How to Create an FX Payout

1. Go to the Accounts Payable module.

2. Click the Create Payout button located in the top-right corner of the screen.

A payout form will slide in from the right-hand side. Fill in the required details:

3. Enter the amount you wish to send.

4. Select the currency you wish to send the funds in.

5. Select the NoFrixion account from which funds will be sent.

If the selected account is in a different currency than the payout currency, an FX conversion will be automatically applied at the time of payout.

6. Choose the payment destination:
   • A saved beneficiary
   • An internal NoFrixion account
   • A new recipient (manually enter name and IBAN).

Note: Only beneficiaries and internal accounts that match your selected payout currency will appear.

If you’re sending to a new recipient, you will need to choose the destination type based on the recipient’s bank details:

• IBAN: For accounts in Europe or any region that uses IBANs (ideal for SEPA and EUR payments).
• SCAN: For UK recipients using a sort code and account number (standard for GBP domestic payments).
• BIC/SWIFT: For international transfers to countries that do not use IBANs.

7. Enter the Text for recipient, i.e., payment reference. This text will appear on the recipient’s statement.

8. Enter the Text for own account, i.e., an internal reference. This will not be visible to the recipient.

9. Add any notes for your team. This will not be visible to the recipient.

10. Choose whether to send the payout immediately or schedule it for a future date.

Advanced Configuration

If you’re sending a payment in euro, you’ll see an option to select a payment rail at the bottom of the payout form. By default, the system automatically chooses the most suitable rail based on the payment destination and amount (e.g., SEPA Instant or SEPA Credit Transfer).

You can manually override this selection if you prefer to use a different rail that better suits your requirements. For example, if you need to send a high-value payment or ensure same-day settlement, you may choose to send the payment via Target2 instead.

Note: Selecting Target2 will incur an additional fee.

Authorisation Options

Your authorisation options depend on your user permissions:

• If you have authorisation permissions enabled: Click Create payout. You’ll confirm the payment using multi-factor authentication (MFA).

• If you do not have authorisation permissions enabled: Click Create payout. The payout will appear in the 'awaiting authorisation' tab and need to be authorised by a user with authorisation permissions enabled.

On the Authorisation page you will be able to review the FX rate. Once you're to proceed click Authorise.

Once submitted, the payout will appear in the Payouts table, listed under the Awaiting authorisation tab for further action.