5. Payments

Creating a Counterparty

Counterparties are the recipients of a payment. They can be created and saved before initiating a payment.

1. Navigate to Payments - Counterparties.

   
   

2. Click the +Add Counterparty button.

   
   

3. Enter the Counterparty Name.

   
   

4. Select the Counterparty Type.

   
   

5. Fill in the counterparty payment instruction details.

   

   
   

6. Confirm whether the payment details have been verified.

   • If verified, enter the Verification Details.

7. Click Submit.

   
   

8. Select the appropriate Approver for the Counterparty. If any authorized approver suffices, select "Any Approver".

   
   

9. The approver will receive a message in their Inbox to review and approve the new Counterparty.

   

Initiating a Payment

To initiate a payment, a user must have access to the account in which the payment will be sent from, as well as the "can add payment request" permission (see Users & Permissions).

1. Navigate to Payments - Send a Payment.

   
   

2. Select the Form Type.

   
   

3. Choose the Payment Direction.

   

4. Select the Entity.

   
   

5. Choose the Account.

   
   

6. Select the Transfer Type and Transfer Method.

   
   

7. Choose the Payment Category.

   

   
   

8. Enter the required Payment Details. At this point, the payment can be saved and completed later if needed.

   • If an existing counterparty is selected, the payment instructions will autofill with the saved details. A new counterparty will be saved for future use.

     

9. Choose whether the payment should be allocated across multiple accounts.

   • Allocation payments will be sent following the first payment. Unallocated amounts will remain in the source account. An Allocation can be saved for future use.

10. Confirm if the Payment Details have been verified. If the Payment Details have not been verified, the payment cannot be submitted but can be saved for future submission.

    
    

11. Attach verification documents (if needed).

12. Review the payment details on the final page.

    
    

13. Submit the payment and select the Approver.

    • Depending on the payment initiator's permissions, the payment may process immediately or require one or two approvers.

      
      

14. Once submitted, the Approver(s) will receive a message in their Inbox and see the payment under Pending Approvals on the Activities page.

    

Editing a Payment

Payments can be edited or cancelled after submission by navigating to the Activities page and selecting the dropdown for the payment. After making edits, the payment must be resubmitted for approval. However, once a payment is "Released to Bank," it can no longer be edited or cancelled.

Only one user can edit a payment at a time. If another user is currently making changes, the payment will be marked as "On Hold," and additional edits will be restricted.

If a payment is cancelled after it was approved, the Approver will be notified via a message in the Inbox.