With iBanFirst, companies can make payments to beneficiaries, suppliers, clients, partners, subsidiaries, and mother companies in more than 30 currencies to 240+ countries.
Payments are made in the name of the company and can easily be traced and identified by beneficiaries on their bank statements or online banking platform.
Making a payment is an easy, 2-step process:
- Go to Payments > Create a new payment and fill in the payment form
- 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:
- A payment
- 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.
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.