How to Create an International Standing Order on Next Gen CIB? Print

This guide provides step-by-step instructions for creating an International Standing Order Transfer in Next Gen CIB using the iBusiness platform.

Step 1: Navigate to International Transfers

1. Log in to iBusiness.
2. Navigate to: Payment & Transfers ➜ Transfers ➜ Initiate Transfer

Step 2: Select Transfer Type

1. Select Standing Order 
2. Choose International Transfer as the transfer type.

Step 3: Select or Add Beneficiary

Existing Beneficiary

• Use the search bar to locate an existing beneficiary.

New Beneficiary

• You can manually add a new beneficiary 

Individual beneficiary details

Company beneficiary details

Validate the Bank Details 

If you are creating a new beneficiary, the beneficiary's banking details must be validated before you can proceed with the transfer.

1. Enter the beneficiary's IBAN number 
2. Click Validate.
3. The system will retrieve and display the beneficiary bank details.
4. Review and confirm the following information: 
   • Bank Name
   • SWIFT/BIC Code
   • Branch Information
   • Country
   • Beneficiary Account Details

5. You will need to click Validate Details to match them with what you’ve write in the beneficiary details. 

6. When validation is successful, a confirmation message will be displayed indicating that the bank identifier has been validated. 
7. If the displayed information is correct and the validation is successful, click Continue.

Transfer details 

Complete the following fields to proceed with the transfer:

• Debit Account – Select the account from which the funds will be deducted.
• Charges Account – Select the account that will be used to pay any applicable transfer charges (if different from the debit account).
• Transfer Amount – Enter the amount you wish to transfer.
• Currency – Select the currency in which the transfer will be processed.
• Transfer Charges– Choose the charge bearer option: 
  • OUR – Sender pays all charges.
  • SHA – Charges are shared between sender and beneficiary.
  • BEN – Beneficiary bears all charges.
• Customer Reference Number – Enter a reference number for your records and future tracking of the transaction.
• Purpose of Payment – Choose or enter the reason for the transfer (e.g., salary, invoice payment, personal transfer).
• Payment Details – Provide additional information related to the payment, such as invoice numbers or payment descriptions.

• Equivalent Amount (Optional): Displays the estimated value of the transfer amount in your account currency based on the current exchange rate. This helps you understand the approximate amount that will be debited from your account or compare the transfer value in your preferred currency.

• Save Draft: this will save the transfer for later use. Learn More 
• Schedule: 
  • Period – Select the transfer frequency (e.g., Daily, Weekly, Monthly).
  • Start Date – Specify when the recurring transfer should begin.
  • End Date – Specify when the recurring transfer should stop.

Once all mandatory fields have been completed, review the details carefully and click Continue to proceed with the transfer.

Step 5: Review and submit

1. Review the details on the Summary screen
2. Accept the Terms & Conditions

Click Submit

Note: The cut-off time for International Payments

To view the cut-off times, click on the link below to see the complete table of cut-off times. Transfers received after cut-off times will be processed on the next business day.

Step 6: Authenticate the transaction

• A notification will be sent to your paired mobile device
• Approve the request to proceed 

Step 7: Approval (if applicable)

• If your organization follows a maker/checker process, the request must be approved
• The approver should: 
  1. Log in to iBusiness
  2. Go to Transactions > Pending Your Authorizations
  3. Locate the request under International Standing Order
  4. Review and Approve or Reject the request.

Helpful Tips

• Double-check beneficiary details and currency before submission to avoid delays
• Ensure sufficient balance is available for recurring transfers
• Submit international standing orders in advance to account for processing times and cut-offs
• Keep the reference number for tracking