Payments
Overview
FA’s Payments generates payment instructions in standard electronic formats and allows you to easily track the status of your payments. You can connect FA to your banks for automatically sending and receiving payment messages. Additionally, automated reconciliation of transactions and balances ensures you have full control of your payment cycle.
Functionality
Outgoing payments
Automatically generate standard format payment files - create credit transfers based on your transactions, and send them forward to your bank as payment initiatives. Extract transaction costs in separate payment files. Automate your complex payment processes with accuracy, efficiency and extensive error handling.
Bulk outgoing cash transactions - aggregate your payments into one bulk by summing up your individual cash transactions to avoid unnecessary transfers: outgoing payment files are generated and payment initiatives sent only for the bulked payments instead of multiple, individual payment transactions.
Monthly savings / withdrawals - set up and register a plan and automatically generate payments based on the savings plan. You can use monthly withdrawals to handle withdrawals from pension accounts, such as Norwegian individual pension account (EPK).
Incoming payments
Receive new transactions from incoming payment files - read in standard format payment files to create new cash transactions to keep your clients' cash balances up-to-date. Receiving payments may trigger other events and processes, such as an initiative to invest new cash paid into the portfolio.
Update payment transactions based on incoming payment files - read in standard format payment files to update your payment transactions with settlement dates and status information, when your payments have been carried through by your bank. Constantly know the status of your payments, and easily see which payments have gone through and when.
Reconcile your payments based on incoming payment files - read in standard format payment files to reconcile your payment transactions against the actual payments by your bank. Automatically receive extensive error reports from mismatches in your payments or incomplete payment transactions.
Outgoing mandates
Mandate reference generation - automatically generate mandate reference numbers that are used for autogiro payment initiation.
Mandate initiation request - send mandate initiation requests to allow direct debits on accounts in FA.
Mandate amendment request - send mandate amendment requests to change existing mandates for direct debits on accounts in FA.
Mandate cancellation request - send mandate cancellation requests to cancel a mandate for direct debits on accounts in FA.
Incoming mandates
Mandate status handling - receive mandate status messages and update information in FA accordingly.
Automate your payment handling
Extend the degree of automation via bank and custody connections - if you are using the payments module alone, payment files are downloaded and sent forward manually. Sending of payment files can be automated with Bank and Custody Connections module.
Supported formats
Outgoing payment files
Files | Description |
|---|---|
pain.001.001.03 | Credit Transfer, customer-to-bank Payments Initiation message. Part of ISO 20022 standard (universal financial industry message scheme). Specific formatting for domestic, International, SEPA, Danske and OP pain.001 files are handled as well. Urgent payment classification supported in domestic and international formats. |
pain.008.001.02 | Customer direct debit initiation. Part of ISO 20022 standard. |
Nets direct remittance | A Norwegian format to send payments from one account to another. |
Nets payment initiation | Payment by one-off mandate – Securities trading in Norway. Payment by one-off mandate is a service where the payee sends a file to Nets with transactions for automatic debiting of the payer’s account. |
Autogiro Payment initiation | Direct debit solution in Sweden for recurring payments. The file the company sends to Bankgirot contains the withdrawals to be made from the clients' bank account. |
AvtaleGiro | Direct debit solution in Norway for recurring payments. Payment initiation and deletion formats are both supported. Settled payment claims from AvtaleGiro are reported to the payee as OCR giro accounting data. This means that the payee has to have an OCR giro agreement for the same account as the one set up for AvtaleGiro. |
Incoming payment files
Files | Description |
|---|---|
camt.053.001.02 | Account Statement, bank-to-customer Payments Maintenance / Cash Management message used to inform the account owner, or authorised party, of the entries booked to the account, and to provide the owner with balance information on the account at a given point in time. Part of ISO 20022 standard (universal financial industry message scheme). |
camt.054.001.02 | Direct debit credit notification used to inform the account owner, or authorised party, of single or multiple debit and/or credit entries reported to the account. Part of ISO 20022 standard. |
MT940 | Bank account statement developed by SWIFT. MT940 is an end-of-day statement file that details all entries booked to an account. |
Nets direct remittance | Response file to the Nets direct remittance containing information on the transaction status. |
pain.002 | Payment status report used for informing rejections of payments in pain.001/pain.008. Part of ISO 20022 standard. |
OCR giro payments | Direct debit solution in Denmark and Norway. The OCR reference is a unique reference enabling beneficiaries to identify incoming transactions by client. OCR is a collection service for all types of bills based on customer ID. |
Nets payments | Direct debit solution in Norway. Response file to the Nets payment initiation containing information on settled and/or rejected transactions. |
Autogiro Payments | Direct debit solution in Sweden. The Bankgirot file sent to the company containing approved and non-approved payments (based on payment initiation file). We support both the old and new formats. |
Outgoing mandate files
Outgoing mandate files | Description |
|---|---|
Autogiro Mandate file | Direct debit solution in Sweden. The file with the payer's details that the payee sends to Bankgirot in order to register a new mandate. A mandate agreement between a payer and a payee is a prerequisite for using Autogiro. |
pain.009.001.01 | Mandate initiation request (must be sent in advance of direct debit collections). Part of ISO 20022 standard. |
pain.010.001.01 | Mandate amendment request (must be sent on existing mandates). Part of ISO 20022 standard. |
pain.011.001.01 | Mandate cancellation request (must be sent on existing mandates). Part of ISO 20022 standard. |
Incoming mandate files
Incoming mandate files | Description |
|---|---|
Autogiro Mandate advice | Direct debit solution in Sweden. The file Bankgirot sends to company containing approved and non approved mandates. |
pain.012.001.01 | Mandate status and acceptance report. Part of ISO 20022 standard. |
AvtaleGiro registration | Additional services provided by AvtaleGiro and Nets for registering for recurring payment in Norway. The user registers on a website and standard format file is sent back containing information on the registration. |