Creating an Expected Payment

What an expected payment is for and how to create one

Creating an Expected Payment uses the same information as the pieces you may need for a payment order. However, since you are not initiating the transaction, our system allows for use of ranges with dates and dollar amounts.

  • Direction - Allows the system to know whether it should be credit (receiving money) or debit (charging money). Direction is reflecting the action for the MT customer..
  • Your Account - The bank account for the MT customer.
  • Currency - the anticipated currency
  • Amount - have the ability to use a range for the lowers and highest amount it may be equal to
  • Statement Description (OBI for wires, memo field for checks, statement description for ACH)
  • Payment Type - Can select from any of the available payment types
  • Expected Start Date and Expected End Date - The earliest and latest date when the payment may occur. (can also use an exact date)
  • Expected Counterparty
  • Internal Description
  • Metadata - Additional data (key-value pairs).

When these transactions occur, we will match the bank transactions to the created expected payment based on the information you provide. Note that if multiple expected payments could match the transaction, we will allow you to manually reconcile in order to maintain the most accuracy.

You also can set a notification to be alerted when an expected payment is overdue - this will act as a prompt for you to check with the payment originator on timelines.