ANZ Transactive ENHANCEMENT Release 7.1 Customer Communication Document Scheduled: 02.12
CONTENTS FX CROSS RATES 3 What will change? 3 Why is it changing? 3 What does this mean for me? 3 What will it look like? 3 Further information 3 PAYMENT DATE ROLLOVER 4 What will change? 4 Why is it changing? 4 What does this mean for me? 4 What will it look like? 4 TERM DEPOSIT SUMMARY REPORT 5 What will change? 5 Why is it changing? 5 What does this mean for me? 5 What will it look like? 5 REQUEST LIVE MARKET FX RATES 5 What will change? 5 Why is it changing? 5 What does this mean for me? 5 What will it look like? 6 Further information 8 2
FX CROSS RATES WHAT WILL CHANGE? Customers will now have the ability to process payments where both debit & credit currencies are not equal to the customer s country base currency i.e. FX cross rates. These Cross Rates will be automatically calculated using the carded exchange rates up to the maximum threshold limit allowed. WHY IS IT CHANGING? Previously, customers processing payments involving two currencies not equal to the bank s base currency, were required to book an FX cross rate with the bank before authorising the payment. Cross Rates will now be automatically calculated within ANZ Transactive using the currency s carded rates. WHAT WILL IT LOOK LIKE? The payment screen will appear as per normal; however for payments involving FX Cross rates, the Foreign Exchange Rate details section can now be left blank. Upon clicking Verify Data, the FX Cross Rate will be automatically calculated and applied to the payment. The FX Rate, Calculation method and Equivalent Amount will then be displayed in the Foreign Exchange Rate Details section. Also Bulk Payment File involving FX Cross Rates will no longer stop with the status of Verify FX after upload if under the Maximum Threshold allowed. The FX Cross Rate will be automatically applied to the payment and will be ready to authorise. WHAT DOES THIS MEAN FOR ME? Customers are no longer required to obtain a Foreign Exchange deal and enter in the FX deal details for payments not in the country s base currency. ANZ Transactive will now automatically calculate the FX cross rate and apply it to the payment if the amount is under the carded threshold amount. Customers will still be able to call up the FX Markets desk to negotiate a rate if preferred, or for any payments exceeding the maximum threshold rate. Where enabled, customers will also be able to select the request market rate checkbox for FX Cross rates as per the new request rate functionality. FURTHER INFORMATION New Error Message This functionality will also introduce a new error message that may appear as follows: Maximum Spot Rate Amount Threshold Exceeded This error message will appear upon Verify if the transaction amount exceeds the maximum amount than can be obtained using the system s carded FX rates. In this case the transaction cannot be verified until an FX deal is arranged with ANZ Markets and the details of the FX deal are manually entered into the Foreign Exchange Rate Details fields. 3
PAYMENT DATE ROLLOVER WHAT WILL CHANGE? The execution date on a payment will rollover to the next business day if not authorised same day. WHY IS IT CHANGING? This change will allow payments verified the previous day to be authorised the following day without the initiator having to manually edit the payment date. WHAT DOES THIS MEAN FOR ME? Previously payments that were not authorised on the same day as verified, could not be authorised the following day without the payment date being edited by the initiator. Now the payment date will automatically rollover to next business day allowing the authoriser to simply authorise the payment the next day. WHAT WILL IT LOOK LIKE? There will be no change to the payment screen until the payment is authorised. When the payment is authorised the execution date will rollover to the current date. Also if the transaction involves FX, the carded rates for the current day will be applied to the transaction and the authoriser will be presented with the following message. The Authorise button will then be required to pressed again to confirm and Authorise the transaction. 4
TERM DEPOSIT SUMMARY REPORT WHAT WILL CHANGE? A new report will be made available for Customers to report on their Term Deposit details. WHY IS IT CHANGING? This report will allow customers to obtain information on all of their Term Deposit amounts, interest rates, and maturity dates. WHAT DOES THIS MEAN FOR ME? Customers will now be able to obtain information on all of their ANZ term deposit accounts registered in ANZ Transactive in a report format. WHAT WILL IT LOOK LIKE? For customers with Term Deposit Accounts registered with ANZ Transactive, a new report will appear in the Reports tab. Information in this report will be updated overnight as per the statement report. The report will contain the details of all outstanding term deposits currently held at the bank. REQUEST LIVE