Question 1

What are the additional validation requirements for payment recipients?

Accepted Answer

From 01/02/2024 onward, the following additional validation requirements will apply to your Centtrip payment recipients, to ensure greater accuracy and enhanced security around your transactions.

1) Recipient Name

Initials -

Full names are required; recipients which have only an initial in the first name or last name field for individuals will not be accepted. Each name field must contain at least one full name part

Examples:*

* This applies only for beneficiaries of type 'individual'.

Numeric Characters -

Individual's names should not include any numbers. Company names can include numbers, but should not be made up entirely of numbers.

Examples:

Company Signifiers -

Company signifiers (e.g. Ltd, Inc, SA, GMBH etc.) must not be included in the Last Name field for individual recipients.

Example:

2) Recipient Address Details

The beneficiary address fields should not be populated with only numeric characters:

Before making a payment to a recipient in your Centtrip account, please check that these requirements are met. If not, you can vist Add Recipient and set your beneficiary up as a new recipient.

Question 2

What is a foreign exchange spot transaction?

Accepted Answer

A foreign exchange SPOT transaction (or SPOT trade) is an agreement to buy or sell a particular currency pairing for immediate delivery (within 48 hours), at the current exchange rate. The SPOT Rate is the real-time exchange rate between 2 currencies that we can offer at the point of executing the transaction.

You can purchase currency at the spot rate directly within your Centtrip account.

Question 3

How do I enable Corporate Labels in the app?

Accepted Answer

Streamline your reconciliation by enabling Corporate Labels in the app. This allows cardholders to attach your pre-set labels to expenses in just a tap. All labels are linked to accounting codes (which the cardholder won't see), making it easy to map expenditure to your own accounting practices, with less manual work and fewer errors.

https://malcolm-en-gb.s3.eu-west-1.amazonaws.com/instances/SP7vclLu5H/resources/xkrfuztE6V/Corp%20Labels%20Template%20%284%29.png (Corp Labels Template (4).png)

To begin, sign into your Centtrip account and click Manage Expenses from the Navigation bar.
Click to open 'CORPORATE LABELS' and identify the Label Group(s) you want to add to the app.
Use the 'SHOW IN APP' toggle to switch this Group on (you can switch it off again at any time).
Cardholders will now be able to add your pre-set Corporate Labels to expenses via the app.
Share our guides on how to attach Corporate Labels to expenses and upload receipts with your cardholders.

What are the additional validation requirements for payment recipients?

What is a foreign exchange spot transaction?

How do I enable Corporate Labels in the app?

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