Autogiro

BFS Version: 2.X

Autogiro in BFS

Autogiro is used to automatically transfer payments to the payee on the day of payment, either too early or too late. Autogiro can be used entirely electronically, by file transfer. A precondition for autogiro is that the payer gives consent, a mandate, that money automatically gets transferred from the payer's bank account to the payee.

For more information about autogiro, go to www.bankgirot.se

Process Autogiro - BGC (Bankgirocentralen) versus BFS

BFS Account --→ (Buy/Sell/Autogiro In/Autogiro Out) --→ BGC Autogiro Mandate ----→ Bank Account

Bank Account ---→ BGC Autogiro Mandate ---→ BFS Account

In this article we explain how to configure BFS for handling external orders via autogiro. 

Note: Currently it's only fund traded with MFEX that can be traded via autogiro.
 

The autogiro functionality is carried out in several steps.

1. Customer Mandate

Before any deposit or withdrawal can be made from a customer account, a customer mandate has to be created.
A mandate is an agreement between a payer and a payee, which is necessary in order to use autogiro. The payer agrees to that the payee debits the payer's bank account by autogiro.
In BFS the customer can provide a form to the end customer in which the payer fills in their personal information and their signature, which is valid as the payer's mandate to the payee.  This form may be on paper or electronic.
Read more about how to create a customer mandate in the article How to create an Autogiro permission.

The screenshots below shows the different statuses in BFS before an account becomes active.

All external accounts that have been created are batched into one file and sent to Bankgirocentralen ("BGC"), by the BFS export functionality. 


When exported the status is set to Pending.

 The status Pending means that the mandate waits to become approved by the bank.

BGC sends a file back which is imported in BFS, the status changes to active. The account can be used for trading. This is the process before any trading using autogiro can be performed in BFS.

2. Orders created by autogiro 

Once the account is active orders can be created.
There are different types of orders in BFS, and it depends on what type of order it is and in what way the order is handled in BFS.

Orders

• Autogiro In - these order are handled as Coming orders (on time, monthly, etc).
• Autogiro Out - these orders are handled as Autogiro orders (one time).
• Buy via external account - these orders are handled as Coming orders (one time, monthly etc).
• Sell via external account - these orders are handled as Coming orders (one time, monthly etc).

Autogiro In 

BGC file with autogiro payments are received by BFS, in other words, the money is transferred directly from the customer's bank account. 
After the money has been received on the customer account, Back office staff, partner or end customer can use the money for trade. The money ends up as cash on the current account.

• Go to the top section and choose Accounts.
• Either choose a specific account, or choose Active accounts to view a list with all the active accounts in BFS.
• Select the customer and go to the tab Account Overview. 
• Use the action menu, to select the Automatic Payment option.

• An Automatic Payment pop-up ticket appears on the screen.

This ticket contains information about.

Bank Account -  the customer's external bank account.

Type – what type of order it is.

Periodicity – the frequency of payments to be made.

Business Date – the date of the payment.

Amount – the amount of money that will be transferred. 

• Balance - the current balance of the account.

Comment - a comment can be written related to the payment.

• Click the Confirm button.

• This one time payment on the created day is handled as a Coming Orders.
• To see Coming Orders, go to the top section and choose Order Management.
• Go to section Other Orders and choose Coming Orders.
   
  
  

• These orders are not sent by the usual exports but are run through the "jobs" that are set up in BFS.

• This order is a one time deposit with money to a customer account, which can be used for trading.

Autogiro Out

Orders created by the option Autogiro Out referrs to that money are drawn via autogiro (direct debit). 
The payee can make payments by autogiro to a payer.

• Go to the Dashboard.
• Either choose a specific account, or choose the customer.
• Use the action menu, to select the Automatic Payment option.
  
  

• An Automatic Payment pop-up ticket appears on the screen.

This ticket contains information about.

Bank Account -  the customer's external bank account.

Type – what type of order it is.

Periodicity – BFS supports one time payment.

Business Date – the date of the payment.

• Immediately - If the payment should be made as soon as possible.

Amount – the amount of money that will be deducted from the BFS account.

• Balance - the current balance of the account.

Comment - a comment can be written in connection with the payment

• Click the Confirm button.

• The Autogiro out order is placed.
• The order becomes an Autogiro Orders, and receives the status Active when exported to BGC.

Buy via external account (one time)

The advantage of being able to trade directly via autogiro is that customers don't have to wait for the money to be transferred to the BFS account. If the trade is performed using autogiro the customer is only trading the sum to which the purchase relates.

• Use the action menu, to select the Buy Mutual Fund (MFEX) option.

• A Buy Mutual Fund pop-up ticket appears on the screen.

This ticket contains information about.

Product -  the current product, the price of the product and a minimum amount if this is valid for the product.

Account – the customer account, name of the customer and the current balance on the account before the trade is made.

Settlement account - is the same as cash account, that is where the money is deducted.

Bank Account -  the customer's external bank account.

Type – what type of order it is.

Periodicity – BFS supports one time payment.

Business Date – the date of the payment.

Amount – the amount of money that will be deducted from the BFS account.

Comment - a comment regarding the order can be written 

• Click the Confirm button.