MARKET FX RATES WHAT WILL CHANGE? This enhancement will allow customers to request a live market FX rate from within a payment activity in ANZ Transactive. Customers will have the option when creating a payment to select the Request Market Rate checkbox to obtain a live market rate from the bank at the time of authorisation. Similarly, customers can add this request into their fixed length payment file when uploading bulk payment files. When the payment has been final authorised, a Request Rate button will be available within the payment screen under the Foreign Exchange Rate Details section of the payment. Clicking on it will retrieve a live FX rate quote in a new window showing the live market rate and the equivalent amount. Upon receiving the quoted rate, customers will have up to 20 seconds to either Accept or Reject the FX rate supplied. WHY IS IT CHANGING? To enable customers to request real time live FX rates onscreen when completing a payment or transfer between accounts activity. This then allows customers to book the FX deal directly with ANZ in real time without having to contact the bank. WHAT DOES THIS MEAN FOR ME? This feature will be progressively rolled out to each country where this functionality is available. *Please contact your bank administrator for details of when this will be available in your country. Once this functionality is implemented, the Request rate button will be available for all authoriser user profiles. However where multiple authorisations are required (e.g. Panel authorisation), the payment must be fully authorised before the Request Rate button will appear. All customers will still be able to phone the FX Markets desk to negotiate a rate; or for any payments exceeding the maximum threshold rate. If customers are using the Fixed Length File format please refer to the updated File Format Guide on where to specify a live market rate is to be requested for bulk payment files uploads. 5
WHAT WILL IT LOOK LIKE? Once enabled, a new Request Market Rate checkbox will appear in the Foreign Exchange Rate Details section when initiating a Payment once the debit account is selected. This checkbox is to be checked by the initiator if a market rate is to be requested upon final authorisation. When this checkbox is ticked, the Request Rate button will appear once the payment has been final authorised. Note: This checkbox cannot be unchecked after the payment has been final authorised. When final authorised the transaction status will show as Authorised- Pending Market Rate. The transaction must be at this status as per below for the Request Rate button to appear. Note: A warning message will also be displayed to the user as per below. For payments requiring multiple authorisers, the Request Rate button will be made available after the final authorisation has been completed and the transaction is at the status of Authorised- Pending Market Rate. 6
Clicking on the Request Rate button will send a request to the bank for a live market FX rate quote. A window will temporarily appear as per below whilst the FX quote is being generated. A new window will then populate showing the details of the FX quote provided by the bank. Two options are then available being Accept FX Rate Or Reject FX Rate, with a timeout counter of 20 seconds to select either option. If the Accept FX Rate button is selected, the FX Rate deal will be confirmed with the bank, and a confirmation message will appear at the top left of the Pending Transactions screen. Once the deal booking is successful the payment will show as Authorised, and will be automatically moved to the Authorised Transactions Tab and sent to the bank for processing. If the Reject FX Rate is selected, or the timeout has lapsed, the FX deal quote will no longer be valid. Customers can either click on the Request Rate button again to re-apply for a FX market rate quote, or alternatively manually enter in a FX Deal contract number and FX Deal rate booked outside of the system. 7
FURTHER INFORMATION New Payment Statuses upon Authorise Two new payment statuses may now appear when Authorising payment transactions: Authorised Pending Market Rate status will appear after a payment has been final authorised and the Request Market Rate checkbox had been ticked. Authorised users will then be able to select the Request Rate button to obtain a live market FX rate. FX Threshold Exceeded status will appear if the payment amount has exceeded the maximum allowed threshold amount. This would appear if the Request Market Rate Checkbox was not ticked when the payment was initiated, OR the FX Contract Details booked for the payment were not entered into the required fields. In this case the Request Rate button will be available for selection to request a live market rate. Alternatively a previously arranged Foreign Exchange Contract No. and rate can be entered into the usual fields, then the transaction can be finalised. Please note: The above 2 statuses appear after