Who can do this:
Coordinators and Co-Coordinators with permission to create transactions.
Basefund provides two workflows for securing the movement of funds:
Secure Closings are designed for coordinated, multi-participant transactions with a defined closing date.
Secure Transactions are designed for one-time, ongoing, or internal disbursements outside a coordinated closing.
If you are unsure which workflow to use, review Secure Closings Overview and Secure Transactions Overview before continuing.
Before you begin
Have the following information available:
The organization preparing the closing or transaction
The organization on whose behalf it is being created
A clear transaction name and purpose
The expected closing or target date
The anticipated receipt and disbursement amounts
Any required signature, approval, or memo settings
If an organization does not appear as an available option, add it to your Basefund contacts before creating the transaction.
Create a closing or transaction
Open My Transactions.
Select Add Transaction.
Choose one of the following:
Secure Closing
Secure Transaction
Complete the fields shown for the selected workflow (see below).
Create a Secure Closing
Secure Closings include the information needed to coordinate a defined closing event. Depending on your organization’s configuration, you may be asked to provide:
Prepared By: The organization preparing and coordinating the closing
On Behalf Of: The organization for which the closing is being prepared
Transaction Name: The name participants will use to identify the closing
Transaction Date: The expected closing date
Par Amount: The total par amount, when applicable
Total Proceeds: The amount expected to be disbursed
Closing Details: Instructions, fraud advisories, or other information participants need
Memo Template: The template used to generate the closing memo
You may also be able to choose whether Basefund should:
Capture participant e-signatures for individual disbursements
Collect approval signatures on the closing memo
Create a Secure Transaction
After choosing Secure Transaction, select the transaction type that matches the disbursement:
One-Time: A single disbursement or related batch of one-time disbursements
Ongoing: Recurring disbursements or continuous funding
Transfer: Movement between accounts controlled by your organization
Enter the transaction name, purpose, target date, and any additional information requested. Available fields and approval settings may vary by transaction type.
What happens next
After creating the closing or transaction, the Coordinator or Co-Coordinator can:
Open the initial Flow and add additional Flows when needed.
Set up the receipt of funds within each Flow.
Set up the disbursement of funds within each Flow.
Add individual contacts for the participating organizations.
Invite participants to join.
Request or assign receiving accounts.
Monitor identity verification, bank-account validation, signatures, and approvals.
Creating the workspace does not move funds. Basefund provides the secure coordination, verification, validation, insurance, and documentation layer around your organization’s established banking or paying-agent process.