Question 1

What are the validation rules for my one-time batch payment template?

Accepted Answer

When completing your batch payment template, please ensure you follow the validation guidance below to avoid any errors when processing your payments.

Please Note

The remaining fields in the spreadsheet are not required but can be requested for recipients with specific country/currency combination
Either BankAccountNumber or IBAN or BankClabe must be populated depending on the currency and country of recipient. Bank details must meet international format
Either BankSortCode or BankBIC or BankABA must be populated depending on the currency and country of recipient. Bank details must meet international format
You will be provided with a summary of failed payments, which will need to be corrected and submitted again.

Question 2

How do I reassign a spare card to a named user?

Accepted Answer

The 'Reassign Cards' feature can be used if you have ordered spare cards ahead of a project or requirement (eg. SPARE CARD 1 / SPARE CARD 2 etc) and are now ready to assign them to nominated users.

Reassigning a card will update the email address, date of birth and mobile number associated with the card, enabling the new user to sign into the account and manage the card. Existing users will be able to view the card within their account, and new users will recieve an instant activation email.

Watch quick video -

Follow these steps -

Reassign to an existing user:

Step 1

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Sign in and click on 'Manage Cards' in the navigation bar.

Step 2

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Locate the card you want to reassign, and click it to open the Card details panel.

Step 3

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Click the 'REASSIGN CARD' button.

Step 4

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Choose 'Select existing cardholder' and then click 'Next'.

Step 5

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Search for the email address of the existing user who you want to reassign the card to. Select this user and click 'Continue'.

Step 6

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Check the details are correct and click 'Reassign card' to finish. The card will be added to the user's existing account, so they can sign into the app to reveal their PIN and manage the card.

Reassign to a new user:

Step 1

https://malcolm-en-gb.s3.eu-west-1.amazonaws.com/instances/SP7vclLu5H/resources/cMAJjLXjeA/FAQ%20STEPS%20FINAL%20SIZE%20%2814%29.png (Step 1)

Sign in and click on 'Manage Cards' in the navigation bar.

Step 2

https://malcolm-en-gb.s3.eu-west-1.amazonaws.com/instances/SP7vclLu5H/resources/XKaTVEciE7/1.png (1 (1111111111111140).png)

Locate the card you want to reassign, and click it to open the Card details panel.

Step 3

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Click the 'REASSIGN CARD' button.

Step 4

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Choose 'Create new cardholder' and then click 'Next'.

Step 4

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Enter the details of the new cardholder and click 'Create'.

Step 6

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Check the details are correct and click 'Reassign card' to finish. The new user will receive an activation email, and be able to view and manage the card via the app.

When should I use this feature?

Question 3

How do I close a Centtrip card?

Accepted Answer

If you want to close a Centtrip card which is no longer required, you can do this within the 'Manage Cards' section of your desktop account.

Please note - you will only be able to access this feature if you are a corporate account holder. For personal accounts, please contact Centtrip Support.

[how-tos][figure]Sign in and click on 'Manage Cards' in the navigation bar. [/figure][[figure]Use the filters or search-box to locate the card you want to close.[/figure][figure]Click on a card to open the details panel, and then click 'CLOSE CARD'. [/figure][/how-tos]

Question 4

What is a forward contract and how do they work?

Accepted Answer

What is a forward contract?

A forward contract (or forward trade) is an agreement to buy or sell a specific amount of currency, at a predetermined exchange rate, on a specific date in the future. Forward contracts are derivative financial instruments (i.e. their value is dependent on the changing value of the currencies involved) which are used to mitigate adverse currency fluctuations - they are used by many businesses to protect profits and bottom lines.

Forward contracts are priced in the same way as SPOT contracts, where a spread is charged to the FX rate. Forward pricing can vary from SPOT pricing based on numerous factors, including interest rate differentials between the 2 currencies and the period you are looking to secure the exchange rate for.

What are the benefits?

Gain protection against adverse moves in exchange rates - a fixed rate means budgets and forecasts will not be affected by FX volatility
Simplify your budgeting and forecasts with a guaranteed rate of exchange.
Enjoy a greater degree of certainty - be better able to predict cash flows and understand what will be received.
Lock in a favourable exchange rate now, for future currency requirements.
Enjoy a flexible payment plan - pay in full on a chosen date or spread your payments over the contract period.

What is required to secure a forward contract?

All forward contracts require an initial deposit on the contract to secure the trade. The deposit is held against the contract and will be deducted from the final drawdown of the contract.

