Transfer of Funds
  • 30 Nov 2021
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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 ClearingNotif message. The funds that will be transferred by the Clearance Manager to the Settlement Payee’s bank account will equal the “Total Amount” in the ClearingNotif message. Where possible the Clearance Manager will include in the details of the bank transfer the ClearingID of the ClearingNotif message.

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 “Total Amount” of the Clearing is included in the bank amount deposited in the Settlement Payee’s bank account. If possible, the Clearing ID of the Clearing Notification would be included in the bank transfer order details.

b) As a separate payment

including the Clearing ID wherever possible, in the same bank account where funds cleared using other processes are deposited.

Overall, the Total Amount in the ClearingNotif 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 ClearingNotif. Remittance Payer must include the ClearingID in the details of the bank transfer order for the remitted funds so that the Clearance Manager is able to identify the payment. However, the Clearance Manager will apply any payment received from the Remittance Payer to the total outstanding obligations of the Remittance Payer. The Clearance 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.


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