Transfers Panel

When configured to appear in an Application screen by the system administrator, the Transfers panel can be used to add and maintain the recurring transfers for an account product, such as a scheduled transfer of funds between two account products, or a transfer of funds to an account product from a savings account for overdraft purposes.

This panel is used to create a scheduled transfer of funds, or set up overdraft protection, for one or more of the new account products on an application.

The grid within the Transfers panel displays the following columns of information for each transfer added to an application:

Column	Description
Transfer Type	Identifies the type of transfer to occur, such as Transfer to an Account Product or Overdraft Protection.
Amount	Identifies the amount of funds to be transferred to an account product.
Frequency	Identifies how often a transfer of funds is set to occur for an account product.
Account From	Identifies the account from which funds are being debited for the scheduled transfer or overdraft protection.
Account To	Identifies the account to receive the funds from the scheduled transfer or overdraft protection.
Start Date	Identifies the date that a scheduled transfer is set to begin.
Expiration Date	Identifies the date that a scheduled transfer or overdraft protection is set to expire.

The buttons within the top of the panel enable the ability to perform the following actions prior to disbursement:

Button	Description
	Allows users to add a transfer to an application.
	Allows users to edit an existing transfer.
	Allows users to remove a transfer from an application.

Adding and Managing Transfer Records

Adding Transfer Records

In order to create a transfer, the following must be true for the products on the application:

In order for an account product on the application to populate as an option to transfer funds to or from in the Transfers panel, the Allow for Transfers parameter must be set to YES for the account product type by the system administrator in System Management > Origination > Account > Account Products.

If the Allow for Transfers parameter is set to NO for an account product, when an account number is generated for the account product, the account does not populate as an option to select within the Account To or Account From fields for the transfer

In order for an asset to be assigned as the account to debit the funds for the transfer (Account From), or the account to receive the funds from the transfer (Account To), the asset type must be configured as available for transfers in the ASSET_TYPE lookup by the system administrator.
If transferring funds to an account product, a new account product from the application must be selected as the account to debit the funds, or receive the funds, when entering the transfer details. Similarly, when setting up overdraft protection, the account product being linked for overdraft, or theaccount product being used to debit the funds, must be a new product on the current application.

For more information on the Allow for Transfers parameter, please see the General section of the Account Products topic in the Administrator Guide. To learn more about the available for transfer configuration for the ASSET_TYPE lookup, please see the Field Configurations topic in the Administrator Guide.

To add a transfer to an application, click within the top of the panel, and select the desired transfer type. Once a transfer type is selected, the Transfer Details screen opens in the workspace to enter information for the transfer.

Within this screen, enter the following information for the transfer:

The appearance of the Transfer Details screen may differ for each institution as the screen is user-defined, and allows system administrators to determine the fields and panels that appear in the screen; however, the fields below are the only fields that can be added to the Transfer Details panel within the screen.

Field

Description

Transfer Type

This is a read-only field, which identifies the type of transfer being added to the application. This field populates with the value selected from the Add drop-down when creating the transfer.

Amount

Enter the amount of funds to be transferred to the account product.

This field is required when the Transfer Type is set to Transfer to Account Product, and disabled when the Transfer Type is set to Overdraft Protection.

Frequency

Select a value from the drop-down list to identify how often the amount of funds should be transferred to the account product, such as Annually or Monthly.

This field is required when the Transfer Type is set to Transfer to Account Product, and disabled when the Transfer Type is set to Overdraft Protection.

The Frequency drop-down list includes all values configured for the TRANSFER_FREQUENCY lookup by the system administrator in System Management > Origination > Field Configurations.

Account From

Select an option from the drop-down list to identify the account from which funds should be debited for the transfer.

This is a required field for both Transfer Types.

The Account From drop-down list populates with the following accounts for the applicant:

All assets from the core configured as available for transfer in the ASSET_TYPE lookup by the system administrator.
Any new account products on the application with the Allow for Transfers parameter set to YES.

Accounts are displayed in the following format:

For example:

When the product is assigned to the current application, and an account number has not been generated, only the name of the product and the name of the applicant are displayed, as shown in the below example:

Account To

Select an option from the drop-down list to identify the account to receive the funds from the transfer.

This is a required field for both Transfer Types.

The Account To drop-down list populates with the following accounts for the applicant:

All assets from the core configured as available for transfer in the ASSET_TYPE lookup by the system administrator.
Any new account products on the application with the Allow for Transfers parameter set to YES.

Accounts in this drop-down are displayed in the same format as the Account From field.

Certain cores only support the ability to set the Account To field to a checking account product for overdraft protection. A savings account product cannot be selected for this field, or an error is received at time of disbursement. For more information, please review the field mapping document for the core interface applicable to the financial institution.

Start Date

Enter a date in MM/DD/YYYY format, or click within the field and select a date from the calendar, to identify the date that the scheduled transfer should begin. This is the date the system should pull the amount of funds from the Account From field, and deposit into the Account To field, according to the Frequency set for the transfer record.

This field is required when the Transfer Type is set to Transfer to Account Product, and disabled when the Transfer Type is set to Overdraft Protection.

Expiration Date

Enter a date in MM/DD/YYYY format, or click within the field and select a date from the calendar, to identify the date that the scheduled transfer or overdraft protection should expire. This is the date that the scheduled transfer and/or overdraft protection should stop pulling funds for the transfer record.

This is an optional field for both Transfer Types.

Once all values have been entered, click to retain the transfer details, and add the transfer record to the panel grid.

When the Transfer Details screen is saved, field validations are performed, and an error is received if any of the following are not true for the values entered within the screen:

Either the Account From field or the Account To field must include a new account product from the current application.
Values are not entered for required fields in the screen.

Only a current or future date should be set within the Start Date and Expiration Date fields; however, there is not a system validation in place to ensure that a past date is not set for the transfer. If desired, system administrators can author a Validation rule in System Management > Origination > Rules Management to ensure that the Start Date and Expiration Date fields are not set to a date in the past.

Data for each transfer record is sent to the core during the disbursement process for the application.

When creating a transfer record, if the accounts selected for both Account To and Account From are new products on the application, the transfer record is disbursed after the second product is disbursed to the core.

For more information on the transfer record data sent to each core, please see the applicable core connector guide for the institution.

Editing Transfer Records

To edit a transfer record:

Double-click the desired transfer record within the panel gird, or highlight the record and click .
Make the necessary modifications within the Transfer Details screen.
Click to retain the updated transfer details.

Deleting Transfer Records

To delete a transfer record:

Highlight the desired transfer record within the panel grid, and click .
A message appears to confirm that the record should be deleted. Click Yes to remove the record, or No to retain the record and return to the Transfers panel.

If the following instances occur during the application process, the associated transfer record is automatically removed from the application:

When the account product selected as the Account To or Account From for a transfer is deleted from the application.
When the core asset or liability selected as the Account To or Account From for a transfer is closed in the core, and an Update From Core is performed.