1. What are the payments and collection services available via IDEAL™?
The payment and collection services offered via IDEAL™ include:
- IntraCompany Transfer
- DBS Account Transfer
- Local Wire – CHATS / RTGS
- Cashier's Order
- Telegraphic Transfer (T/T)
- T/T to China
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- AutoPay
- AutoCollect
- Payroll
- Demand Draft
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2. What are the cut-off times for the payment services available in IDEAL™?
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DBS Account / IntraCompany Transfer (without FX) |
DBS Account / IntraCompany Transfer (with FX) |
Local Wire – RTGS/ CHATS |
T/T |
T/T to China |
AutoPay / AutoCollect / Payroll |
Demand Draft/ Cashier's Order |
Mon - Fri |
7pm |
6pm |
5pm |
5pm |
2pm |
6pm |
4pm |
*Sat |
1pm |
12pm |
N/A |
N/A |
N/A |
N/A |
12pm |
| *Due to 5-Day Clearing Week, RTGS/CHATS/TT do not process on Saturday. |
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3. What are the validations in place to ensure the accuracy of payment details in IDEAL™?
Transactions in IDEAL™ are validated on a real-time basis for data such as:
- Amount (non-zero value)
- Value Date (against transaction-specific cut-off times, public holidays and non-working days)
- The completeness of mandatory fields, such as debit account, beneficiary name, value date, etc.
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4. How can I ensure that only a selected group of users are able to view confidential payments such as payroll?
IDEAL™ allows for the segregation of users based on transaction or product functionalities. Users without the access rights to Payroll will Not have access to view these transactions. In addition, the access rights can be configured such that users view only the payroll summary details instead of individual transaction details.
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5. Can I restrict the beneficiaries when creating transactions online?
With the “Restricted Beneficiary” function, the user will only be able to select approved beneficiaries from the Lookup Library and will not be able to enter the beneficiary name and accounts manually. Your designated administrator handles the maintenance of beneficiaries, and an authorizer will need to approve this restricted beneficiary list.
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6. Can I create a template for recurring payments such as vendor payment, rental fee?
IDEAL™ allows users to create "Models" for all payment types for recurring payments.
"Models" facilitate the creation of transactions by saving pre-determined payment details such as debit account, beneficiary name, credit account, bank and amount on a template. Pre-determined fields can be locked or protected so that crucial information cannot be edited or amended. All “Models” and transactions created from the “Models” will have to be authorized before they can be used.
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7. Can I create a transaction that is dated for the future?
Transaction can be pre-created before value date. These transactions will be warehoused until the value date, and thereafter processed accordingly. Transactions that have past value dates, exceeded cutoff times, or dated on non-business days will be prompted as invalid during the transaction creation process.
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8. Can I amend the transaction after it has been submitted it to the bank?
The bank will process transactions that have been approved successfully according to the specific value date. Authorized signatories can only attempt to hold up the payment by calling Remittance Hotline (852)3668-9068 if the transaction hasn't been processed. To cancel/amend/stop the transaction, customer has to submit written instructions:
• fax to Payment Operations (852) 2806-5482 if they had signed the fax indemnity or;
• submit at any of DBS branches or;
• by mailing to the following address:
DBS Bank ( Hong Kong ) Limited
Attn: Payment Operations - Remittance
11/F Southeast, Somerset House,
Taikoo Place , 979 King's Road,
Quarry Bay , Hong Kong
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