Group Transfers - Create

Option through which you can send group transfers electronically, either by uploading a file according to specifications provided by the Bank or by using Beneficiaries Lists.

The Beneficiaries must be account holders in SEPA zone.

Click here to view the specifications for Payroll and Group Payments, as well as information about the XML Converter Tool.

For the manual click here

General information 

  • The functionality is available only to Users who have enrolled to the direct credit system via their branch and have signed all necessary applications for access to the accounts debited
  • Group Transfers will be displayed in the Account’s Transaction History and Statement as one debit transaction (multiple credits to the beneficiaries)

File upload process 

  • Select File: Select the Group Transfers file from your computer and click on Open
  • Upload: Click to upload the file. If the format of the file is correct, the information contained in the file will appear. If the system returns any errors you will need to correct the file contents and re load the file
  • Submit: Click the button to submit the payments
  • Digipass code: Enter the digipass code where needed
  • Confirm: Click to confirm the transaction
  • Transaction Number: The system returns a message on the top part of the screen along with the status of the transaction. Click on the Transaction Number to see the details of the transaction

Important Information for uploading a file:

  • A file can be uploaded only if it is in the specified xml format
  • The file is received by the Bank only after all necessary electronic signatures are received from all authorised users
  • A file with the current date as execution date can only be submitted until 13:30 (working days), provided all necessary electronic signatures are entered
  • The amounts are available in all beneficiaries with a Bank of Cyprus account in the next working day after the execution date, while in the case of non Bank of Cyprus accounts, up to two days later

Group Transfers with a beneficiary list 

If you have created a beneficiary list through the option Group Transfer – Beneficiaries, you will need to complete the following steps:

  • Company Name: Select the name of the Company that has authorised you to create / execute Group Transfers
  • Beneficiaries List: Select the Beneficiaries List from the drop down menu.
  • Account Number: Select the Account Number to be debited for the Transfers. If a foreign currency account is selected, the system will return only the beneficiaries – of the selected list – of which the account is of the same currency
  • Description (optional): Enter a description using latin characters i.e. Suppliers December  
  • Processing Date: Click on the calendar  to select the date on which you wish the transaction to be executed.  You can select any date (current or future) up to 6 months in the future. 
  • Total Amount: Enter the total amount of the transfer. This amount must be equal to the sum of the total of the amounts to be sent to all beneficiaries

Other Options

  • Change in amount(beneficiary): The amount to be transferred to a beneficiary can be changed for a specific transfer by using the field “Amount”
  • Submit: Click to submit the transaction 
  • Digipass Code: Enter a digipass code (if required)
  • Confirm: Click to confirm the transaction
  • Transaction Number: The system returns a message at the top of the page, with the transaction status.  Click on the transaction number to view the specific transaction details.

 

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