Sending a payment
François Cosnier avatar
Written by François Cosnier
Updated over a week ago

With iBanFirst, companies can send payments to beneficiaries, suppliers, clients, partners, subsidiaries, and mother companies in more than 30 currencies to 240+ countries.

Payments are sent in the name of the company and can easily be traced and identified by beneficiaries on their bank statements or online banking platform.

Sending a payment is an easy, 2-step process:

  1. Go to Payments > Create a new payment and fill in the payment form

  2. Review the payment details and validate the payment

Foreign exchange payments

With iBanFirst making a payment from an account in a currency different from the beneficiary and payment currency is seamless. Two operations are indeed occurring simultaneously:

  1. A payment

  2. A currency conversion

The rate applicable to the currency conversion that is part of the payment is shown on step N° 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 selected payment speed as well as 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.

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