Bond Update

5 February 2021   |   by Mandy Welch

As you are aware, in the newsletter last month I discussed the Bond Process and the conversation we were trying to have with the Bond Centre. I asked for feedback from you all. Thank you for the response, which I put together and sent through.

We got a great response and managed to meet up with the correct people at the Bond Centre and they have now agreed to continue allowing the ability to pay your Bonds through the bank in-bulk.

They asked how many clients we had that needed to pay bonds this way. When I gave them the number (it’s a lot!) they freaked out and said they could not cope with that many at once. So we agreed to start with the 35 clients that emailed me. The Bond Centre have contacted most, if not all, already and have started the process.

Our developers are busy creating the ability to upload a CSV file to the Bank from the Payment Bond screen and have the remittances emailed. The plan is to have this out in March. Meanwhile, you can carry on with the process as follows (once you have the invite from the Bond Centre):

  • Collect and scan your Bond Forms.
  • Create the Payment Bond transaction and choose Direct as Payment Type.
  • Make sure the total matches the Bond Forms you will be emailed.
  • Process. Then download the Bond Remittance Form.
  • Using online banking, you can now make the payment to the Bond Centre manually.
  • BUT before you make the payment, please email the Remittance Advice and the Bond Forms to the Bond Centre.

They have stated, the paperwork must come in prior to the payment.

If you are not part of this already and would like to be, please send me an email and I will arrange it.

The Bond Centre does have plans to make it more automated, but that is going to take a while – we have seen this stop and start before. For now, we will take the win and move forward.