiate Funds Transfer

Introduction

This option allows the retail user to initiate a funds transfer transaction. The types of funds transfer transactions include:

• Self transfer (within home bank and other bank accounts)

• Third party transfer (within home bank)

The frequency of transfers can be single time or recurring. In recurring transactions, the user has to specify number of installments and validity indicator.

The user can create more than one transfer request using the facility Add New Entry, that is, the . user can initiate multiple funds transfer request at the same time.

If the user is initiating a transaction:

• In a currency other than home currency, he has the option to view online Currency exchange rate using Check Counter Rate option. 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.

• The user can select the appropriate network for the corresponding transaction. He can even view the details of the selected network using View applicable networks option.

Note:

1. If user has created 5 transfer requests, then each request will be considered as a separate entity and for which limits and all other various transaction related parameters will be considered. All 5 transactions will have a unique entity ID.

2. The user also can modify or delete any of the transfers in the list of transactions.

3. If a transaction type definition by bank administrator is such that a transaction is initiated with a single entry, then the data entry screen and details or confirmation screens will reflect the details in a single section itself, instead of splitting into common details and entry level details.

Duplicate Transaction Check

Whenever a user initiates a transaction, Finacle e-Banking will do a check to see whether the entered transaction is a duplication of the previously entered transaction during day. For performing this check, the inputs taken are;

• Counterparty

• Transaction Date

• Transaction Amount

If a transaction entered by the user matches with another transaction on a particular day with respect to the above listed three parameters, then a warning message will be displayed to the user. The warning message displayed will be “Entry with same Transaction Date, Counter Party and Transaction Amount Already Exists”. However user can still continue with the transaction.

For Example:

If User U1 transfers Rs.10,000 to one of the counterparties C1 on 1st January 2012 and later on the same day, if he tries to transfer another Rs. 10,000 to the same counterparty C1 then, e-Banking application displays the warning message.

This check is performed on submitting a single entry in to the transaction as well as adding multiple entries to a transaction. While checking for duplicate transaction Finacle e-Banking will also check the transactions which are Scheduled and Waiting for approval.

Note:

• Transaction with the below mentioned status will not be considered for duplicate transaction check.

• • Repaired

  • Expired

  • Failed

  • Pending For My Approval

  • Recalled

  • Rejected

  • Saved

Navigation

• Click  Initiate Funds Transfer under Transactions Management.

• The New Funds Transfer 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

Drop-down

Select the appropriate option.

Valid values:

• One time - Default

• Recurring

Note:

On selecting Recurring and clicking the Go button few additional fields appear. Based on the requirement the user can prefer to do one time or recurring payment.

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

Select the day on which the transaction has to be done, if the day of transaction is suppose to be a bank holiday, currency holiday or network holiday.

Valid Values:

Next Valid Date

Previous Valid Date

Skip

Note:

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

Transaction Currency

Choose the transaction currency from the drop-down.

Manual Release Required

You can select this check box to hold the transaction for some reason and later release the transactions for posting.

Note:

The below fields are displayed only for Recurring transactions.

Recurring Date

Select the date on which the transaction should be repeated.

Frequency

From the drop-down list select the frequency.

Valid Values:

Daily

Weekly

Monthly

Quarterly

Half Yearly

Yearly

Every ‘N’ Days

Number of days

If Every N Days is selected in Frequency field then enter the value for Number of days.

First Payment Date

Enter the Date from which the recurring payments should start.

End Date

Enter the date on which the payments should stop. Select the check box to default the date as the last payment date.

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.

COUNTERPARTY DETAILS

Counter Party Type & Nickname

The destination type can be

• Own Accounts in Home Bank

• Third Party Accounts in Home Bank

• Own Accounts in Other Bank

• Loan Accounts

• Credit Cards

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

Note:

This field is mandatory.

Amount

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

Remark

Specify the remarks about the destination entry.

Network

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

Transaction Purpose

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

Initiate From Template

Template

Select the template according to which the transaction has to be created.