Sub-account transfers

What is sub-account transfer

Sub-account transfer is a key functionality within the Partner platform designed to facilitate cash transfers between top-level accounts efficiently. This digital process aims to minimize execution time by reducing manual handling and potential errors associated with traditional transfer methods. It supports both same currency and cross-currency transfers, with the latter involving live currency conversion presented as an indicative value in the transfer module. Transfers occur directly between accounts without any counter-booking on funding accounts.

User Journey

The sub-account transfer is initiated from the top-level partner user/house, selected from the client tree (1) --> press the “Transfers” button (2) --> “Deposits and transfers” (3)

Next, the user should select the “Sub-account transfer” option, from the “Deposits and transfers” ticket:

Same Currency Transfers

The “Sub-account transfer” ticket will appear. If both accounts involved in the transfer have the same currency, an intra-currency transfer will occur, meaning the cash amount will remain in its original currency. This condition is visually indicated in the transfer ticket by a grey shadow marking on the currency field (see image below), which is non-editable. The ticket also displays the cash balance before and after transfer for both “From account” and “To account”.

Cross Currency Transfers

For accounts with differing currencies, a cross-currency transfer is initiated. Users have the option to specify the transfer amount in the currency of either the “From account” or the “To account”, selectable from a dropdown menu (highlighted in the image below). In addition, the platform will show the indicative conversion rate for the currency exchange.

Verification

A verification overview follows the sub-account transfer ticket, requiring user confirmation before initiating the transfer. This overview summarizes crucial information regarding the transfer.

Platform Notifications

After the transfer is initiated and executed, the top-level user receives notifications on the Partner platform, confirming:

• The withdrawal amount from the “From account.”
• The deposit amount into the “To account.”

Authorization Roles

Access to the Sub-account transfer functionality is regulated through specific authorization roles. Separating these roles enhances compliance and control. Please read which roles are applicable for Sub-account transfer here.