Converting funds from one currency to another is a core part of the international payments process. A set of new features has been created in order to offer full control of the conversion process, from the quoting to the creation, the update and all the way to the cancellation of a conversion.
This functionality is available to users with the relevant permissions and can be accessed through the conversion pages of Currencycloud Direct at any time, beyond normal business hours. This guide focuses on the cancellation process for conversions, including quoting and realized losses.
Conversion cancellation is a feature driven by permissions and is only available for House Account level users. Users with this permission can cancel conversion both on their own account as well as any of their sub-accounts. The feature is available both for users that are enabled or disabled for Currencycloud Account Balances. Note that only conversions that are in “Awaiting Funds” status can be canceled.
Canceling a conversion
Use the “Conversions” tab on the “Search” page on Currencycloud Direct in order to find the conversion that needs to be canceled, as shown in the screenshot below.
Click to see the details of the conversion. If the conversion is in “Awaiting funds” status and the user has the relevant “Conversion Cancellation” permission, a “Cancel conversion” button is available on the bottom of the screen as shown on the example below.
By clicking on the “Cancel conversion” button, the user gets a quote on how much canceling the selected conversion costs. The user can always get a new more recent quote by clicking on the “Requote” button. Note that this is an estimation of the cost. Also, if the cost is more than £15,000 (or the equivalent amount in a different currency), the cancellation cannot be completed through the online application and Customer Support intervention is required.
By clicking the “Proceed” button, the conversion is canceled and a confirmation message is shown to the user.
The loss generated by the cancellation is always available on the corresponding conversion page for the users, who has the conversion cancellation permission, to view. Finally, an email notification to confirm the conversion cancellation is sent to the user that executed the cancellation.