Recurring Payments CitiDirect BE SM

Transcription

1 Recurring Payments CitiDirect BE SM A Simple, Easy Way to Schedule Recurring Payments User Guide Treasury and Trade Solutions

2 Recurring Payments CitiDirect BE Table of Contents Table of Contents 1. Overview of Recurring Payments Functionality Key Terminology Client Configuration Enter Standing Instructions Repair/Modify Standing Instruction Standing Instruction Reporting...29

3 Recurring Payments CitiDirect BE Overview of Recurring Payments Functionality 1. Overview of Recurring Payments Functionality Recurring payments are a commonly used tool in today s business environment. Citi s Recurring Payments feature allows clients to input standing instructions one time and schedule the specific frequency at which the recurring payments need to be made. Eliminating the need for manually initiated standing instructions can reduce risk and errors associated with manual data entry, increase the accuracy of payments data, and allow more flexible scheduling options. The Recurring Payments functionality is a self-service tool that enables clients to schedule repeat payment using the CitiDirect BE SM platform. This functionality offers clients the flexibility and customization required in today s fast-paced, global business environment with features such as customized authorization flows, intelligent, flexible scheduling options and transaction reports. This functionality streamlines the process of creating and maintaining standing instructions by automating a formerly manual process, thereby increasing efficiency and mitigating risk for both Citi and its clients. 2

4 Recurring Payments CitiDirect BE Key Terminology 2. Key Terminology 2.1. Standing Instruction: An instruction created once by the client which will generate payments of a client-defined amount on specific dates in its client-defined schedule. For example, the client enters the payment details for their rental payment to be paid once a month for six months. The standing instruction will generate six recurring payments Recurring Payment: Payment generated by a standing instruction according to the clientdefined schedule. For example, a standing instruction created for duration of six months with a monthly schedule will generate six recurring payments Payment Flow/Authorization Flow: The number of authorization levels required to authorize standing instructions to begin generating recurring payments or for individual recurring payments to be released. For example, the security administrator in the client s organization may require a standing instruction to be authorized by five authorization-level users before it may begin generating recurring payments Payment Details: The transaction details, such as payment amount, currency, beneficiary account number, beneficiary bank etc., that are required for the recurring payment to reach its final beneficiary Schedule Details: Client-defined dates, days of the week and frequency of recurring payments. Schedule details will also show payment dates that fall on weekends or holidays Auto Roll Over: An option which, when activated by the branch and utilized by the client, will automatically renew the standing instruction until a defined roll over end date. The renewed instruction will carry the same tenure and payment details as the original instruction. For example, assume a client inputs a standing instruction for monthly payments over a 12-month period and the instruction is set to expire in December If the client selected Auto Roll Over and defined an Auto Roll Over End Date of December 2020, the 12-month instruction will be renewed continuously until December 2020 with each instruction carrying the same payment and schedule details as the original standing instruction Recurrence Pattern: The frequency at which recurring payments are made. Users can choose daily, weekly or monthly recurrence patterns Recurring Payment Amount Type: A mandatory field in the Recurring Payments functionality in which client-users must indicate whether the recurring payments they are scheduling will be of a fixed or variable amount Fixed Amount: A recurring payment with the same value at every recurrence. For example, a monthly rental payment of $5, Variable Amount: The recurring payment made for a different amount at every recurrence. For example, a customer pays a utility bill on the 1st of every month, but the amount due is different each month. 3

5 Recurring Payments CitiDirect BE Client Configuration 3. Client Configuration For information regarding entitlements, please contact your Citi Service Representative Transaction Reference Number Configuration If you would like the transaction reference number assigned to the standing instruction to be assigned to all recurring payments generated by that instruction, click Access Management in the main menu Then, click Client Preference. Choose Payments from the Service Class Name menu Then, choose Transaction Reference Number for Recurring Payments and Auto-Roll Over Standing Instruction from the Preference Values menu. Click Go to Details. 4