the transaction has been final authorised. Therefore the transaction cannot be edited with the exception of the FX Contract No. and Rate fields if required. Request Rate Access Request Market Rate checkbox All initiators will have access to the Request Market Rate checkbox when initiating a payment or transfer between accounts (this access is fixed and cannot be removed). This checkbox will appear once the debit account has been selected and will be available for selection by all initiators. It can then be deselected before verify if required, or in edit mode by initiators prior to authorisation. Once the payment has been authorised the checkbox cannot be deselected. Request Rate Button The Request rate button will be available for all authorisers when this functionality is enabled in country. It can be disabled if required by the company administrator in the User profile page. The user profile page has been updated to include an option to select Access to Live Market Rates. If this checkbox is deselected the authoriser will not have access to the Request Rate button upon final authorisation. Transaction Log The payment transaction log will now show the following statuses if the Request Market Rate checkbox is selected for the payment: Action Status When Authorise Authorised - pending Market Rate Upon final authorisation Confirm FX Deal Authorised FX deal booked - Then the payment will be sent to bank for processing 8
FX Online Availability FX Online is available 24 hours per day from 6am Monday morning until Midnight Friday evening; therefore FX deals can be booked via ANZ Transactive anytime during this time. If an FX deal is obtained after the currency cut-off time for the day, the FX deal date will roll to next business day. New Warning and Error Messages This functionality will also introduce new error messages that may appear as follows: Maximum Spot Threshold exceeded Maximum Spot Rate Amount Threshold has been exceeded. Market rates or a Foreign exchange contract will be required upon successful authorisation of the transaction. This warning message will appear upon Verify if the transaction amount exceeds the maximum spot rate allowed for the currency AND either the Request Market rate Checkbox was not ticked, OR the FX contract details previously booked for the payment were not entered into the required fields. As this is only a warning message the transaction status will proceed to be Ready to Authorise. Upon authorisation the transaction status will change to FX Threshold Exceeded and the following error message will also appear: The Payment Amount entered exceeds the limit for a Carded Rate transaction. Please request a live market rate or contact the bank to obtain a Foreign Exchange Contract number and rate. An FX rate can then be requested or a deal manually input- Please refer to above section describing the FX Threshold exceeded status for further information. Maximum Deal Amount exceeded Maximum deal amount for this transaction has been exceeded, Please enter the details of your foreign exchange contract to continue. This error message will appear upon Verify if the transaction amount exceeds the maximum deal amount that can be obtained via the new Request rate function. In this case the transaction cannot be verified until an FX deal is arranged with ANZ Markets outside of the system, then the details of the FX deal must be manually entered into the payment screen. Market or Contract rate required Market rate or a Foreign exchange contract is required to successfully authorize the transaction. This error message will appear if the authoriser clicks on Authorise when the status is Authorised Pending Market Rate without clicking on Request Rate, or Accepting an FX Rate. The payment cannot proceed until either a Market rate is requested and accepted via this new functionality, or alternatively the FX deal details (provided by ANZ Markets) are manually entered into the required fields on the payment screen. Foreign Exchange Quote Timed Out Foreign Exchange Quote has timed out. Please try requesting a quite again or enter the details of your Foreign Exchange Contract and select Authorize to complete the transaction or contact the bank for assistance. This error message will appear if the FX rate quote received is not accepted in the required timeframe of 20 seconds. If this message appears a new rate must be requested by clicking the Request Rate button again. 9
Requesting Rates from Pending Transactions Tab To obtain a Market Rate from the Pending tab, the checkbox next to the payment is to be checked then the Request rate button can be selected. However the transaction status must be at Authorised- Pending Market Rate to obtain a market rate, and only one payment transaction can be selected at a time. From Pending Transactions tab Magnified view of message 10
anz.com/china This document is issued by Australia and New Zealand Bank (China) Company Limited. Item No. 86150 02.2012 W263259