Payer Actions

Payer Participants can perform the following actions in Atlantis:

1. Amend trades
2. Hold trades
3. Approve trades
4. Reject trades

Below is a breakdown of possible Payer Actions in Atlantis and their effect on trade settlement.

Amend Trades

Payer Participants can amend only the Pay Participant Code on Atlantis trades. This causes the trades to move to a new Payer and the trades are no longer visible to the original Payer Participant. The Pay Participant Code can either be amended directly in the Atlantis UI or through the Excel Upload functionality. The trades do not need to be under Payer review to be amended by the Payer.

Payer Amend would be used in Third Party Payer situations or in one-off situations when the Payer needs to be amended due to incorrect give ups. Ongoing TPP relationships are typically handled through Translation Rules, but Payer Amend can be used to fix one-offs as well as move past trades for submitted TPP Rules.

Atlantis UI Amend

To amend the Pay Participant Code directly in the Atlantis UI, the current Payer will need to follow the below steps in the UI:

1. Locate the trades in the Atlantis Summary Screen. 
2. Select the given trade lines where the Pay Participant Code needs to be amended.
3. Once selected, click on ‘Amend’ under the ‘Actions’ tab to the right of the Trade Summary.
4. Choose the new Clearing Participant (Payer) from the dropdown and then click Amend (See Screenshot 1)
5. Check the Notifications screen to confirm that amendment was successful (See Screenshot 2)

Screenshot 1

Screenshot 2

Excel Upload Amend

To amend the Pay Participant Code through the Excel Upload functionality, the current Payer Participant will need to follow the below steps:

1. Locate the trades in the Atlantis Summary Screen.
2. Select the given trade lines where the Pay Participant Code needs to be amended.
3. Once trades are selected, click on ‘Download Detail’ under the ‘Actions’ tab to the right of the Trade Summary (See Screenshot 3). The excel file with the relevant trades will be available in the ‘Notifications’ tab to download.
4. Open the excel file and fill in the following fields (See Screenshot 4):
   1. Enter ‘Amend’ in the “Action” column
   2. Enter the new Pay Participant Code in the “Payer Participant Code” column
   3. Enter a Payer Comment and Payer Reasons as necessary
5. Save the file and upload the file by clicking on ‘Upload Detail’ under the ‘Actions’ tab to the right of the Trade Summary (See Screenshot 3)
6. Check the Notifications screen to confirm that amendment was successful (See Screenshot 2)

Screenshot 3

Screenshot 4

Hold Trades

Payer Participants can put trades on hold. This indicates to the Receiver that the Payer is reviewing the trade internally. Payers can either hold trades directly in the Atlantis UI or through the Excel Upload functionality.

Atlantis UI Hold

To hold the trades directly in the Atlantis UI, the Payer will need to follow the below steps on the UI:

1. Locate the trades in the Atlantis Summary Screen 
2. Select the given trade lines that they need to hold and review internally
3. Once selected, click on ‘Hold’ under the ‘Actions’ tab to the right of the Trade Summary
4. Choose the ‘Hold Reason’* and add Comments (optional) to provide the Receiver with more information (See Screenshot 5)
5. Check the Notifications screen to confirm that the ‘Hold’ was successful (See Screenshot 6)

*Choose the Hold Reason according to the Payer Action Best Practices.

Screenshot 5

Screenshot 6

Excel Upload Hold

To hold the trades through the Excel Upload functionality, the Payer will need to follow the below steps:

1. Locate the trades in the Atlantis Summary Screen.
2. Select the given trade lines that they need to hold and review internally.
3. Once selected, click on ‘Download Detail’ under the ‘Actions’ tab to the right of the Trade Summary (See Screenshot 3 above). The excel file with the relevant trades will be available in the ‘Notifications’ tab to download.
4. Open the excel file and fill in the following fields (See Screenshot 7):
   1. Enter ‘Hold’ in the “Action” column
   2. Enter Payer Reason* as per the discrepancy that is being reviewed. All the valid Payer Reasons (See Screenshot 8) for holding the trades are listed in the ‘Reason Code’ tab on the excel sheet download.
   3. Enter a Payer Comment (optional) to provide more information to the Receiver
5. Save the file and upload the file by clicking on ‘Upload Detail’ under the ‘Actions’ tab to the right of the Trade Summary (See Screenshot 3 above)
6. Check the Notifications screen to confirm that amendment was successful (See Screenshot 2 above)

*Choose the Hold Reason according to the Payer Action Best Practices.

Screenshot 7

Screenshot 8

Once investigation by the Payer is complete, they will need to either Approve or Reject the trades in order to move them out of Payer Hold. 

Approve

Once a Receiver Participant affirms a trade, Payer Participants must approve the trades to move them towards settlement. Payer Participants can approve trades either directly in the Atlantis UI or through the Excel Upload functionality.