6 Recurring Payments CitiDirect BE Client Configuration In the pop-up that appears, select Standing Instruction Transaction Reference and click OK. The change will appear in the Current preference criteria values menu. 5

7 4. Enter Standing Instructions After clients and users are granted with entitlements and payment flows are defined, standing instructions may be initiated by following the steps outlined below. 4.1 Choose Submission Entry Point Click on My Transactions & Services mega-menu. Select Payment Initiation A menu below Payment Initiation will appear. Click on the new option that appears Input New Standing Instruction Enter Payment Details Input the Debit Account Number/Currency/Name manually or use the lookup menu to select the correct option by clicking on the arrow icon Input the Payment Currency/Amount or use the lookup menu to select the correct option by clicking on the arrow icon Select the Payment Method by clicking on the arrow icon and selecting the appropriate option from the lookup menu. Once this has been completed, the bottom portion of the screen will populate with additional payment details fields. Fill in the appropriate details in the fields. Mandatory fields are indicated with an asterisk. 6

8 4.3. Click on Create/Modify Standing Instruction Schedule The Standing Instruction Schedule Details dialog box will open as shown below. In the Standing Instruction Details section, enter the following fields: Standing Instruction Name: Assign a name to the Standing Instruction. All Standing Instructions must be assigned a unique name to easily locate and search for the instruction later Start Date: Enter a start date for the payment schedule. Note that the user must enter the start date at least one day in advance but no more than 30 days in advance End Date: Enter an end date for the payments schedule. Note that the maximum schedule length is 18 months Auto Roll Over: Select this flag to create a copy of the original Standing Instruction at the end of its tenor. The functionality will automatically generate a new instruction with the same Standing Instruction Name, tenure, pattern and payment details as the original instruction. Each rolled over standing instruction will be created on the date of the pen-ultimate recurring payment within the current instruction. The Start Date of the rolled over instruction will be the End Date of the previous instruction plus one calendar day. 7

9 On selecting this option, two new related fields, Auto Roll Over End Date and Auto Roll Over Flow will appear Auto Roll Over End Date: when using the Auto Roll Over functionality, this mandatory field defines the end date of the final rolled over standing instruction. For example, assume a client inputs a standing instruction to make monthly rent payments on the first business day of the month. The original instruction has start date of January 1st 2012 and end date of December 31st If the client elects to use the Auto Roll Over functionality and defined Auto Roll Over End Date as June 30th 2042, then, in this example, the instruction will automatically roll over with the same 12-month tenure as the original instruction except for the final instruction, which will be six months long, as it will be limited by the Auto Roll Over End Date Auto Roll Over Flow: Users have the following options in selecting an authorization flow for standing instructions that are rolled over: Automatically where system will renew the standing instruction automatically without client user intervention. With User Defined Flow where the renewed instruction will follow the necessary authorization/verification flows as defined by the user at set up. If the instruction is not authorized/verified in time, any recurring payments scheduled within the time before the instruction becomes Active will be skipped Standing Instruction Type (Optional): Fill in this field by looking up a standing instruction type to designate the purpose of the standing instruction, e.g. Rental Payment or Insurance Payment. Look up the standing instruction type by clicking on the arrow to the left of the Standing Instruction Type field. The standing instruction type is created and stored in a user maintained library of standing instructions for future reference and reporting (Refer to section 6.2 for Library details). 8

10 4.3.8 Business Unit (Optional): Fill in this field by looking up the name of the business unit making the payment, e.g. New York for the New York office. The business unit name is created and stored in a user maintained library of standing instructions for future reference and reporting (Refer to section 6.2 for Library details) Address (Optional): Click on the arrow to the left of the field to lookup and select an address to receive notifications. addresses are created and stored in the standing instructions library (Refer to section 6.2 for library details). Entering an address subscribes users to receive notifications for the following four events: Payment schedules are due to expire. Notifications that schedules are due to expire will be sent on the day that the last recurring payment is initiated in the CitiDirect system. Standing Instructions have been cancelled. Recurring payments have been successfully initiated, and Standing Instruction has been Rolled Over. Note: All notifications are in English Define Payment Schedule Details Recurring Payment Amount Type: Users can select from the following two options for recurring payment amount type: A Fixed amount type means that a payment of the same amount will be made at each recurrence. A Variable amount type means that the payment amount will vary at each recurrence. Note that a variable recurring payment cannot be straight-throughprocessed, but will require a user defined flow so that the payment amount can be entered and authorized at each recurrence. If the user attempts to submit a recurring payment of variable amount type without defining a payment flow, a dialog box will appear with a message to prompt the user to define a payment flow. 9

