With iBanFirst, companies can send payments to beneficiaries, suppliers, clients, partners, subsidiaries, and parent companies in more than 137 currencies to 181 countries.
Payments are sent in the name of the company and can be easily traced and identified by beneficiaries on their bank statements or online banking platforms.
Sending a Payment
Go to Payments and click the purple button in the top-right corner.
Select the account to debit and the beneficiary account to credit.
Enter the amount and select the currency.
In the Communication field, add the payment reference for your beneficiary.
Optional: complete the Internal reference field. This reference appears on your account statements.
Choose the execution date and payment options, then confirm the payment.
Foreign Exchange Payments
With iBanFirst, making a payment from an account in a currency different from the beneficiary’s currency is seamless. Two operations occur simultaneously:
A payment
A currency conversion
The rate applicable to the currency conversion that is part of the payment is displayed in Step 2, just like for a regular currency conversion.
Payment execution and credit timeline
Once validated, the payment will be sent on the selected date, if the payment account balance is sufficient.
The beneficiary will be be notified by email when the payment is sent.
It will be credited on the beneficiary account depending on the beneficiary bank, country, currency, and applicable cut-off time.
Advanced payment validation rules
iBanFirst allows companies to setup payment validation rules, to reflect their own payment validation rules and internal controls. Learn more about setting up advanced payment validation rules.