Atlantis UI Approve

To approve the trades directly in the Atlantis UI, the Payer will need to follow the below steps on the UI:

1. Locate the trades in the Atlantis Summary Screen. 
2. Select the given trade lines that they need to approve.
3. Once selected, click on ‘Approve’ under the ‘Actions’ tab to the right of the Trade Summary.
4. Add comments (optional) and click on the ‘Approve’ button to approve the selected trades (See Screenshot 9)
5. Check the Notifications screen to confirm that amendment was successful (See Screenshot 10)

Screenshot 9

Screenshot 10

Once trades have been approved, they are moved into Reviewer State – Complete.  This indicates the trades are ready to settle in the next eligible settlement cycle. 

Excel Upload Approve

To approve the trades through the Excel Upload functionality, the Payer will need to follow the below steps:

1. Locate the trades in the Atlantis Summary Screen.
2. Select the given trade lines that they need to approve.
3. Once selected, click on ‘Download Detail’ under the ‘Actions’ tab to the right of the Trade Summary (See Screenshot 12). The excel file with the relevant trades will be available in the ‘Notifications’ tab to download.
4. Open the excel file and fill in the following fields (See Screenshot 11):
   1. Enter with ‘Approve’ in the “Action” column
   2. Enter a Payer Comment (optional) to provide more information to the Receiver
5. Save the file and upload the file by clicking on ‘Upload Detail’ under the ‘Actions’ tab to the right of the Trade Summary (See Screenshot 12)
6. Check the Notifications screen to confirm that amendment was successful (See Screenshot 13)

Screenshot 11

Screenshot 12

Screenshot 13

Once trades have been approved, they are moved into Reviewer State – Complete.  This indicates the trades are ready to settle in the next eligible settlement cycle.

Reject

Payer Participants can Reject trades in Atlantis and send them back to the Receiver to review. Payers take this action when they do not agree with the and want the Receiver to review and amend the fee. Payers can Reject trades either directly in the Atlantis UI or through the Excel Upload functionality.

Atlantis UI Reject

To reject the trades directly in the Atlantis UI, the Payer will need to follow the below steps on the UI:

1. Locate the trades in the Atlantis Summary Screen 
2. Select the given trade lines that they need to reject
3. Once selected, click on ‘Reject’ under the ‘Actions’ tab to the right of the Trade Summary
4. Choose the ‘Reject Reason’* and add Comments (optional) to provide the Receiver with more information (See Screenshot 14)
5. Check the Notifications screen to confirm that the ‘Reject’ was successful (See Screenshot 15)

*Choose the Reject Reason according to the Payer Action Best Practices.

Screenshot 14

Screenshot 15

After a trade is rejected it is moved from Reviewer – Payer to Reviewer – Receiver. The Payer State shows as “Rejected” and the Cannot Settle Reason shows as “Fee Rejected”. The Receiver on the trade will need to make necessary trade amendments, then re-affirm the trade. This will move the trade back to Reviewer – Payer. However, the Cannot Settle Reason “Fee Rejected“ and the Payer State “Rejected“ will not change until the Payer approves the trade.

Excel Upload Reject

To reject the trades through the Excel Upload functionality, the Payer will need to follow the below steps:

1. Locate the trades in the Atlantis Summary Screen.
2. Select the given trade lines that they need to reject.
3. Once the trades are selected, click on ‘Download Detail’ under the ‘Actions’ tab to the right of the Trade Summary(See Screenshot 16). The excel file with the relevant trades will be available in the ‘Notifications’ tab to download.
4. Open the excel file and fill in the following fields(See Screenshot 17):
   1. Enter ‘Reject’ in the “Action” column
   2. Enter a Payer Reason as per the discrepancy that is being rejected. All the valid Payer Reasons (See Screenshot 18) for rejecting the trades are listed in the ‘Reason Code’ tab on the excel sheet downloaded.
   3. Enter a Payer Comment (optional) to provide more information to the Receiver
5. Save the file and upload the file by clicking on ‘Upload Detail’ under the ‘Actions’ tab to the right of the Trade Summary(See Screenshot 16)
6. Check the Notifications screen to confirm that amendment was successful (See Screenshot 19)

*Choose the Reject Reason according to the Payer Action Best Practices.

Screenshot 16

Screenshot 17

Screenshot 18

Screenshot 19

After a trade is rejected it is moved from Reviewer – Payer to Reviewer – Receiver. The Payer State shows as “Rejected” and the Cannot Settle Reason shows as “Fee Rejected”. The Receiver on the trade will need to make necessary trade amendments, then re-affirm the trade. This will move the trade back to Reviewer – Payer. However, the Cannot Settle Reason “Fee Rejected“ and the Payer State “Rejected“ will not change until the Payer approves the trade.