11 4.4.2 Recurrence Pattern: Select a recurrence pattern from the three options of Daily, Weekly or Monthly Recurring Payment Flow: Users have the following options for the recurring payments after each time they are generated: Straight-through-processed recurring payments without any additional authorizations (available for fixed amount recurring payments). Require authorizations, according to the user-defined flow, for recurring payments (authorization is required for all variable amount recurring payments) Holiday Option: Users have the following three options for payment dates falling on weekends or holidays: Move to Next Business Day: Every time a payment date falls on a weekend or a holiday, the payment will be made on the next available business day. Move to Previous Business Day: Every time a payment date falls on a weekend or a holiday, the payment will be made on the previous business day. Skip on Holidays: Every time a payment date falls on a weekend or a holiday, the payment will be skipped and no payment will be made Recurring Payment Start Time: Users have the option to select a time of day for payments to be made. In the Standing Instruction Details dialog box, a field named Recurring Payment Start Time will list options for value times ranging from 6:00AM to 5:00PM of the time zone of the branch where the debit account is held. If users do not select a payment time, the payment time will be set as 6:00AM. If the recurring payment misses the cut-off time, the client s preference of either making the payment the following business day or moving the payment to an invalid stage will be respected. 10

12 4.4.6 Daily Recurrences Clients have two options to define the daily frequency detail as shown below: Every Business Day and Every Number of Days. Every Business Day: Under this frequency, payments will be generated for all business days between the schedule s start and end dates. Every Number of days: The second option is to make the payment every clientdefined number of days. For example, if the client-user inputs Every 2 Days the payment will be generated every two days. Clients may input any number from 1 to

13 4.4.7 Weekly Recurrence For a weekly recurring payment, select the day of the week for the payment to be made. Clients may choose more than one day per week, e.g. they may select Monday and Friday. Next, enter the frequency of the payment to run every X weeks, e.g. enter 1 for the payment to be made every week, enter 2 for the payment to be made every two weeks, and so on. Users may enter any value between 1 and Monthly Recurrence Clients have two options when defining the monthly frequency detail: By Business Day and By Calendar Day. By Business Day: The first option is to select first business day of the month or last business day of the month. 12

14 By Calendar Day: The second option is to choose a date to make the payment every month. For example, the client-user may select every 15th of the month, with the option to select more than one day per month. Note: If client s selection includes dates that are non-existent in some months, those payments will not be scheduled. For example, if clients select for payments to be made on the 30th of every month, no payment will be generated in February as February 30th is non-existent. In this example, clients should use the Last Business Day option. Clients should also review the scheduled recurring payments on the subsequent Recurring Payments Details windows to ensure that all desired payments are scheduled Review and Save Schedule Details After providing all the Standing Instructions details, users must click on the Recurring Payment Schedule Details hyperlink to view the list of recurring payments that will be generated from the standing instruction. It is not possible to save or submit the Standing Instruction before viewing the recurring payments schedule. 13

15 When users click on the Recurring Payments Schedule Details hyperlink to view the payments schedule, the system performs a check to identify any payments that will fall on weekends or holidays based on the client s frequency input. A new Recurring Payments Schedule Details window will appear showing all recurring payments that will be scheduled based on the previously input Standing Instructions details. In the first three columns will list the payment value date, transaction initiation date, and payment status of the scheduled recurring payments. The fourth column will indicate whether a payment that was falling on a holiday or weekend has been moved. While reviewing schedule details, users are also able to change the value date of or skip any of the recurring payments. If users choose to skip a payment, this will be indicated in the fifth column of the Recurring Payments Schedule Details window. If the client-user is satisfied with the scheduling options in the Recurring Payments details screen, they click Save. 14

