Drawing down against a Forward

When a Forward becomes available, you can draw down against the available balance to make payments to beneficiaries or to send funds to your Multi-Currency Account.

Note: You must have a current (not expired) GMEI number in order to book forwards and forward drawdowns. If you do not have a GMEI number or it has expired, you will see a warning message at the top of Your Dashboard, and you will not be able to book forwards. If that is the case, contact your Account Manager.

You can draw down from more than one forward at a time as long as they are in the same currency. By drawing down from multiple forwards, you have access to more funds than are available in a single forward. You select all of the forwards you want to use first and then you create the drawdown.

There are two ways to drawdown against the forwards in Corpay Cross-Border:

1. You can individually select the forwards from the dashboard. For more information, see Selecting the forwards.

2. You can also mass drawdown from one or more available forwards using file upload. For more information, see Drawdown using File Upload.

Selecting the forwards

There are two ways to select the forwards you want to draw down - from the Forwards grid at the bottom of Your Dashboard, and from the Available Forwards page.

Creating the Forward Drawdown

1. After you select the forwards you want to draw down, scroll to the bottom of the grid, and click CREATE DRAWDOWN.
   The Payment Instructions page appears.
   On the right side of the page, you can see the total available balance and the numbers of the deals that you are drawing against.
   
   
   
2. Specify where you want to send the payment.
   To send the payment to a beneficiary, in the Beneficiary field, you can start typing a sequence of characters that are in the beneficiary's name.
   As soon as you enter at least three characters, the system starts searching for matches. All beneficiaries whose details match the search criteria you entered are displayed in a dropdown list. The more characters you enter, the more refined the search results.
   Note: The characters you use to search are not context sensitive, and can include spaces.
   
   
   How to send the payment to your Multi-Currency Account

   If you are enabled to use Multi-Currency Account, follow these steps to send the payment to your Multi-Currency Account instead of to a beneficiary.
   

   • Click the Multi-Currency Account toggle, which is located above the Beneficiary field.
     The field name changes to Multi-Currency Account.
     
     
   • From the Multi-Currency Account dropdown list, choose the Multi-Currency Account to which you want to send the payment.
     
     Note: When you are sending the payment to a Multi-Currency Account, you do not need to complete the Payment Method or Purpose of Payment fields.
     
     After you select the Multi-Currency Account, you can hover your mouse over the DETAILS label (just below the field) to view summary information.
     
     
     
     Multi-Currency Account details include:
   • Ledger Balance—The amount that was in the Multi-Currency Account at the end of the previous business day.
   • Held Balance—The amount in the Multi-Currency Account that is allocated to cover payments that have been scheduled but are still incomplete or outstanding.
   • Available Balance—Ledger value minus Balance Held value. This is the amount that is available to use.

3. Complete any of the fields that are not automatically filled in.
   Mandatory fields are indicated by an asterisk (*).
   Note: By default, the Amount field displays the total amount that is available; however, you can change the amount if you want to send payments to more than one beneficiary. As you add additional payments, the value in the Amount field is updated with the remaining balance.
4. If the payment is being sent on behalf of another person, enter the person's name in the Remitter field. In the Remitter field, start typing a sequence of characters that are in the remitter's name.
   As soon as you enter at least three characters, the system starts searching for matches. All remitters with details that match the search criteria you entered are displayed in a dropdown list, and the matching portion is underlined. The more characters you enter, the more refined the search results.
5. Optionally, attach any related documents to the payment. For more information, see Attaching documents to payments.htm.
   
6. Click ADD PAYMENT.
7. Optionally, repeat steps 5 to 8 to create another payment against the remaining balance (if applicable).
8. If you enter a drawdown amount that is greater than the available balance in the selected Forwards, you will see a message that tells you that the Forward balance is less than the amount of the payment. Click CREATE SPOT TOP UP to add the additional funds, or click CANCEL and then edit the payment amount so that it does not exceed the available balance.
   
   
   
9. Proceed to the section Completing a Forward Drawdown.

Drawdown using File Upload

Instead of selecting each forward contract individually from the dashboard, you can batch drawdown from multiple forward contracts using a single template file. To upload a drawdown import file,

1. In the toolbar, click Upload. The Upload Center opens.

2. From the Template dropdown list, choose Corpay Drawdown Import (CSV).
   The drawdown import file must contain valid information to batch drawdown from the available forwards contracts as well as information to create or update beneficiaries and remitters who will receive those payments. You can drawdown from available Open Forwards and Closed Forwards at maturity.

3. Locate the file you want to upload, and then drag the file into the file drop area. For more information, see Uploading a file
   

For more information to book drawdown payments, see Booking uploaded payments.