A one time buy is handled as a Coming Order. The trade is carried out from the external account and not the cash account the customer has in BFS.
All the coming orders are handled by an automatic batch job which processes the orders. 

Buy via external account (monthly etc)

See the above description about to buy via external account (one time), which is the same process for monthly trading.
The difference is that the periodicity is changed to Monthly.

• Click the Confirm button

A monthly buy is handled as a Coming Order. All the coming orders are handled by an automatic batch job which processes the orders. 

Sell via external account

To sell via external account in BFS, we proceed from the customer's position. It is here that the customers assets is shown.

• Go to the customer's Account Overview
• On the tab Overview, section Positions, an overview of the customer´s assets is shown. 
• Use the Trade button to choose the Fund the customer wants to sell. 

• A Fund ticket appears on the screen.
• Click the sell button.
• A Sell pop-up ticket appears on the screen.
  

This ticket contains information about.

Product -  the current product, the price of the product and a minimum amount if this is valid for the product.

Account – the customer account, name of the customer and the current balance on the account before the trade is made.

Settlement account - is the same as cash account, that is where the money from the sell is deposit.

External Account -  the customer's autogiro (direct debit) account.

Type – what type of order it is.

Periodicity – BFS supports one time payment.

Size type – how the sell is made.

Order – for how much the customer is going to sell.

Comment - a comment regarding the sell order can be written 

• Click the Confirm button.

A sell order is created and a reservation is made.

• Use the Action menu to Create a Fund Batch Order.
• A Create Fund Batch Order pop-up ticket appears on the screen.

• Click the Confirm button to create the batch order.
  

• A group order has been created.
• Click the Group Order button to proceed with the sell order.
  
  
• Use the Action menu to Send the batch order.
• A pop-up ticket appears on the screen.
  
  
• Click the Confirm button to send the sell order.
  
• Go back to the Account Overview, and the Overview tab, the fund sell order has received the status Sent.

• Use the Action menu to Confirm the batch order.

• Click the Confirm button.
• A Confirm pop-up ticket appears on the screen.

• Click the Confirm button.
• Use the Action menu to Execute the batch order.

• A Execute pop-up ticket appears on the screen.

This ticket contains information about.

Trade Date -  the date when the trade is carried out.

Execution Date – the date when the batch order is executed.

Price Date - ?

Price - the price of the product/ instrument

Amount/Qty - the amount or quantity of the order.

• Click the Confirm button
• Use the Action menu to Settle the batch order.

• A Settle pop-up ticket appears on the screen.

This ticket contains information about.

Business Date - the day on which a transaction has been carried out.

Settlement Date - date when the order is settled.

• Click the Confirm button to settle the order.

• The sell order becomes an Autogiro Out order.
• Go to the top section and choose Autogiro orders.
• The sell order is placed.
  
  
• Use the Action menu to Activate the autogiro out order.

• An Activate pop-up ticket appears on the screen.
  
• Click the Confirm button to activate the order.
• Use the Action menu to Confirm the autogiro out order.
  
• A Confirm pop-up ticket appears on the screen.

This ticket contains information about.

Business Date - the day on which a transaction has been carried out.

Status - if the payment is approved or not.

Custody account - the account where the order is settled.

• Click the Confirm button.
• The sell order receives the status Finished.

• Go back to the Account Overview, and the Overview tab.
• In the section Transactions, the sell order and the autogiro withdrawal are shown as transactions. 

File transfer - Autogiro

The files that the payee transmits to BGC can contain different types of assignments. These are organized in sections, beginning with a header record.
A record should contain a unique transaction identification code (TK) that tells you what kind of information the current record contains, together with the information, such as a mandate, a settlement or a cancellation or rejection.
The records follow traditional 80 character layout, divided into fields with different content.

The illustrations below describes examples of the export and import files that are used with the autogiro functionality in BFS.

Export

In BFS there is only one export file containg all the different types of assignments. This export file is sent to BGC.

• Mandate - New accounts created in BFS together with the mandate applications. 
  
• Order - Orders created in BFS.
• Cancel - Orders cancelled in BFS.

Example file 

Import

For imports from BGC there are one file each for different types of assignments. 

• Mandate - Mandate applications sent from BGC and imported in BFS.
  
• Payments - Payments from BGC and imported in BFS.
• Rejects - Payments rejected by the bank.
  
• Cancelled - Order payments cancelled in BFS are imported from BGC, verifying the cancellations.

Example file - Mandate

• Go to the top section and choose Order Management
• Choose Autogiro Orders.
• Click on the Import button, to import the file from BGC.

• It is important to choose the right file to import. 

• If the same file is imported twice, a message appears on the screen informing that doublets may be imported in BFS.

Batch jobs - is set up along with the autogiro functionality in BFS.

As default it is scheduled to be triggered 04:00 if nothing else has been decided. 

List and filter autogiro orders

Lists all autogiro orders in BFS, both Autogiro Out and Autogiro In. External orders via Autogiro In means that money is inserted into a BFS account via autogiro. 
While external orders via Autogiro Out referrs to that money are drawn via autogiro. 
Read more how to filter autogiro order in the article /wiki/spaces/KB/pages/79069315.