16 Editing Schedules and Holiday Management If needed, clients may also choose to change the value date for payments that fall on holidays instead of skipping those payments. To do so, user can select a specific row of the schedule in the payment schedule details window and click Edit, a details dialog box will open in which users can change the payment value date or choose to skip the payment. Be sure to click save to save all changes made to the payment schedule. Please note that this will not submit the Standing Instruction to be authorized but will save the changes made to the payment schedule. After entering payment details, defining the payment schedule, and reviewing the payment schedule details, users must submit the Standing Instruction by clicking Save in the Recurring Payment Schedule Details dialog box. Clicking Save will automatically perform up-front validations of payment details and release the Standing Instruction to be authorized. 15

17 Please note that Standing Instructions may only be submitted through the Recurring Payment Schedule Details dialog box to ensure that users have reviewed schedule and payment details Submit Recurring Payments of Amount Type Variable All recurring payments of variable amounts require individual submission. The payment amount must be entered, and then the payment must be submitted for authorization according to the user-defined payment flow. Follow the steps outlined below to submit a recurring payment of variable amount. Click on My Transactions & Services mega-menu, then click Payment Initiation Click on the Input/Modify tab. The recurring payments requiring payment amount to be entered will be tagged with the status Input Click on Go to Details and enter the payment amount Click on Submit. Upon clicking on Submit, the recurring payment will be submitted and will follow the payment flow previously defined by the user Note: Recurring payments of fixed amounts do not require individual submission. If the user chooses for recurring payments of fixed amounts to be straight-throughprocessed, no action is required to release the payments after the Standing Instruction has been submitted and authorized. However, if the user has chosen for recurring payments of fixed amounts to undergo the user s defined payment flow, the authorizations required by that payment flow must be provided. 16

18 4.5. Verify Standing Instruction After the Standing Instruction is initiated, it must be verified in case the payment flow as per client setup involves verification process. Follow the steps below to verify a Standing Instruction Click on My Transactions & Services mega-menu, then click Payment Initiation When the Payments Summary screen appears, select the Verification required tab Select the Standing Instruction requiring verification and click Go to Details. Note: Standing Instruction may not be verified in the summary view. If the verifier clicks Verify without reviewing the schedule details, an error message will appear and prompt the verifier to click Go to Details After clicking Go to Details, a Payment Detail window will appear for review of payment details. Standing Instruction and Recurring Payment details may be reviewed by clicking on Other Options Fields requiring verification can be done by the following methods based on client defined setup: Re-Key: which will require client verifier to re-input the field value to verify the selected field Sight: which will allow client verifier to see the previously defined field value and verify it as accurate Verify the Standing Instruction by clicking on Verify. A warning message will appear stating, Please click on OK if you have viewed and verified the Standing Instruction Details. Else click on Cancel. 17

19 4.6. Authorize Standing Instruction After the Standing Instruction is initiated, it must be authorized according to the payment flow defined during client setup. Follow the steps below to authorize a Standing Instruction Click on Payments on the CitiDirect navigation bar When the Payments Summary screen appears, select the Authorization required tab The Standing Instruction requiring authorization will have creation method of Standing Instruction. Select the Standing Instruction requiring authorization and click Go to Details. Note: Standing Instruction may not be authorized in the summary view, so if the authorizer clicks Authorize without reviewing schedule details, an error message will appear and prompt the authorizer to click Go To Details. 18

