Requests and approvals
How to confirm a Fixed Term Deposit
Record the values agreed by the bank and identify any difference from the request.
Written by Katrin Erb Updated Published Confirm a deposit by re-keying the values supplied by the bank and reviewing every difference from the original request.
Before you confirm
The deposit must be Pending Confirmation. Use the bank’s confirmation or deal ticket as the source. Do not copy an indicative rate into the confirmation unless it is also the rate the bank agreed.
Record the bank-confirmed values
Open the deposit and select Confirmation.
In Verify Details, re-key the confirmed Value Date, Maturity Date, Amount, Rate, Funding Account and Interest on Maturity.
Optionally attach the bank confirmation or deal ticket in Supporting Documents.
Continue to Review & Confirm.
Review every requested and confirmed value. Investigate any discrepancy before submitting.
Confirm the deposit.
Re-key the values from the bank confirmation rather than copying the requested values.
The review step compares each requested value with the value you entered and shows whether they match.
Flinq records who confirmed the deposit and when, saves the confirmed values and changes the status to Confirmed. When the confirmed value date arrives, the status changes to Live.
A value differs from the request
The summary highlights the comparison, but it does not decide whether a difference is acceptable. Check the client instruction, internal approval, bank confirmation and any required escalation. If the bank confirmation is wrong, do not alter the request to make it match; obtain corrected evidence.
Keep reading