Glossary for IFM

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Account
An entity containing a set of financial totals and statement entries representing the debit and credit Transactions made by Customers. Each Account is associated with a specific Customer and can be accessed by its Users through assignment to one or more Roles
Account Activity
The Customer may request details of Account Activity showing recent Transactions on the Account. The enquiry may be varied depending on the selection criteria specified by a Customer, eg Transaction Type, Date range, Cheque Number, Credits or Debits or a specific Description
Account Management
A Customer may create meaningful names for their Accounts, list their Accounts and view Balance Summaries and detailed Account Activity information
Account Number
A unique number within IFM is used to identify each individual Account. In the UK, it contains both the Sort Code for the Bank as well as the Account Number. IFM uses the ISO standard for account numbers of 34 characters
Account Type
A category of Account, defined by CRDB Bank. Each Account Type defines rules and parameters that apply to all those Accounts included in the category, eg a particular Account Type may be associated with specific permissions such as Make Internal Payment, Make Wire Transfer Payment etc.

In the UK, a well-known example of an Account Type is a Current Account which can be used for most banking transactions
Administrator
There are several types of Administrator. Users may have an Administrator Role. At CRDB Bank, there will be one or more System Administrators who may have different roles, eg Customer Administrator or Security Administrator
Authentication
The process which enables the recipient of data to confirm that the data was sent by the expected originator and not someone impersonating the originator
Authorisation
Any Payment, Transfer or Instruction, which is above a Limit defined by a Customer requires Authorisation. There are two levels of Authorisation:

First Authorisation is explicitly required if the User initiating the Payment does not have the Authorise Payments Role (otherwise it is implicit)

Second Authorisation is required after the process of First Authorisation (either implicitly or explicitly). The Second Authoriser must be a different User who has access to the Account and has the Authorise Payments Role
Balance
See  Cleared Balance
       Ledger Balance
Balance Summary
A transaction which will provide a Customer with information relating to the current Ledger Balance and Cleared Balance on an Account
CRDB Bank Limited
In the context of IFM, CRDB Bank registers Customers and their Accounts. It will define any parameters and limits which apply system-wide
Base Currency
Depending on the location, an appropriate default Currency will be defined by CRDB Bank, eg in the Cayman Islands, it would be KYD. In London it would be GBP
Beneficiary
See Payee
Beneficiary Bank
The Bank at which the Account to be credited in a Payment Instruction resides
Book Balance
See Ledger Balance
Branch Id
In the UK, the Branch Id is the Sort Code which uniquely identifies a Bank. Overseas countries may have other types of identifiers
Browser
See Web Browser
Business Day
Day other than a weekend or public holiday in a specific country. When verifying details, IFM will access a local Calendar of Business Days
CRDB Bank 3rd Party
Customers and their Users can view or maintain existing Payees and create additional Payees, who hold an account with CRDB Bank, which will be available for Internal Payments
Calendar of Business Days
IFM will access a calendar which is valid for CRDB Bank when verifying if a date is a valid Business Day
Cheque
In the UK, a Cheque is defined in the Bills Of Exchange Act 1882 as 'a bill of exchange, drawn on a banker, payable on demand'
Cleared Balance
Balance on an Account which excludes any receipts which do not yet represent cleared value. See Clearing
Cleared Date
The date a Transaction clears, ie for a Credit transaction, the date the funds become available
Clearing
The process by which a payment through the banking system is transferred from the payer's to the payee's Account
Common Payee
Large organisations, (e.g. utilities, building societies, etc.) to whom many users will be making payments, may be pre-defined as Common Payees by the CRDB Bank Limited and made available to all Customers. Individual Customers can then select those Payees they wish to use from the overall list
Contact
A person or department in the bank, who can be contacted by Secure Mail
Credit
A Credit Transaction adds the amount of the Transaction into an Account
CSV File
Comma Separated Values.  Text file which can be opened by any spreadsheet or editor.
Currency
A system of money (coin and notes) in actual use in a particular country, where it is legal tender
Currency Code
An international standard for identifying a currency. There are two ISO standards; a three digit number and a three digit alpha. IFM uses the alpha standard
Customer
Each IFM Customer is created by the CRDB Bank Limited's Customer Administrator initially with a single User. This initial User will be given the Administrator Role and is, therefore, able to create further Users with appropriate Roles
Customer Administrator
The Customer Administrator at CRDB Bank performs a number of different functions, some to do with the definition of a standard environment for all their customers, eg: maintain system-wide Limits, Calendar of Business Days, Base Currency, create and maintain Common Payees; other functions are more Customer-oriented, eg creates Customers and links them to specified Accounts
Debit
A Debit Transaction deducts the amount of the Transaction from an Account
Draft
An instruction to the Bank to print a Bank Draft, similar to a cheque.  It is issued on request to a Customer who wishes to make a guaranteed payment
Exchange Rate
The multiplication factor to be applied when one currency is converted into another
Export
Account transactions may be exported to a package owned by a User. At present, data will be exported in CSV format
Fee Schedule
A set of tables showing the exchange rate and interest rates
Fixed Deposits
An agreement to place an amount of money on deposit with the CRDB Bank Limited for a fixed term at a rate which is determined by the term, the amount,  the currency and location of the Deposit
Fixed Deposit Break Instructions
Instructions to terminate an account before the maturity date; this will incur a penalty
Fixed Deposit Instructions Upon Maturity
Instructions as to the renewal or repayment of a Fixed Deposit.  These are required at least two working days before the maturity date.  If no instructions are received, the Fixed Deposit will be automatically renewed for a similar period at the interest applicable at the time
Fixed Exchange Rate
A Fixed Exchange Rate is one controlled by central bank intervention and linked to an external reference rate, eg US dollar
Floating Exchange Rate
A Floating Exchange Rate is one which is not linked to an external reference rate and whose value, therefore, may be determined by supply and demand
Future-dated Payment
A Payment created to be made on a date in the future. Such payments are held in IFM until the due date. The range of dates will be configured by an Administrator
Group Payee
Users can view or maintain existing Payees and create additional Payees which will be available for Group Payment
Group Payment
This type of Payment contains more than one Payee making it potentially suitable for payroll etc. Several Credits can be issued with one single Debit Transaction to the User's Account
Help Screens
The Help facility provides specific assistance on a task being undertaken or more general screen Help. The Help text summarises screen functions and the important data elements and options of each screen.
IFM
Integrated Financial Management package which offers Customers and their associated Users a variety of financial services including options to view Accounts and submit Payment Instructions
Inter-account Transfer
The transfer of funds between a User's own Accounts which are both registered on the IFM system
Internal Payment
Users can view or maintain existing Payees and create additional Payees who hold an account with the CRDB Bank Limited
Ledger Balance
The actual Balance of an Account held by the CRDB Bank Limited which incorporates both cleared and uncleared transactions. It may not, therefore, represent the actual funds that are available to a User at that time
Limit
A number of limits will be defined by an Administrator which affect all IFM Customers, the most important of which are:

