FX Transactions: Live Rates and Rejections

When you create an FX transaction, we offer a real-time rate and lock it in until the payment is approved.

Once approved by your team, the payment is released to the recipient. This approval step ensures all payment details are correct before the transaction is final.

However, mistakes can happen, leading to payment rejection. Common issues include:

• Duplicate payments (mitigated by our duplication warnings)

• Incorrect recipient

• Wrong recipient information

• Incorrect amount

If an approver rejects a payment, it prevents the payment from being sent. However, due to the locked-in rate at the time of initiation, cancelling the transaction can result in a loss, often yielding fewer dollars than initially used.

Tips for FX Payments

To minimize errors, we recommend:

• Reviewing the recipient template thoroughly. Requiring recipient approvals can help prevent typos, incorrect instructions, and unauthorized entries.

• Double-checking the payment amount, recipient details, and invoice information before initiating the payment for approval.