Overview
A settlement bank is the last bank to receive and report the settlement of a transaction between two entities. It is the bank that partners with an entity being paid, most often a merchant.
This page helps you understand how to add a new settlement bank account in the Finvisage application. As part of the process, you need to add the new settlement bank account details on the New page. You can access this New page by clicking the Menu icon on the settlement Bank Account page. Once the details are entered and saved, the new settlement bank account is added.
Apart from adding new account, you can also update an existing one by making any changes and also deactivate or activate it depending on the requirement.
Adding a Settlement Bank Account
1. On the Side Panel of Finvisage application, click Settings.
The Settings menu is expanded.
2. On the expanded Settings menu, click Settlement Bank Account.
The Settlement Bank Account page is displayed.
3. On the Settlement Bank Account page, click the Menu icon at the right bottom of the page to view the Add button, and then click it.
The New page is displayed.
4. On the New page, enter the new settlement bank account details as shown in the below table:
Entering Settlement Bank Account Details
| Field | Instruction |
| Counter Party | From this drop-down box, select the Counter Party. Note: If the counterparty who you are looking for is not available, then you need to first add that counterparty in the Counterparty setting. For help on how to add a new counterparty, click here. Note: Selecting the counter party is mandatory. |
| Beneficiary Name | In this field, enter the Beneficiary name. Tip: The Beneficiary refers to the owner of the bank account who receives the payment. Note: Entering the Beneficiary name is mandatory. |
| Account Number | In this field, enter the Account Number. Tip: The Account Number refers to the account number of beneficiary. Note: Filling this field is mandatory. |
| Currency | From this drop-down box, select the Currency. Note: Selecting the currency is mandatory. |
| Status | From this drop-down box, select the Status choosing from Active or Inactive. Note: Selecting the status is mandatory. |
| IFSC | In this Field, enter IFSC Code of the Bank. Note: Filling this field is mandatory. |
| Mode of Transfer | In this box, enter the Mode of Transfer. For example, NIFT. Note: Specifying the mode of transfer is mandatory. |
| Other Info | In this field, enter the Other Information, if any. |
5. After filling all the above details, click the Create button at the bottom of New page.
The settlement bank account is created and displayed on the Settlement Bank Account page.
Updating a Settlement Bank Account
You can make any change to the Settlement Bank Account and update it on the Edit page. As an example, we will show how to change the currency from AUD to INR.
To update a Settlement Bank Account
1. On the Side Panel, click Settings, and then click Settlement Bank Account.
The Settlement Bank Account page is displayed.
2.On the Settlement Bank Account page, click the Edit button corresponding to the Settlement Bank Account, which you wish to update.
The Edit page is displayed.
3. On the Edit page, make the desired changes. For example, change the currency from CAD to INR. See the image below.
4. After making the change, click the Update button at the bottom.
The Settlement bank account was successfully updated message is displayed. See the image below.
Deactivating a Settlement Bank Account
If required, you can deactivate a Settlement Bank Account on the Settlement Bank Account page. A deactivated bank account cannot be used in further transactions. Previously created instruments will not be impacted. The following instructions show you how to do this:
To deactivate a Settlement Bank Account
1. On the Side Panel, click Settings, and then click Settlement Bank Account.
The Settlement Bank Account page is displayed.
2.On the Settlement Bank Account page, click the Activation button corresponding to the Settlement Bank Account, which you wish to deactivate.
The Are you sure? message box is displayed.
3. On the Are you sure? message box, click the OK button.
The Settlement Bank Account was successfully updated page is displayed and the bank account's status is displayed as Inactive.
Activating an Inactive Settlement Bank Account
If required, you can again activate an inactive a Settlement Bank Account on the Settlement Bank Account page. The following instructions show you how to do this:
To activate an inactive Settlement Bank Account
1. On the Side Panel, click Settings, and then click Settlement Bank Account.
The Settlement Bank Account page is displayed.
2.On the Settlement Bank Account page, click the Activation button corresponding to the Settlement Bank Account, which you wish to activate.
The Are you sure? message box is displayed.
3. On the Are you sure? message box, click the OK button.
The Settlement Bank Account was successfully updated page is displayed and the bank account's status is displayed as Active.