Copy Counterparty

Introduction

The retail user 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.

While creating the counter party ensure the following validation:

• The counter party nickname and counter party 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 counter party already has these details.  The uniqueness of the record is based on the validation of the nickname and the bank details of the counter party.

If the counter party 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 counter party is put under modification, accordingly an error message would be displayed.

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

Note:

1.Counter party nickname is mandatory for all screens where counter party of any type is created.

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

Navigation

• Click Copy link in View Counter Party Details screen.

• The Copy Counterparty 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

Option

Choose the activity type from the list .The available options are:

• Add a Counter Party

• View Counter Party Details

This is used to select a different activity from the list, if the user wants to change the activity from the existing counter party maintenance activity.

Click Continue to go to the corresponding counter party maintenance activity.

COUNTER PARTY DETAILS

Name

Specify the name of the counter party.

Note:

This is a mandatory field.

Nickname

Specify the nickname of the counter party.

Note:

This is a mandatory field.

Entity Type

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

Valid Values:

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

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

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

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

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

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

Note:

This is a mandatory field.

ACCOUNT DETAILS

Account Number

The account number of the counter party.

Note:

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

HOME BANK

If the counter party holds an account with the home bank, select Home Bank option.

Bank Branch

If the counter party's bank is home bank, select the branch using the Lookup, in which the counter party holds an account. Click View Account Details to see counter party’s account details.

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.

If you don’t find bank details from lookup, please click here to enter bank details.

In case the user is not choosing the bank from the provided list, he will have to provide the details of the bank by clicking on the hyperlink provided.

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 Code

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.

Note:

This is a mandatory field.

Account Number

The account number of the counter party 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 counter party would be processed manually and counter party 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.

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.

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 counter party 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.

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 email address of the counter party.

Pre Note Required

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

Note:

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

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.

Payment Details

Specify the details of the payment.

Channel

Select the appropriate value from the drop-down list.

Valid Values:

Select

SMS

Email

Fax

Note:

The default value is Select.

Address

Enter the address for the selected channel. If it is mobile number for SMS, email ID for email and so on.

Note:

• If the user changes the value of the drop-down to anything else other than ‘Select’ in Channel field, then this field becomes mandatory.

• If this field is left blank and the channel has been selected then the error message “Please enter appropriate address as per chosen channel” is displayed.