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Set up payment instructions

You can use FA to generate payment instructions based on transactions and to read in responses from the bank. To use the payment functionality, you should configure the details first.

Prerequisites

To use payments, you need a cash management agreement with your bank that includes payments.

Configuring payments material parameters

Define sender details

Go to ToolsAdministerBank and custody connections → Manage and open the Payment material tab. Choose the bank that you are sending payment material to by clicking the heading, for example, Nordea.

Select the file format:

  • One of the ISO 20022 pain.001 variants customised for Danske Bank Finland, Danske Bank Sweden, DNB, Nordea, Osuuspankki, SEB Finland or SEB Sweden

  • NETS

  • NETS direct remittance

If you are unsure, check with your bank what kind of files they accept.

Enter the details about your company:

  • Sender name, the company name to be used in the payment material sent to the bank. This should match the name that you have in the agreements with the bank processing your payments.

  • Sender ID, the ID to be used in the payment material sent to the bank. This should match what you have agreed with your bank.

If you want to use Nets payments in Norway, add also:

  • Client number, the client number to include in the name of the file.

  • Contract ID, the contract ID to include in the file.

Upload decision table

To set the needed information about the debtor and creditor in each payment, it is necessary to define what kind of information to use for which transaction type. This information is filled in with a decision table, that allows you to define whether to pick the information using fixed values (for example when always paying out withdrawals from the same omnibus account), based on transaction account details (the selected account on the transaction can define IBAN and BIC for one party of the payment), mandate (useful for direct debit payments where one account has a valid mandate), security profile (for example mutual fund bank details can be saved in the Fund settings) or based on account category.

If you are not familiar with decision tables, first learn about how decision tables work: see Business rulesin FA Developer guide.

fa_transaction_paymentDetails.xlsx 

  1. Open this spreadsheet

  2. Modify rules from row 29 downwards to match your needs. The cells under the Conditions title can be used to define when to apply the rule. You can use transaction status, trade order status, transaction type, tags, portfolio group, security type and sub-type or security code to limit which transactions the rule is run on.

  3. Under Tags to set, define the Group (which file format configurations to use) and the Channel (which bank to send to). Currently, and with one exception, both the Group and Channel should have the same value to use the bank-specific configurations explained in the previous section. Supported options are:

    • Group-Danske and Channel-Danske.

    • Group-DNB and Channel-DNB.

    • Group-Nordea and Channel-Nordea.

    • Group-SEB and Channel-SEB.

    • Group-Swedbank and Channel-Swedbank.

    • Group-Nets and Channel-DNB (exception, this can be used when you want to send Nets payments to DNB and DNB will forward them to Nets). 

  4. Under Creditor reference you can set the creditor reference to use when creating files for Nordea or SEB Finland.

  5. Under Details of 1st party you can define which values to use for the first party in the payment (creditor in case of deposits and other transactions with positive cashflow, the debtor for transactions with negative cashflow). The available options are documented in the spreadsheet.

  6. Under Details of 2nd party you can define which values to use for the second party in the payment. The available options are documented in the spreadsheet.

  7. If needed, define optional parameters in the remaining columns. The available options are listed in the XLSX file.

  8. Go to Tools → Administer → Decision tables

  9. Upload the XLSX file.

  10. Click Done to close the window and take the rules into use.