20 4.6.4 After clicking on Go to Details, a Payment Detail window will appear for review of payment details. Standing Instruction and Recurring Payments details may be reviewed by clicking on Other Options Authorize the Standing Instruction by clicking on Authorize. A warning message will appear stating, Please click on OK if you have viewed and verified the Standing Instruction Details. Else click on Cancel. When the authorizer clicks on OK, the Standing Instruction is authorized. After all required levels of verification and authorization have been completed, the status of the Standing Instruction will change from Pending to SI Active View/Search Standing Instruction Click on My Transactions & Services mega-menu Click on the View tab Within the View tab, users can search for Standing Instructions and Recurring Payments using the following search options Locate the Standing Instruction column name, users can sort the records using this column User can also search Standing Instruction and Recurring Payments by using magnifying glass located at the bottom of View screen and then using Standing Instruction name 19

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22 More Advanced search options are available on Search Definition Dialog box 21

23 After locating the required Standing Instruction, click on Other Options in the lower right-hand corner and select View Standing Instruction Details to view Standing Instruction Select Initiated Recurring Payment Details for recurring payments 22

24 Standing Instructions Status Recurring Payments will be tagged with the status SI Active until the payment schedule is completed. After all the Recurring Payments for a Standing Instruction have been generated, the status will be modified from SI Active to SI Completed and may be viewed in the View tab only. 23

25 Recurring Payments CitiDirect BE Repair/Modify Standing Instruction 5. Repair/Modify Standing Instruction 5.1. Repair/Modify Standing Instruction The payment details and the schedule details of the Standing Instruction can be modified at any time until the Standing Instruction is fully authorized. Once the Standing Instruction is authorized and assigned status SI Active, modifications are allowed to payment details. However, limited modifications are allowed to schedule details such as value date of a Recurring Payment or skipping a Recurring Payment. Modifications can be made within the Input/Modify tab or the Repair required tab within the Payments Summary window To modify the payment details in an active SI Click on Payments on the CitiDirect navigation bar In the Payments Summary screen that appears, click on the Input/Modify tab Click on Go To Details Make the desired changes to the payment details by modifying the appropriate fields in the template If changes to the account number are needed, click Other Options. Then, select Edit Account Number. You will be directed to an account lookup screen that will allow you to select the account number you would like to use. When finished, click OK. 24

26 Recurring Payments CitiDirect BE Repair/Modify Standing Instruction When all appropriate modifications have been made, click Next. The below message will appear. Click Yes to save your changes To modify the Value Date or skip a Recurring Payment in an active SI: Click on Payments on the CitiDirect navigation bar In the Payments Summary screen that appears, click on the Input/Modify tab Highlight the Standing Instruction you would like to modify and then click Go to Details Click on Create/Modify Standing Instruction Schedule Click on Recurring Payments Schedule Details hyperlink Click on the recurring payment you would like to modify and click Edit. 25

27 Recurring Payments CitiDirect BE Repair/Modify Standing Instruction From this screen, you will be able to modify the value date of that Recurring Payment, or check the box labeled SKIP to skip this Recurring Payment When you are finished making changes, click save. Please note that modification of Recurring Payments will require authorization Delete Standing Instruction Standing Instructions that have not been authorized can be deleted anytime from the Input/Modify or Authorization or Repair required tabs within the Payments Summary screen without providing authorization. If a Standing Instruction that has not yet been authorized is deleted, the Recurring Payments will not be generated. While the deleted Standing Instruction will not generate Recurring Payments or appear as active in the system, CitiDirect will retain the item as a deleted SI searchable by the reference number. 26

28 Recurring Payments CitiDirect BE Repair/Modify Standing Instruction To delete a Standing Instruction in one of the above statuses, click on it to select it, then click Delete. The below message will appear. Enter your deletion reason and click OK. If you attempt to delete an active SI, you will receive the following message: 5.5. Cancelling Standing Instruction After a Standing Instruction has been authorized and its status is SI Active, the Standing Instruction can be cancelled by skipping all pending Recurring Payments of the instruction. To cancel, user will follow the below steps: Click on Payments on the CitiDirect navigation bar In the Payments Summary screen that appears, click on the Input/Modify tab Select the desired Standing Instruction and click on Go to Details Click on Create Modify Standing Instruction Schedule Click on Recurring Payments Schedule Details hyperlink. 27

