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|  |  | Glossary of Terms | |
| | Approve/Dual Verify
A process used to confirm a payment or modification is conducted within company regulations and policy. Up to two levels of approval are available, dependent on your requirements. An approver can also have an approval amount, allowing them to only authorise payments up to the local currency equivalent of the total profiled.
Beneficiary/Payee
Refers to the recipient or Payee of whom the funds are being transferred to. A Beneficiary Bank bank account refers to the bank account where the funds are being ultimately transferred to.
BIC/Bank Identifier Code
Every Bank location has a unique Bank Identifier Code, also known as a SWIFT Code. Other BIC Codes used for sending outgoing Telegraphic Transfers are ABA, Fed Wire (US), BLZ Code (Germany) and Sort Code (UK).
Client Direct Credit
A same day bank transfer of Singapore dollar funds from your bank account, to cover any payment instructions created.
Create a Payment
Request a foreign exchange quote for Telegraphic Transfers and Drafts and input Beneficiary payment instructions.
Direct Debit
A mandate to allow American Express to debit funds automatically from a selected bank account, to cover any payment arrangements created.
File Upload/File Operations
If you have multiple payments to process, this function allows you to upload a file containing your Telegraphic Transfers and draft payments from your own accounting package directly in International Payments using a simple Excel formatted file.
Foreign Currency Draft
An American Express guaranteed cheque payable in a currency other than that of the country from which you are conducting business.
Forward Contract/ Foreign Currency Forward
A foreign exchange instrument for purchasing a set amount of a foreign currency at a fixed price for a future payment obligation. This can help you reduce your exposure to foreign exchange rate fluctuations, control cash flow by locking in future costs and managing risk.
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| | Forward Points
Different countries will generally have different interest rates. When buying one currency against another for delivery at a future date, the bank or broker will adjust the spot price to take this variation into account. The sale of a low yielding currency (in a low interest-rate economy) and the purchase of a high yielding one will be reflected in a higher net price than the spot rate. This is described as "forward points on" for the forward adjustment.
Foreign Exchange Quote
To request a quote for a specified amount of foreign currency and input multiple beneficiary payment instructions within a 'Spot' value period.
Good Funds
Monies that are unconditionally and freely available for use.
IBAN/ International Bank Account Number
An International Bank Account Number contains an organisation's account number, preceded by the specific country codes and branch number. They are typically used for Euro payments and avoid any extra beneficiary bank charges by the receiving bank.
Inbox
An Inbox set up within the FX International Payments website to allow you to receive payment confirmations, invoices and rate alerts from American Express. The information can be viewed by all users who have access to the website.
Incoming Telegraphic Transfer
A Telegraphic Transfer payable from one of your customers (payable to American Express) in a currency other than Singapore Dollars. You are quoted an indicative exchange rate subject to the receipt and clearance of the funds in an American Express International Inc. customer's account.
Indicative Rate
An unconfirmed directional rate to be used as a guide. Usually quoted out of normal business hours or when it is not possible to quote a current market rate. When you are quoted an indicative rate, you are not committed to the payment and have the ability to request confirmation prior to accepting or rejecting the quote.
Intermediary Bank
The bank nominated to receive payments on behalf of those banks that cannot have payments sent directly to them as they are not supported in the SWIFT network or a currency being sent to a currency account in another country (i.e. US Dollars being sent to a US Dollar Bank Account in India).
Internal Alert Options
Allows you to set-up notification for payment confirmation or rate alerts etc, via email, fax or SMS.
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| | Internal Comments/Questions
Allows you to submit additional comments or questions to FX International Payments from American Express regarding a particular payment.
Modify
The Modified queue is used to hold payments which are incomplete or amended. During a transaction, a user can 'Save for later use' or the approver can 'Edit' the payment which would result in it moving to the 'Modify' queue awaiting further approval.
Password
Each individual has a unique password, which is used in conjunction with an individual's User ID for logging into the FX International Payments website. Each user is able to change their password adhoc, although in the interests of security, each user is required to change their password every 30 days.
Parties
This refers to your customers and payees/beneficiaries.
Payment Notes
Optional additional details or information added to the payee/beneficiary payment.
Payment Reference
A unique 16 digit FX International Payments reference applied to every transaction.
Payment Scheduling
An online tool for diarising future payments. Allows you to plan forthcoming payments with funds automatically sent as per your chosen schedule.
Rate Alert
The ability to request automated updates on specified currency fluctuations over a period of time. You can request this rate information by SMS, e-mail or Inbox.
Same Day Value
A method of buying or selling foreign currency in which the value date is the same day as the trade date (i.e. Today). Products commonly "sold at same day value" are 'outgoing Telegraphic Transfers', however, this can only be achieved in certain currency banking time zones and based on cleared funds basis.
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| | Settlement Method
The method of payment used to fund a Telegraphic Transfer, Draft or Forward Contract. Typically, this is Direct Debit, although Client Direct Credit via the banking system is an alternative method.
Spot/Spot Value
A method of buying or selling foreign currency in which the value date usually follows within two working days of the trade date. Products commonly "sold at spot" include foreign currency drafts and Telegraphic Transfers. For example, transactions that are confirmed on Monday within cut-off time, the funds will be valued on Wednesday.
Swift Code
See BIC/Bank Identifier Code.
Telegraphic Transfers or TT's
An electronic payment order issued through bank channels.
Templates
Template can be created and used to create new payments containing specific transaction details. The ability to create payment templates containing select payment information including Payment, Beneficiary and Beneficiary Bank details with the exception of the Value Date. The fields set can also be 'Locked' to ensure they are not changeable during payment creation.
Transaction History
Ability to view payments input by Payment Reference, Date Range, Payee, Status, User ID, Currency, Amount and Local Currency Equivalent. These details can be printed or saved to a Word format.
User ID
Each individual has a unique identification to login to the FX International Payments website.
User Permissions
Ability to apply roles and privileges to individual users enabling them to perform relevant duties and provide segregation of duties (i.e. a user who creates a payment cannot approve it). Administration rights for people to modify User Permissions are usually allocated to management.
Value Date
The date on which "good funds" settlement is made for a transaction. Until the value date, funds are not available for use. Also known as 'Settlement Date'.
Wire Transfer
See 'Telegraphic Transfers'.
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FX INTERNATIONAL PAYMENTS
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