Making a Fast Track Payment

To make a Fast Track Payment

1. In the toolbar, under Payments, click Fast Track Payments.
   Mandatory fields are indicated by an asterisk (*).
2. Select the payee in the Beneficiary field.
   To narrow your search, enter all or part of the beneficiary's name. Once you enter at least three characters (which can include spaces), the system will display all beneficiaries that match the search criteria entered. Choose the beneficiary from the dropdown list.
   
   
   
   The Payment Currency and Settlement Currency fields auto-populate, based on the beneficiary details. Once you have chosen a beneficiary, you can hover your mouse over the DETAILS label (just below the field) to view a summary of the information for that beneficiary.
   
   
   
3. Payment Method displays the preferred method of payment for this beneficiary. If more than one method is available, you can choose a different method from the dropdown list.
4. Settlement Account displays the settlement account that will be used to pay for the transaction. If there are multiple available accounts, you can choose another account from the dropdown list.
   Note: The dropdown displays only accounts that may be used for Fast Track Payments (for example, ACH, EFT, SEPA). If you do not have an eligible settlement account for Fast Track Payments, you will be prompted to contact your Account Manager to set up an account.
   
5. If the Payment Currency and the Settlement Currency are not the same, use the locked icon to determine how you want your payment to be calculated. The value entered in the Amount field is considered to be in whichever currency is locked.
   
   

EXAMPLE

In this scenario, the Payment Currency (EUR) is locked. This means that the Beneficiary will receive EUR 3,000. To determine the settlement amount, the EUR 3,000 will be converted into USD. The settlement amount depends on the conversion rate at the time that the order is booked. 





EXAMPLE

In this scenario, the Settlement Currency (USD) is locked. This means that the order will be settled by $3,000 in USD, and the beneficiary will receive the amount that results from converting USD $3,000 to EUR. The amount the beneficiary receives depends on the conversion rate at the time the order is booked.



6. In the Amount field, enter the payment amount.

7. Once the Beneficiary, Payment Method, and Amount fields are populated, the Estimated Delivery Date displays the earliest date that the payment can be delivered to the beneficiary.
   
   

8. Optionally, in the Payment Reference field, enter any information that you want to send with the payment.
9. From the Purpose of Payment dropdown, choose the option that best reflects the reason you are sending funds to the beneficiary.
   Note: The dropdown displays only options that are allowed for Fast Track Payments.
10. Optionally, in the Internal Note field, enter an internal note or reference for the payment. This note will display in Cross-Border reports only and will not be displayed on the deal confirmation.
11. If applicable, from the Remitter dropdown, choose the remitter on whose behalf the payment is being sent.
    To narrow your search, enter all or part of the remitter's name. Once you enter at least three characters, the system will display all remitters that match your entry in a dropdown list. Click to select the remitter you want.
12. Optionally, attach any files related to the payment, for example, invoices related to the payment.
    For information on how to attach files to a payment, see Attaching documents to payments.
13. Click ADD PAYMENT to save the payment details.
14. Repeat these steps to add additional payments.
15. When you have added all your payments, proceed to Booking a Fast Track Payment deal.