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2.3
Few Basic Terms
You must have a clear understanding of a few basic terms before you use these screens to
generate the EFT files:
Batch
A batch is a logical group of records that forms a single transfer instruction EFT file. Accordingly,
one single batch can include transfer instructions records that could apply to any one of the four
business events mentioned above – redemption payments, dividend payments, broker
commission payments or debit orders, as of the date on which (the effective date) the hand-off
files are to be generated.
Instruction Type
Each of the four business events that will result in transfer instructions being sent to the clearing
bureau (for debit orders) or clearing bank (for redemption payments, dividend payments or broker
commission payments), is designated within the system as an instruction type. Therefore, a
single batch can contain records that pertain to a single instruction type, for a given date.
Instruction Medium
The instruction medium is the method using which the interfacing with the external entity is
achieved. Therefore, the medium could be an automated clearing bureau, an electronic funds
transfer, a SWIFT interface, and so on.
Taking a typical example, if the generated transfer instruction files are exported to an external
clearing bank, they may need to be exported through an electronic funds transfer. In this case,
the instruction medium would be EFT or electronic funds transfer.
Settlements and Link Settlement Numbers
Settlement of the records in a batch involves the debiting or crediting of the applicable bank
accounts. For each account that is impacted by the debit or credit entries due to the settlement,
the system generates a number known as the link settlement number. This number is typically
used for tracking the record in the different stages of the settlement.
If more than one of the records retrieved for a batch are to be settled by crediting or debiting the
same unit holder account, then the system internally deems the settlement to be a single one. It
also assesses the number of such settlements, and displays the same.
For example, in the case of redemption payments, let us suppose that a certain unit holder A has
performed redemption transactions T1 and T2, and that these transactions have been allocated
rd
on the date 3 – April - 2000. Let us suppose that the only bank account to be credited as a result
rd
of these transactions is AC1. When you extract redemption payment records for the date 3 April - 2000 in this screen, the system retrieves T1 and T2. When it finds, during the process of
extraction, that both the proceeds of both transactions are to be credited to a single account AC1,
it deems both the transactions as a single settlement, and assigns a single link settlement
number, for both these transactions.
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