While originating payments using any EFT system, the most time consuming activity is of course to make sure that all information- especially the beneficiary information is entered correctly. Approval is also time consuming as the approver has to check supporting documents and make sure that the data entered is correct (payment controls). This process of origination and approval for each one-off payment becomes even more painful if you are using multiple bank proprietary systems to originate payments.
Treasury Sciences EFT, as you know is a bank independent payments system. We solve it by using generic, bank independent payment templates. Payment templates also go through an approval process and once approved, originators can use the templates to originate payments by entering the value date and amount. Approvers can approve payments originated out of templates faster knowing that the beneficiary details have been approved earlier (while approving the templates). That may be the reason why templates are one of the most used features within the Treasury Sciences EFT Module.
Now, here is a quick walkthrough of templates and payments via templates. See below a listing of templates that lists the beneficiary and transaction type. Templates can be created by originating a new template creation request or by asking a specific payment originated in the system to be approved as a template as well- Approvers can approve the template and once approved, the template will be available for payment originators.
When originating payments from the EFT request tab, users have the option to choose originate with templates or use free form origination. If they choose, the originate with templates option users are asked to select a template (please see below). There are filtering option and a quick search option (you can search by beneficiary as well)
Users would double click to select templates and proceed with origination. All they have to add in this case will be the amount, note that the system is setting a default value date based on the date of origination and the transaction type, it is editable of course.
Thank you for reading, Hope that explains the use of payment templates and related ease of use and control benefits that templates provide.