Getting started with payments

The salient features of Fusion Cash Management Payment services are:

• Enables you to save the receiver information and re-use it for frequent future payments. The frequent payments may include employee salaries or vendor invoices.

• Allows you to restrict payments to a closed set of defined receivers only, for sensitive payments and trusted parties.

• Capture and add the details about ad-hoc receivers and re-used that information for initiating future payments.

• Allows the use of the Maker-Checker concept (anyone other than the maker can approve a transaction), and further configure the number of approvers needed for specific payment types.

• Supports Approval Verification Matrix (AVM) that enables you to setup multiple levels of approval and associate multiple users with each approval level.

For example: There are three persons A1, A2, and A3 with Level1, Level2, and Level3 approvals rights. Once the transaction is sent by A1 for approval, A2 with Level2 receives the transaction for approval. Once A2 with Level2 approves, the transaction moves further to Level3 by A3 for final approval. Once A3 takes the approval action, the transaction is then sent to bank.

• Supports Signature Verification Matrix (SVM) that enables you to set up approval rules for users belonging to different categories.

• Supports auto-approval that enables payments to be sent to the bank for further processing, eliminating the need of approving a payment manually.

For example: The payment transaction is configured as no approval required. Such transactions after initiated are sent to bank in approved status.

For more information about AVM and SVM, see Defining approval matrices.

• Supports Beneficiary Name Check by third party. Based on the status received from the Beneficiary Name Check system, the transaction is passed for further processing or rejected manually.

This section provides information about:

Understanding payments

Understanding payment status

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