EXAMPLE:

Company A has a requirement to convert 1m USD into GBP in 6 months. Noting that the exchange rate is currently advantageous, they book a forward contract to mitigate any adverse moves in the market. On execution of this trade, Centtrip require Company A to pay an initial deposit of 10% (USD 100,000.00), which will be taken off the final sum of the amount due on the contract.

Company A's contract protects them from any adverse moves in the market, and avoids any currency risk - in 6 months, they know exactly what rate of exchange they will get when converting USD to GBP.

What is a ‘Margin Call’?

Throughout the contract, Centtrip’s treasury team will monitor the trade against the performance of the market.

If the market should move by 5% against the value of the trade, Centtrip will require additional collateral known as ‘Variation Margin’, to hold against the contract, in addition to the 10% deposit. It should be noted that this is not a charge/cost, this will be held additionally to the initial deposit.

This request for ‘Variation Margin’ is known as a ‘Margin call’ and needs to be sent to Centtrip within 48 hours of the request, subject to weekends and Bank holidays.

If Centtrip exercises a ‘Margin Call’ on a specific trade, this will be held against the forward contract, alongside the initial deposit. The additional collateral is held against the forward contract until its maturity date and then taken off the final sum of the amount due on the contract.

Please note, if required Centtrip may exercise multiple margin calls.

For more information, please refer to our Forward Contract Addendum.

What if I can’t pay the ‘Margin Call’?

If the ‘Margin Call’ request is not met within the timeframe of 48 hours, Centtrip reserves the right to close out the forward contract. In this scenario, if there is a financial loss, this will be taken from the initial deposit and any funds held against the trade. Should the financial loss exceed these amounts, this will be passed on to the client.

Things to consider before booking a forward contract.

Given that forward contracts are a derivative financial instrument, there is risk involved, as the market could move against the rate of the contract. The value/position of the contract will be monitored by Centtrip’s treasury department on an ongoing basis to make sure that we hold enough collateral against the contract.

You need to be aware that should the market move adversely, Centtrip may require additional funds to be sent within 48 hours notice. As a business, you need to make sure there is sufficient cash flow to facilitate more than one ‘Margin Call’. The longer the required duration of the contract, the greater the risk of the contract itself.

Is a forward contract right for you?

If you have any questions about the information above, or are not sure whether forwards are suitable or the best choice for you, please get in touch. Our expert team will help you make an informed decision based on your requirements. If we do not believe a forward trade is right for you at this stage, we will tell you.

Question 5

How do I approve payments?

Accepted Answer

If you have with authority to approve payments, you will receive a notification whenever a payment is submitted.

Sign into your Centtrip account
Select 'Send Payments'
Then 'APPROVALS'

Question 6

What is a one-time batch payment?

Accepted Answer

Centtrip's one-time batch payment feature enables you to make one-off payments to multiple recipients, by uploading a single spreadsheet containing all recipient account and payment details. You do not need to upload a seperate list of beneficiaries, and their details are not saved after the payment, so your account is kept clear of unnecessary details.

Follow these steps to make a one-time batch payment

Question 7

How do I sign in?

Accepted Answer

Activate your account

If you are new to Centtrip and/or have never signed in before, you'll first need to activate your account and create a password. You can then sign in via your desktop, or the Centtrip app.

Sign in via your desktop

Sign in via the Centtrip app

Download the Centtrip iOS or Android app.
Tap 'LOG IN' and sign in with your email address and new password.
Get a quick tour of what you can do with the app.

Question 8

How does Centtrip safeguard my account?

Accepted Answer

How do I know my money is safe?

Centtrip Limited is authorised as an Electronic Money Institution (EMI) by the Financial Conduct Authority (FCA) to issue e-money. Centtrip is required to safeguard funds received in exchange for e-money that has been issued.

The specific regulations that Centtrip must comply with are set out in detail within:

Regulation 20 of the Electronic Money Regulations 2011 (EMRs);
Payment Services Regulations 2017(PSRs); and
Chapter 10 of the FCA Approach Document.

How does Centtrip safeguard my money?

Centtrip itself only issues e-money to customers for certain types of transactions and in relation to limited number of currencies. All other e-money is issued by PFS Card Services (Ireland) Limited (PCSIL) pursuant to the terms of an authorised distribution agreement that is in place between Centtrip and PCSIL.

Centtrip is the e-money issuer and will safeguard funds on account which are held in the following currencies:

AED/UAE Dirhams
BHD Bahraini Dinar
CNY Chinese Yuan
KWD Kuwaiti Dinar
MXN Mexican Peso
SGD Singapore Dollar

For all other currencies, PCSIL is the e-money issuer.

