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Funds Transfer

Business Scenario 1

  • You are playing the role of a funds-transfer officer.

 

  • Party A wants to gift cash PHP111 to Party B.

 

  • Party A has approached you to transfer funds to Party B via electronic transfer. 

 

  • Since fund transfer activity is performed at a branch, you inform the remitter that PHP11 will be deducted as service charge. 

 

  • Perform the transaction in Flexcube UBS.

Business Scenario 2

  • Alice, a software professional at Philippines, invites her mom to stay with her for a month.

 

  • As Alice had 2 savings account in Philippines, she insisted her mom to use one of Alice’s ATM cards during her stay in Philippines.

 

  • One fine day, when Alice’s mom was in the middle of her shopping, Alice suddenly realized that her account doesn’t have much money left.

 

  • So she calls her mom over phone and insists her to go to a nearby bank and asks her to transfer PHP 200 from her account.

 

  • The bank officer insists that there will be a charge of PHP11 to transfer money via branch. Alice’s mom asks the officer to go ahead.

 

  • In a hurry, she provides a wrong account number. She realized it only after the transaction was initiated. 

 

  • So she asked the bank officer whether anything can be made in this situation.

 

  • Bank Officer suggests that he can make a reversal for which the bank would charge PHP22. Alice’s mom is OK with that and proceeds with it. The transaction is reversed.

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  • Play the role of a funds transfer officer and perform the transaction (both funds transfer and reversal) using Flexcube UBS to demonstrate the scenarios.

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