| Clients are able to move away from
the paper-based method of sending payment instructions, into an electronic
environment whereby payments are prepared and authorised from the
user's own desktop or wherever they have internet access. Should a
paper audit trail be required, all instructions can be printed prior
to transmission to DB.
On completion of the necessary documentation, clients are able
to input payments and transfers directly into Presto On-Line. The
client's mandate is replicated electronically and each authorised
signatory is allocated a SecurID token. This supplements the already
robust encryption technology that protects the site.
A user inputs the necessary transaction details into a pre-formatted
screen. Once satisfied that the information is correct, the payment
is submitted to an Authorisation queue for verification by the relevant
authorised signatories. Up to 25 payments can be batched thereby
streamlining the authorisation procedures.
The system accommodates cross currency EFT's and Internal Transfers,
while users in the Channel Islands can also benefit from the ability
to make BACS payments.
A user is able to rationalise the input process by storing repetitive
payments on the system. This means that regular, repetitive payments
can be saved, easily retrieved and transmitted to us without the
need to re-type each instruction from scratch.
Payments can also be modified and copied to further streamline
the process.
Once a payment has been fully authorised in accordance with the
mandate, it is received immediately by our banking division for
processing. At this stage the instruction is checked in accordance
with our transaction monitoring responsibilities and actioned accordingly.
Authorised payments are displayed on a series of screens allowing
users to view, and if necessary print, a record of payments transmitted
to us throughout the day for reconciliation and audit purposes.
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