Wire Payments from Templates |
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Using ScotiaConnect, you can enter wire payment instructions quickly and easily using payment templates that have previously been set up on the system. For instructions on setting up templates, please refer to Template Maintenance. |
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Wire
payment instructions can be sent to the Bank 24 hours a day. However,
to ensure that funds are paid to the beneficiary on time, payment
instructions must be sent to Scotiabank before the appropriate cut-off time. A link is available on the Create Wire Payment page to view
the cut-off times for processing wire payments to various destinations. Please refer to How to Send Payments on Time for more information. |
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Wire payment templates can be pre-approved up to a specified amount. Any payments created using a pre-approved template that are within the specified Pre-Approved Amount will not require approval before they can be sent to the Bank. |
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A wire payment template will have one of the following
statuses: |
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Entered |
The
template is to be pre-approved up to the amount specified in the Pre-Approved
Amount column, however, the template has not yet been approved. |
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Approval 1 |
The
template is to be pre-approved up to the amount specified in the Pre-Approved
Amount column and has received on approval, but must be approved by at least
one additional user. |
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Approval 2 |
The
template is to be pre-approved up to the amount specified in the Pre-Approved
column and has received two approvals, but must be approved by an additional
user. |
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Ready |
If a
Pre-Approved Amount has been entered for the template, a status of ‘Ready’
means the template has received the required number of approvals. Any payments created with the template that
are within the specified Pre-Approved limit will not require additional
approvals before they can be submitted to the Bank. Note: Payments that
exceed the pre-approved limit will require the appropriate number of
approvals before they can be sent to the Bank. If
there is not a Pre-Approved Amount entered for the template it will
automatically be in ‘Ready’ status.
Any payments that are created with the template will require the
appropriate number of approvals before they can be submitted to the Bank. |
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Note: Only templates in ‘Ready’ status can be
used to create payments. |
Creating Wire Payments from Templates |
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1. From the Payments menu, select Wire Payments then click on From Templates to access the Wire Payments from Templates page. |
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2. To select the template you would like to use to create your payment: a) Search for a template by entering all or part of the Template ID or Beneficiary Name or selecting a Debit Account and clicking on the Search button. The results will be displayed on the lower half of the page. b) By clicking on the appropriate column heading, you can sort the list of templates by Template ID, Template Description, Beneficiary, Debit Account or Pre-Approved Amount. c) To select a template, click on the Template ID. The Create Wire Payment page will appear displaying the details of the selected template. |
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3. The following fields can be
altered when creating a payment using a template: Value Date The Value Date, which is the day the beneficiary should
receive value for the payment, defaults to the current date. Using the Wire payment instructions can be sent to the Bank up to 30
days in advance. Scotiabank will warehouse each payment and process on the
appropriate execution date. Note: The Execution Date, which is the day the
Bank will act on your wire payment instructions, will automatically be
calculated based on the Value Date that is entered, the payment amount and
the payment destination (i.e. the location of the Beneficiary Bank) and will
be displayed for your information on the ‘Create Wire Payment Confirmation’
page when the payment is saved. Amount A payment amount must be entered. Note: If an amount was
entered when the template was originally set up, the amount cannot be modified
when a wire payment is created using the template. Rate Information – For Cross Currency Payments Indicate how the foreign exchange rate information will be
provided: i.
Get Automated Rate This option is only available for payments that are under
the bulletin limit. If this option is
selected, the system will automatically provide a system generated foreign
exchange rate. The foreign exchange
rate that will be applied to your payment will be displayed on the FX Rate Confirmation
page when the payment is saved. To
view the Automated Rate (bulletin) limits, click on the Rates Inquiry link
next to the Get Automated Rate radio button. ii.
Enter a Pre-booked Rate This option must be selected for payments that exceed the
bulletin limit. Note: The bulletin limit is the maximum value for which the
Bank will automatically provide a foreign currency rate. For any transaction above the bulletin
limit a rate must be booked Note: The
‘Enter Pre-booked Rate’ option must be selected for all payments from
accounts that are domiciled in the Note: If you are set up to have the Bank book
foreign exchange rates on your behalf, you will not have the option to
indicate how the rate information will be provided. The ‘Get Automated Rate’ and ‘Enter a
Pre-booked Rate’ options will not be displayed. Information to
Beneficiary This optional field is used to enter transaction details
intended for the beneficiary customer. You may enter up to 4 lines of
35 characters. Internal Memo This field is for your internal use only.
Information that is entered will not be sent with the payment, but will be
displayed on transaction reports and included when you download your wire
payment transactions. You may enter up to 140 characters. |
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4. When you have finished entering
the required information, click on the Save button at the top of the
page If your payment is a cross currency payment: i.
The FX Rate Confirmation page will be displayed with the
currency/foreign exchange rate that will be applied to your payment. ii.
Click on the Accept button within 30 seconds to accept the foreign
exchange rate and continue saving your payment or click on Cancel to return
to the Create Wire Payment page without saving your payment. If
all required information was entered correctly and any applicable foreign
exchange rate has been accepted, the Create Wire Payment Confirmation page
will be displayed with the following message at the top of the page:
‘Creation Successful’. |
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5. If you want to enter additional payments from
templates, press the Continue
button to return to the Wire Payments from Templates page. Repeat steps 2 to 5 to enter additional
payments. OR Press the Done button if you do not want to enter additional payments. You will be directed to the Pending Wire Payments page. |
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6. Check the status of the payments on the Pending Wire Payments page:
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button
you can change the Value Date.
Priority Handling
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If the requested Value Date for a payment cannot be
met based on our standard cut-off times, the system will display an error
message. If you subscribe to the ‘Priority Handling’
function, you have the option to flag your time sensitive payments for
priority handling. If you flag a payment for
priority handling, you can request a value date that is earlier than our
standard cut off times will allow. The
payment will receive priority handling and, on a best efforts basis, the
beneficiary will receive the payment on the requested value date. Note: Only same currency payments can be flagged
for priority handling. For information on how to subscribe to this
function and the associated fees, please contact your Relationship Manager. |
Related Topics |