Centtrip will also safeguard funds for e-money that is issued as part of carrying out the following types of transactions:

Settlement of a FX conversion where funds are received after confirmation and onward payment is made to another account following receipt of the sold currency. This means that e-money will be issued by Centtrip in relation to any payment that is directly related to the settlement of an FX conversion where the sold amount is sent to Centtrip after execution of the transaction and onward payment is being made to another account (and not held on account); and
Settlement of a forward FX conversion. This means that on receipt of the sold currency from the customer, the purchased currency amount is issued as e- money by Centtrip and onward payment made as an e-money related payment.

In all other instances, PCSIL will ensure that relevant funds (which is the Available Balance on the Centtrip Card) are segregated from their operational funds and held in the Customer Funds Account in accordance with the safeguarding requirements of the Electronic Money Regulations 2011. In the event that PCSIL became insolvent those funds would be protected against claims made by any of PCSIL’s creditors.

For e-money issued by Centtrip, we use the segregation method of safeguarding. This means that funds received for e-money are segregated immediately upon receipt and held in safeguarding accounts with our banking partner, Arbuthnot Latham. These funds are held separately from Centtrip’s own operational funds and working capital.

Centtrip does not maintain a safeguarding account for each individual customer. Rather, Centtrip holds pooled accounts in the name of ‘Centtrip Client Money Accounts’ in each currency for the purposes of issuing e-money. Centtrip performs ongoing reconciliations of its safeguarding accounts throughout the working day.

Centtrip’s banking partners have all been requested to provide a warranty that the safeguarded funds will not be used to satisfy or offset any other obligation including those obligations imposed on Centtrip itself. Centtrip’s banking partners and card provider are authorised in the UK and in the European Economic Area (EEA).

Which types of transaction are safeguarded?

In EMRs, safeguarding applies to what are described as 'Relevant Funds'. These are defined as sums received ‘in the form of payment by a payment instrument only have to be safeguarded when they are credited to the EMI’s payment account or are otherwise made available to the EMI, subject to the requirement that they are safeguarded by the end of five business days after the date on which the e-money was issued.’

Centtrip’s own funds must be held on different bank accounts as these monies are not safeguarded.

When does safeguarding apply and for how long?

Safeguarding should start immediately, once 'Relevant Funds' have been ‘credited to the EMI’s payment account or are otherwise made available to the EMI’. Centtrip is then under an obligation to safeguard Relevant Funds up until the point Centtrip has provided a payment instruction to our payment service provider and the funds have been remove from our payment account. At this point, the funds can no longer be said to be within Centtrip’s control.

Can I have confidence in Centtrip’s safeguarding processes?

Centtrip conducts an annual audit of its compliance with the regulatory safeguarding requirements.

has up-to-date documented safeguarding systems and controls;
holds records that demonstrate and explain the rationale behind its safeguarding decisions; and
fully discharges its safeguarding obligations as prescribed by the relevant legislation.

Question 9

Why was my card transaction declined?

Accepted Answer

You can check the reason for a declined transaction in your desktop Centtrip account.

https://malcolm-en-gb.s3.eu-west-1.amazonaws.com/instances/SP7vclLu5H/resources/mepFcZPQDY/Screenshot.png (Declined Transactions)

The most common reasons are:

Insufficient Funds - an Administrator will need to load additional funds to the card.
Offline pins exceeded or Restricted Card - your card has been temporarily blocked due to too many incorrect PIN attempts or an offline terminal. Please contact Client Support to unblock it for you.

Question 10

What should I do if I can't find my account activation email?

Accepted Answer

If you cannot find an email inviting you to 'Activate your account', simply follow our forgotten password process to reset your password and sign in.

Using your desktop account

Visit account.centtrip.com
Click 'FORGOT PASSWORD?'
Enter your email address and date of birth and select 'NEXT'
You will now be prompted to enter a verification code. If the details you have entered are correct, this will be emailed to you.
Enter and confirm your new password and click 'CHANGE PASSWORD' to save.

If you do not receive your verification code, please contact Client Support.

Using the app

Open the Centtrip app for iOS or Android
Tap 'LOG IN'
Select 'FORGOT PASSWORD?'
Enter your email address and date of birth and select 'NEXT'
You will now be prompted to enter a verification code. If the details you have entered are correct, this will be emailed to you.
Enter and confirm your new password and click 'CHANGE PASSWORD' to save.