← Transfers

Internal transfers

Internal transfers are the most common transfer type for your end users: moving money between accounts within your institution. While performing the transfer is a simple task for the user, the action behind the scenes can be complex. Transfers vary based on when they are performed, how they are scheduled, and the core your institution uses.

Immediate internal transfers

When a user does not set a future date for a transfer, the transfer is processed as soon as possible. We call these transfers immediate transfers. These transfers will be posted as soon as possible and cannot be edited or reversed through Banno Apps.

Processing immediate transfers

Immediate internal transfers are written directly to the JHTRAN file in your institution’s core after verifying available funds.

Verifying available funds

When a transfer is submitted, the Banno Platform sends the transfer amount and an available balance table number to your institution’s core. The core determines if there are sufficient funds based on a calculation using that table number. The table number used depends on the type of NetTeller ID used for each end user.

Retail IDs
Retail end users utilize a table number configured in Banno. If your institution has migrated from NetTeller, this number will usually be an equivalent value to the one used in NETPAR Internet Banking General Parameters.
Cash Management IDs
Cash management end users use the table number set in NetTeller for their NetTeller ID.

If sufficient funds cannot be found, the end user will receive an error notifying them that they have insufficient funds to complete the requested transfer.

Posting immediate transfers

Immediate transfers memo post as soon as the user enters the transfer. Transfers are hard posted during the end-of-day process. While the transfer screen can display a cutoff time to the end user if configured in Banno People, this end-of-day core process determines when a transfer hard posts. If a user enters a transfer after end-of-day has already begun, the transfer will be hard posted the next processing day.

Editing immediate transfers

Immediate transfers cannot be edited or reversed through Banno Apps. If a user wishes to edit or reverse a transfer they have submitted through Banno Apps, they must contact their financial institution to do so.

Silverlake institutions

Note that Silverlake institutions can delete internal immediate transfers by navigating to the Customer & Account Inquiry section of Xperience. Internal immediate transfers can be found in the Other section and can be deleted from that screen.

Future internal transfers

Future-dated and recurring transfers are a bit more complex than immediate transfers. Both future-dated and recurring transfers use the same mechanisms within the Banno Platform, specifically utilizing Automated Fund Transfers (AFTs) to perform all scheduled transfers.

Processing future transfers

As the AFT system does not support one-time transfers, one-time future-dated internal transfers are created as monthly recurring transfers. These transfers then expire after the first instance of the transfer has occurred. While end users see these transfers as one-time transfers in their app, enterprise users at your financial institution see these transfers in core as monthly transfers.

Note: All future-dated and recurring transfers utilize the AFT system. This means that any parameters that apply to AFTs will apply to all future-dated and recurring transfers created in Banno Apps. Your institution should ensure AFTs are configured appropriately for these types of transfers.

Note for NetTeller users

If your institution uses NetTeller alongside Banno Mobile instead of Banno Online, future internal transfers created in one system are usually not displayed in the other. If your institution has configured NetTeller to show AFT transfers, Banno transfers will be visible in NetTeller. While generated transactions are visible in both systems, transfers are best managed in the system they were created in.

Verifying available funds

AFT parameters determine if there are enough available funds to complete a transfer at the time the transfer is scheduled to complete. As this verification is based on AFT parameters rather than the table numbers immediate transfers use, the results of each verification method may differ.

Posting future transfers

AFTs created through banno will memo post and hard post based on your institution’s AFT parameters. This means your configuration will determine if future transfers created by your end users are memo posted, as well as when they memo post if so.

For detailed information and help with your institution’s AFT parameters, please reach out to your core support representative to ensure that changes made for usage with Banno do not affect any other uses of AFT for your institution.

Canceling future transfers

Future and recurring transactions can be canceled at any time before processing. The end-user can select the transfer from the Transfers screen and cancel the transfer using the Delete button.

Transaction codes

The Banno Platform determines which transaction code to apply to any transfer based on the types of From and To account for each transfer. The defaults assigned by the Banno Platform are the most reliable codes to ensure all apps work properly. If your institution needs to change any of these transaction codes, please contact your support representative.

FAQ


Why aren’t cutoff times enforced by Banno Apps?
If the configured end-of-day is set to a different time than the configured cutoff time, a user can create a transfer in the period between the two times. In some cases, this can cause a user to complete a transfer without a memo posted transaction appearing, often leading the user to resubmit the transfer. This can lead to transferring more money than intended. Instead, Banno Apps inform the user of the cutoff time, but processing transfers is based purely on the configured end-of-day.
Do Banno Apps support interest- or principal- only transfers to loans?
Banno Apps currently support principal-only internal transfers to loan. We do not support interest-only transfers at this time.