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Glossary

Approve/Dual Verify - Process used to confirm a payment or modification is being conducted truthfully and within company regulations and policy. Up to two levels of approval are available dependent on your requirements. An approver can also have an approval amount, allowing them to only authorise payments up to the local currency equivalent of the total profiled.
Beneficiary/Payee - Recipient or Payee of who the funds are being transferred to. A Beneficiary bank account is the bank account of where the funds are being ultimately transferred to.

BIC/Bank Identifier Code - Every Bank location has a unique Bank Identifier Code, also known as a SWIFT Code. Other BIC Codes used for sending outgoing Wire Transfers are ABA, Fed Wire (US), BLZ Code (Germany),Sort Code (UK).
Create a Payment - Allows you to request a foreign exchange quote for an outgoing Wire Transfer or Draft and input Beneficiary payment instructions. Also lets you to complete a Drawdown against a Forward Contract.

CHAPS - A system operated by the Federal Reserve System, which can be used for a same day transfer of funds, for any payment instructions created. Referred to in the FX International Payments website as 'Wire to Amex’.

Cross currency transaction - Convert incoming foreign currency directly into an outgoing foreign currency payment.
Direct Debit - A method to allow American Express to debit funds automatically from a selected bank account, to cover any payment instructions created.

Drafts - A cheque from one of your customers (payable to American Express) in a currency other than GBP Sterling. You are quoted an exchange rate subject to the receipt and clearance of the funds in an American Express bank account.
File Upload/File Operations - If you have multiple payments to process, this function allows you to upload a file containing your wire and draft payments from your own accounting package directly in International Payments using a simple Excel formatted file.

Foreign Currency Draft - An American Express guaranteed cheque payable in a currency other than that of the country from which you are conducting business.

Forward Contract/Foreign Currency Forward - A foreign exchange instrument for purchasing a set amount of a foreign currency at a fixed price for a future payment obligation. Can help you reduce your exposure to foreign exchange rate fluctuations, control cash flow by locking in future costs and manage risk.

Forward Drawdown - Create an outgoing Wire Transfer from an existing Forward Contract and input Beneficiary payment instructions to be settled on the appropriate value date. Whilst Window Drawdowns can be paid within the predetermined window of time, Fixed Drawdowns will be settled on the Maturity Date of the Forward Contract.

Forward Points - Different countries will generally have different interest rates. When buying one currency against another for delivery at a future date, the bank or broker will adjust the spot price to take this variation into account. The sale of a low yielding currency (in a low interest-rate economy) and the purchase of a high yielding one will be reflected in a higher net price than the spot rate. This is described as "forward points on" for the forward adjustment.

Foreign Exchange Quote - Request a quote for a specified amount of foreign currency and input multiple beneficiary payment instructions within a 'Spot' value period.
IBAN - International Bank Account Number - An International Bank Account Number is a combination of alpha numeric characters used to identify different countries banks and branches where the account is held. They are typically used for Euro payments and avoid any extra beneficiary bank charges by the receiving bank.

Inbox - An Inbox set up within the FX International Payments website to allow you to receive payment confirmations, invoices, rate alerts, select information and newsletters from American Express. The information can be viewed by all users who have access to the website.

Incoming Wire - A wire transfer payable from one of your customers (payable to American Express) in a currency other than GBP Sterling. You are quoted an indicative exchange rate subject to the receipt and clearance of the funds in an American Express bank account.

Indicative Rate - An unconfirmed directional rate to be used as a guide. Usually quoted out of normal business hours or when it is not possible to quote a current market rate. When you are quoted an indicative rate, you are not committed to the payment and have the ability to request confirmation prior to accepting or rejecting the quote.

Intermediary Bank - Bank nominated to receive payments on behalf of those banks that cannot have payments sent directly to them as they are not supported in the SWIFT network or a currency being sent to a currency account in another country (i.e. US Dollars being sent to a US Dollar Bank Account in India).

Internal Alert Options - Allows you to set-up internal email, fax or text notification for payment confirmation or rate alerts etc.

Internal Comments/Questions - Allows you to submit additional comments or questions to FX International Payments from American Express regarding a particular payment.
Modify - The Modified queue is used to hold payments which are incomplete or amended. During a transaction, a user can 'Save for later use' or the approver can 'Edit' the payment which would result in it moving to the 'Modify' queue awaiting further approval.
Next Day - A method of buying or selling foreign currency in which the value date follows one working day of the trade date. Products commonly 'sold at next day value' are outgoing Wire Transfers.
Outgoing Wire Transfer - An electronic payment order issued through bank channels.
Password - Each individual has a unique password, which is used in conjunction with an individual's User ID for logging into the FX International Payments website. Each user is able to change their password at any time, although in the interests of security, each user is required to change their password every 30 days.

Parties - This refers to your customers and payees/ beneficiaries.

Payment Notes - Optional additional details or information added to the payee/beneficiary payment.

Payment Reference - A unique 16 digit FX International Payments reference applied to every transaction.

Payment Scheduling - An online tool for setting up future payments. Allows you to plan forthcoming payments with funds automatically sent as per your chosen schedule.
Rate Alert - The ability to request automated updates on specified currency fluctuations over a period of time. You can request this rate information by SMS, e-mail or Inbox.

Reports - The ability to review transactions input by date range, currency, status and product. These can be exported in Excel format.


Same Day Value - A method of buying or selling foreign currency in which the value date is the same day as the trade date (i.e. Today). Products commonly "sold at same day value" are 'outgoing Wire Transfers'; however, this can only be achieved in certain currency banking time zones.

Settlement Method - The method of payment used to fund an outgoing Wire Transfer, Draft or Forward Contract. Typically this is ACH although Fedwire (Wire to Amex) is an alternative method.

Spot/Spot Value - A method of buying or selling foreign currency in which the value date follows within two working days of the trade date (with the exception of USD and CAD payments to the US and Canada respectively in which the value date could be within one working day of the trade date). Products commonly "sold at spot" include foreign currency drafts and outgoing Wire Transfers.

SWIFT Code - See BIC/Bank Identifier Code.
Template - Template can be created and used to create new payments containing specific transaction details. The ability to create payment templates containing select payment information including payment, beneficiary and beneficiary bank details with the exception of the Value Date. The fields set can also be 'Locked' to ensure they are not changeable during payment creation.

Transaction History - Ability to view payments input by Payment Reference, Date Range, Payee, Status, User ID, Currency, Amount and Local Currency Equivalent. These details can be printed or saved to a Word format.
User ID - Each individual has a unique identification to log in to the FX International Payments website.

User Permissions -Ability to apply roles and privileges to individual users enabling them to perform relevant duties and provide segregation of duties (i.e. a user who creates a payment cannot approve it). Administration rights for people to modify User Permissions are usually allocated to management.
Value Date - The date on which "good funds" settlement is made for a transaction. Until the value date, funds are not available for use. Also known as 'Settlement Date'.