29 Recurring Payments CitiDirect BE Repair/Modify Standing Instruction Click on the Skip All button on the bottom of the window to cancel all pending Recurring Payments within the selected Standing Instructions. The user can choose to skip all pending Recurring Payments at once by doing the following: By clicking Skip All, the system will display a message alerting the user that the action will cancel all pending Recurring Payments Click OK to confirm. Clicking Cancel will return the user to the previous screen. Once the user has skipped all the pending Recurring Payments, whether individually or by using the Skip All button, the Standing Instruction status will become SI Cancelled. 28

30 Recurring Payments CitiDirect BE Standing Instruction Reporting 6. Standing Instruction Reporting 6.1. Reporting Options Reports will identify Recurring Payments that were generated by a Standing Instruction. Clients will have the option to view only Recurring Payments generated from Standing Instructions by selecting Only. Clients can select Include to view all payments regardless of whether they were one-off or generated from a Standing Instruction. Clients will be able to view reports of Recurring Payments made and upcoming with subtotals for each. The Recurring Payments will be grouped according to their parent Standing Instruction Extract Reports Clients can use the Standing Instruction library to extract reports listing Standing Instructions and Recurring Payments specific to branch, Standing Instruction type, and/or Business Unit by following the instructions below Click on All Reports from the menu on the left side of the screen Select Cash Transaction Initiation Reports Select Standing Instruction Transaction Summary Report from the report summary menu, then click Run. 29

31 Recurring Payments CitiDirect BE Standing Instruction Reporting To edit the reporting criteria, select Edit Report An Edit Criteria window will appear. On the left side, a Fields list will display all the field options for the report to show. This list will display the following three new search criteria used in the Standing Instruction library: Branch Standing Instruction Type Business Unit Click any of the buttons in the lower right corner to save, run, print, customize layout or schedule reports Standing Instructions Library: Define Authorization Flow Any creations or modifications to the Standing Instruction types, Business Units and addresses stored in the library require authorizations according to a flow defined for the library by a CitiDirect security manager. The instructions below outline how a CitiDirect security manager must define an authorization flow for the Standing Instructions library Click on Access Management Click on Flow Maintenance From the Input tab, select the flow to be defined and then click on Go To Detail in the bottom right-hand corner Enter applicable inputs to define the flow. Note that users can set up a maximum of three levels of authorization for creating or modifying library records. 30

32 Recurring Payments CitiDirect BE Standing Instruction Reporting View Library Records Click on Maintenance from Tools & Preferences Click on Library Maintenance Select the library option with Service Class of Payments and Description of Standing Instruction. The library will appear with Input, Authorization Req d and View tabs Standing Instruction and Recurring Payment and schedule details are viewable through the Go to Details and Other Options buttons on the lower right-hand corner of the screen Enter New Standing Instruction Type, Business Unit and Address From the Input tab, click on New In the Standing Instruction Detail dialog box that appears, enter the Standing Instruction Type, Business Unit, and any address to which notifications should be sent Users can enter their address in the Address field to receive the following three event notifications for the Standing Instruction: A Standing Instruction is set to expire Recurring Payments have been successfully initiated A Standing Instruction has been cancelled Click on Submit, which will submit the new Standing Instruction type and Business Unit to be authorized according to the authorization flow set up for the library. 31

33 Recurring Payments CitiDirect BE Standing Instruction Reporting Modify Standing Instruction Type and Business Unit From the Input tab, select the Standing Instruction Type and Business Unit to be modified and click on Other Options From the menu that appears, click on View/Edit Standing Instruction Type and Business Unit. In the dialog box that appears, make changes Click on Submit, which will submit the modifications to be authorized according to the authorization flow set up for the library Delete Standing Instruction Type and Business Unit From the Input tab, select the Standing Instruction Type and Business Unit to be deleted and click on Delete A pop-up window will appear and prompt the user to enter a reason for deleting the Standing Instruction Type and Business Unit. Enter the reason and click on Submit to submit the deletion for authorization according to the authorization flow set up for the library. 32

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