Transfer of Funds
  • Updated on 01 Jul 2020
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Transfer of Funds

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1. Settlement Payees

The Settlement Payee is the party receiving the funds as per the SettlementTransferNotif message. The funds that will be transferred by the settlement manager to the Settlement Payee’s bank account will equal the “Total Amount” in the SettlementTransferNotif message. Where possible the Settlement Manager will include in the details of the bank transfer the SettleID of the SettlementTransferNotif.

The Settlement Payee will have the following options when choosing how to receive the funds related to the SwO clearance:

a) As part of one settlement payment

That includes funds cleared using the SwO Process with funds cleared using other processes. The corresponding details in the SettlementTransferNotif such as the “Total Amount” are included in the bank amount deposited in the Settlement Payee’s bank account. If possible, the SettleID of the SettlementTransferNotif would be included in the bank transfer order details.

b) As a separate payment

Including the SettleID wherever possible, in the same bank account where funds cleared using other processes are deposited.

Overall, the Total Amount in the SettlementTransferNotif message shall correspond to the deposit into the Settlement Paye’s bank account in the case of separate payment and will be different from the deposit into the Settlement Payee’s bank account in the case when it is part of one settlement payment that includes SwO clearance.

2. Remittance Payers

The Remittance Payer is the party paying funds as requested by the Settlement Manger with the RemittanceTransferNotif. Remittance Payer must include the RemitID in the details of the bank transfer order for the remitted funds so that the Settlement Manager is able to identify the payment. However, the Settlement Manager will apply any payment received from the Remittance Payer to the total outstanding obligations of the Remittance Payer. The Settlement Manager will use the funds received from the Remittance Payer to fulfil outstanding obligation of that Remittance Payer in the order the obligations were recorded and irrespective if the reporting was according to DISH Standard or SwO Standard.