Forward Contracts

Open Contracts

Any open contracts will be displayed in the lower portion of the Forward Contract section. Here you can view the details of each open contract, such as the Creation Date, Amount and Total Cost, and make drawdowns. To make a drawdown on an open contract, click the appropriate Drawdown button.

Creating a Drawdown

• 1 Choose Window or Fixed from the Forward Type drop-down menu and select the currency you want to send your payee from the Currency of Contract drop-down menu. The amount Available for Drawdown will be indicated.

• 2 Choose how much you wish to drawdown from the available amount by completing the Contract Amount field.

• 3 Specify whether you want your payee to receive the Local Equivalent of the amount you’ve entered, or whether you want your beneficiary to receive the amount in the Foreign Currency you’ve selected.

• 4 Enter the Maturity Date on which you want the payment to be made in the pop-up calendar. The Maturity Date will normally default to two working days after date of creation.

• 5Once you have entered all the mandatory information, click Continue. The Summary box will then show details, including the Amount, Rate, Subtotal, Fee, and Total Cost.

Entering payment details for the Payee

You must also enter the information for the payee receiving the payment. To do so, either Select from Your Existing Payee List or Create New.

• To select from the existing list, simply search or scroll through and click the appropriate one; the information fields on the right will be automatically populated.

• To create a new payee, manually enter the information in the fields on the right. For more details, view the Payees tutorial.

Searching for a Bank

For outgoing wire transfers, the payee section will display the Search for Bank option. Here you can search for payee bank details either by IBAN or country. After entering your search criteria, click Search and select the appropriate bank from the results displayed below; the information fields will automatically be populated.

Completing your Payment

• 1 If you have the required authorisation, click Accept to execute the transaction immediately. As an additional security measure, you must re-submit your Username and Password. Then click Approve Payments. If successful, you will see ‘Your payment is complete’ followed by the Payment Reference Number.

• 2 If you do not have the required authorisation level, click Send for approval and check the box to alert an approver by email. The transaction will be routed to Approve a Payment. For more details, view the Approving a Payment tutorial.

With both options, you will be able to Print Details of the transaction.