About CommBiz International Payments & Foreign Exchange

  • CommBiz International Payments & Foreign Exchange (IPFX) is a fast, convenient and flexible way to manage business, corporate or institutional foreign exchange
  • Undertake foreign exchange transactions including creating spot or forward exchange contracts, make domestic and international payments in foreign currencies, using your AUD or foreign currency accounts
  • This platform provides multiple business solutions to help provide certainty over the risks associated with foreign exchange

Important information

  • If you had access to CommBiz Markets Foreign Exchange, you'll now find IPFX located underneath the Payables tab
  • You'll still have the same tasks and permissions as CommBiz Markets FX but with an improved look and feel
  • Please note: the Create FX Trade feature is only available to customers who have FX Forwards in place. If you require the capability to create forward contracts, please speak to your CommBank representative. You can still undertake foreign exchange transactions in the Make A Payment section.
Business meeting

Video demo

Watch this video demo on how to navigate the CommBiz International Payment & Foreign Exchange (IPFX) experience. 

Log in & locate

  1. Log in using your existing CommBiz ID, password and token
  2. Select the Payables tab
  3. Select International Payments & FX

Your International Payments FX dashboard

Your dashboard provides an overall view and access to:

  • Make a payment, providing flexible and multiple ways to undertake transactions and foreign exchange in one place
  • Create FX Trade, allows you to book forward exchange contracts. This option is only available to clients with Forward FX limits
  • Outstanding FX Trades to view existing contracts, attach settlement instructions or pre-deliver and extend your trades
  • Bulk Settlement to import files and bulk settle them using new or existing FX trades
  • Trades awaiting action including attaching settlement instructions or pending authorisations will display on your dashboard
  • View Payments gives you access to details of all your same currency transactions
  • View FX Trades is your deal history with downloadable information for your business needs
  • Indicative spot rates is a customisable feature where you can update your preferred foreign currency pairs to display on your dashboard
FX Dashboard in CommBiz

Make a payment

Wide range of flexibility to undertake transactions all in one place

  • Make international and same currency payments
  • Transact using your foreign currency accounts
  • Use new and existing FX trades to make FX payments

Enter payment details

  1. On the dashboard, click Make a payment and then the link Enter payment detail
  2. If you're choosing an existing beneficiary first select the Payment Currency from the drop down. Otherwise you can create a new beneficiary on the go
  3. You have the option to fund from an existing same currency account (if you have one setup with CommBank and linked to CommBiz)
  4. Alternatively, select the Debit currency from the dropdown menu
  5. Add the amount you want to pay by clicking on the button beside Payment Amount or Debit Amount. Payment Amount is the amount paid in the currency you want to send; Debit amount represents the amount that will be deducted from your account
  6. Add the reference for your beneficiary,  for example, their invoice number
  7. Choose the purpose of the payment from dropdown
  8. Click Add or if you want to setup multiple payments, choose Add & Enter Next Payment and repeat the above steps

Note on adding multiple payments and currency cut-off times

  • The next available date is already calculated based on the currency cut-off and public holidays in both Australia and the beneficiary currency
  • If you have setup multiple payments in different currencies and the cut-off time has passed for one of those currencies, the rest of your payments will not occur until the next available date
  • Setup individual payments if you wish to process payments before currency cut-off time
New payment screen

Select how you want to pay

  1. Choose from the first available date
  2. Or toggle over to schedule payment and select a future date from the calendar
  3. If you choose a future date, you will have to schedule using a new or existing forward exchange contract

Forward exchange products have risks associated with them. Please refer to CommBank’s Foreign Exchange PDS for further information or call 1300 222 339

Select when you want the payment to occur - First available date or a scheduled payment

Apply FX rate

For payments involving foreign currency conversion, there are two ways you can apply an FX rate:

  • Choose from an existing FX contract
  • Or create new FX trades to apply an exchange rate for the transaction

Fund from an existing or new FX trade

  1. Click Apply FX Rate button against the trade you want to utilise for the payment
  2. You will notice under Action that you can pre-deliver an existing FX contract to fund the payment 
  3. Alternatively, you can select the button Create New FX Trade on this page to source the current exchange rate for the transaction

Whether you’re pre-delivering, extending or creating a new trade, a pop-up box will appear where you can action your trade depending on your transaction requirements

Apply FX rate screen

Apply FX trade details and request rate

  1. Add amount in the field beside the currency you want to trade
  2. Add Trade Notes (for your reference details)
  3. View the FX rate by clicking Request Quote. The rate will refresh every 6 seconds and time out after 30 seconds, select Request Rate again if it times out
  4. Click Accept & Execute when you are ready to proceed. The currency conversion may go for dealer intervention. When this happens, please wait for the next instructions on the screen
  5. Once you have pre-delivered your FX contract or created a new FX trade, select the white checkboxes next to the trade to fund your payment. Please note all FX trades have to be settled by currency cut-off time on the value date. If trades are unsettled, CommBank can choose to close out the trade. Please refer to our Foreign Exchange PDS for further information
  6. Click Add
  7. Repeat steps 1 – 6 if you need to fund multiple trades in other currencies
  8. Review the Beneficiary Summary pane. You will know when the trade is fully funded by the green tick. If it is not fully funded, the outstanding balance will be shown in red and you must Apply or Edit FX rate
  9. Once all trades are funded, choose your settlement method from the drop down menu
  10. The Settlement amount will be auto-populated so type in Your Reference details
  11. Click Confirm
  12. If required, you can choose multiple Debit accounts to fund the transaction 
  13. Otherwise, click to Submit which will send the trade for Authorisation 
  14. The Next button takes you to the Trade Details where you can Download Confirmations, View the Status History or proceed to Authorisation

