Standing instructions can be set up to automatically transfer funds from one account to another on a periodic basis. For example a standing instruction can be set up to:
transfer a loan repayment from a saving account to a loan account on the dates that the loan repayment is due
transfer funds from a current account to a saving account on a monthly basis
transfer funds from an account owned by one client to an account owned by a different client on a weekly basis
Note
The from, or originating, account and the to, or destination, account must be in the same currency.
Note
Need some information about what happens when insufficient funds are available in the from account to complete the transfer.