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Sending a payment
François Cosnier avatar
Written by François Cosnier
Updated over 2 months ago

With iBanFirst, companies can send payments to beneficiaries, suppliers, clients, partners, subsidiaries, and parent companies in more than 30 currencies to over 240 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

Sending a payment is a simple, 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’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 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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