Authorise your trades

There are several ways to Authorise your trades

  • Pending authorisations are displayed after you submit your payment (as per the previous steps above)
  • Or you can find Authorisations section on your dashboard
  1. Select the checkboxes next to each trade you want to action
  2. Add your CommBiz security credentials to authorise or reject the payments
CommBiz trades screen

Create FX Trade

Create FX Trade is only available to clients with Forward FX Limits.
 
  1. Click Create FX Trade on your dashboard
  2. Setup currencies using the Client Buys and Client Sells dropdown options
  3. Add the amount in the field beside the currency you want to Buy or Sell
  4. Update the Value Date (if applicable) and add Trade Notes (for your reference details)
  5. View the FX rate by clicking Request Quote. The rate will refresh every 6 seconds and time out after 30 seconds, select Request Rate again if it times out
  6. Click Accept & Execute when you are ready to proceed with the quoted rate. The currency conversion may go for dealer intervention. When this happens, please wait for the next instructions on the screen
  7. You will receive a notification after its successfully executed. Please note: once accepted all FX trades are to be fully settled and authorised by currency cut-off time on the value date. If trades remain unsettled, CommBank can choose to close out the trade. Please refer to the Foreign Exchange PDS for further information or call 1300 222 339
Create FX trade screen

Outstanding Trades

  1. Select Outstanding FX Trades on your dashboard
  2. By clicking on the arrow icon next to each trade, further information will appear
  3. You can:
  • Pre-delivery or extend trades
  • Attach settlement instructions
  • View the deal history
  • Update Trade Notes by clicking the pencil icon
  • Download trade information
  • Filter results 

View how to action each of these by following the steps under the headings below

CommBiz Outstanding Trades screen

Pre-deliver trades

  1. Select the arrow icon next to the trade, click Pre-deliver
  2. Add the pre-delivery amount in the Buy or Sell field
  3. Update the Value Date
  4. Click Request Quote.  The rate will refresh every 6 seconds and time out after 30 seconds, select Request Rate again if it times out
  5. Click Accept & Execute when you are ready to proceed.  The currency conversion may go for dealer intervention. Please wait for next instructions on the screen
Pre-deliver CommBiz screen

Extend trades

  1. Select the arrow icon next to the trade, click Extend 
  2. Add the amount your want to extend in the Buy or Sell field
  3. Update the Value Date
  4. Click Request Quote. The rate will refresh every 6 seconds and time out after 30 seconds, select Request Rate again if it times out
  5. Click Accept & Execute when you are ready to proceed.  The currency conversion may go for dealer intervention. Please wait for the next instructions on the screen
CommBiz Extend Trades screen

Attach Settlement Instructions

  1. Select the white checkbox next to the Trade. You can select multiple trades in one go. If the checkbox is grey, select the arrow and find  Remove Settlement Instructions button to update and attach new instructions
  2. Scroll down to Trade Summary at the bottom of the screen  
  3. Click Attach Settlement Instructions
  4. Choose your Settlement method from the dropdown
  5. Add the amount and type a reference for your records
  6. Click Confirm
Attaching settlement instructions

View Trade History

  1. Select the arrow next to the Trade
  2. Click Trade History.  View deal history of the trade including when it has been pre-delivered or extended
CommBiz View Trade history screen

View Status History

  1. Select the arrow next to the Trade
  2. Click Status History. Status History shows the processing of the trade, like who it has been authorised by or if the trade has been fully processed, cancelled or declined
CommBiz Screen: View status history

View Payments

  1. Click View Payments on your dashboard to find your same currency transactions
  • Review same currency transactions
  • Click the arrow for more details on each item
  • Download information using the download icon in your top left hand corner
  • Filter results to search for transactions
  • Toggle between past and future payments
View payments screen

View FX Trades

  1. Click View FX Trades on your dashboard 
  • Review cross currency transactions
  • Click the arrow for more details on each item
  • Red icon highlights actions are required
  • Download information using the download icon in your top left hand corner
  • Filter results to search for transactions
  • Toggle between outstanding and previous trades

 

CommBiz View trades screen

Customise your indicative rates

The indicative spot rates on your dashboard are customisable meaning you can edit and prioritise the view of your preferred currency combinations

  1. Click Edit currency list on your dashboard
  2. Choose your preferred currency combinations from the dropdown options
  3. Click Save. Once saved these same currency combinations will continue to display as your chosen indicative spot rates each time you enter the IPFX Dashboard

 

Commbiz screen to customise indicicative rates

Bulk Settlement

  1. From the CommBiz Homepage, click on File Transfer
  2. Select File Type ‘FX Settlement’
  3. Browse to choose the file you want to import and follow the steps on the screen
  4. This will take you to the IPFX screens where you can choose an existing FX trade or create new FX trade or a combination of both to apply the exchange rate
Example bulk list CommBiz

Important information