Date range for future-dated Payments
Retention Period for Transaction and Balance information
Logon
A User will be able to access the IFM system by logging on by entering the correct User Id and Password
Multi-credit Payment
See Group Payment
Notification
A User may request to be informed or notified of a specific event related to a particular Account, eg a Payment awaiting Authorisation
Password
When accessing the IFM site, a User must enter a valid User Id and Password. There will be certain restrictions regarding the format of a Password, together with the potential for being barred from the application if a Password is incorrectly input more than a configurable number of times
Payee
A Payee is the recipient of a Payment Instruction; Payee details include the name and Account Number to be credited. IFM supports different types of Payees which correspond broadly to the different Payment Types. See Common Payee, CRDB Bank 3rd Party Payee, Wire Transfer Payee and Group Payee
Payment
An instruction to move funds from one Account to another Account, usually owned by different parties. See Internal Payment, Wire Transfer Payment and Group Payment
Payment Cancellation
A User may cancel a Payment if it is either 'queued', 'awaiting Authorisation' or 'awaiting its due date', accessed via Payment Check Status
Payment Instruction
See Payment
Radio Button
This is a method of selection from two or more options which are mutually exclusive so that after selection, the remaining options are no longer available
Retention Period
The period for which Transaction and Payment data should be kept on the system. The length of the period is configurable by a System Administrator
Secure Messages / Secure Message System 
Messages sent between users and contacts are delivered directly via the IFM Secure Message SystemSecure Messages are considered to be more secure than conventional emails. Users can contact various bank departments in this way.  The bank can send timely messages to inform the users of important events relating to their accounts
Status
The status of Payments, Wire Transfers and Fixed Deposits for a specified Account can be viewed in IFM. Valid Statuses include:

Rejected
Queued
Awaiting First Authorisation
Awaiting Second Authorisation
Awaiting Due Date
System Administrator
See Administrator
Transaction
A Transaction is a type of financial activity against an Account, eg a Payment or transfer. Most Transactions have two components, ie a Debit component which deducts money from one Account and a corresponding Credit component which adds money into another Account
Transaction History
See Account Activity
Transfer
A Transfer is a movement of funds from one of a Customer's Accounts to another of his or her Accounts, both of which are registered on IFM
User
The end User of the IFM system. One or more Users can access the application but they all must be associated with the same Customer. Their permitted activities will be defined by their assigned User Role
User Administrator Role
This User has the User Administrator Role and carries out the following functions:

Add new Users
Maintain User and Customer details
Assign Users to specific Roles
Grant Users access to specific Accounts
User Id
When logging on to the IFM application, a User must input correctly a User Id which will have been assigned by a System Administrator
User Role
Each User may be granted certain permissions by its Customer, eg prepare Instruction Setup, Fixed Deposit instructions, Draft instructions, view Account Information or perform a User Administrator role
Value Date
The date a Transaction is to be applied to an Account. When creating a Payment using IFM, the Value Date is the date on which the payment will be applied to the Debit Account; because of a clearing cycle, it may take longer to be applied to the Credit Account
Web Browser
A software application used to access information from the World-wide web
Wire Transfer Payee
Users can view or maintain existing Payees and create additional Payees who do not hold an account with the CRDB Bank Limited.  These will then be available for Wire Transfer Payments
Wire Transfer Payment
A Payment from a Customer's Account to a pre-defined Payee in a selection of currencies

 

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