Web Investment Interest Payees
Overview of IL372UPD
Web Investment Interest Payee Maintenance allows CEF staff to define up to three third party interest payees from which an investor may select to receive some portion of the investment’s interest.
Adding, updating, or removing interest payees does not affect existing investments, however existing investment purchase forms can be affected. The investment form records the interest payee’s description which is matched against the descriptions of the available interest payees in the database. Therefore it is best to ensure all existing investment online purchases have been approved and processed (or denied) before removing interest payees or changing their description. If an investor has selected an interest payee which no longer exists when the investment purchase form is processed, an error is generated by the processing program (NA192 – Process Approved Web Forms) and the form must be corrected.
To access the screen:
- From the DDI Connect main menu, double-click Financial Services
- Double-click Online-CEF
- Double-click Web Investment Interest Payees. You will see a screen similar to this one:
You have the following options on this screen:
| Toolbar button | Action |
|---|---|
| New | Adds a new third party interest payee |
| Edit | Allows editing of the selected payee's information |
| Delete | Deletes the currently selected payee |
| Save | Saves changes to the payee being added or edited |
| Undo | Cancels the current add or edit operation |
| History | Displays a historical list of modifications made to the selected record |
| Exit | Allows you to exit the screen |
When you click New or Edit, you have the following fields:
| Field | Description |
|---|---|
| Display order | Determines the order in which payees are listed on the web page in Online-CEF. Lower numbers are displayed first. This value should be 1, 2, or 3 |
| Description | The description or name of the interest payee |
| PIN | The interest payee’s Name/Address PIN. You can type in the PIN or click the binoculars to search for the PIN. When selected, the payee's name/address information will appear to the right of the field |
