Central Park

  • Automate payment and collection processing
  • Apply validation, consolidation and approval rules automatically
  • Manage exceptions manually
  • Track all changes to transaction requests with audit trails
  • Configure and extend transaction request validations

Business Need

Do you need to:

  • automate your payment and collection processing?
  • apply validation, consolidation and approval rules automatically?
  • track changes to transaction requests?

All financial services companies execute cash payments and collections on a daily basis. Cash instruction information is extracted from the back-office system, checked, reformatted into the required bank format and submitted to one or more third parties for processing. This is a time consuming and laborious process that is normally performed within tight time constraints. Problem areas include security of information, errors and speed of processing.

Benefits

CentralPark processes high volumes of payments and collections.

  • Automate payment and collection processing
  • Automatically apply validation, consolidation and approval rules. Only exceptions need to be managed.
  • Track any changes to transaction requests with audit trails
  • Configure and extend transaction request validations
  • Transaction request and confirmation imports can be configured using flat files, database queries and/or message queues.
  • Authorise transaction requests at requisition time, as well as when instruction documents are created.
  • The creation of the required bank files for payments, single requisitions, naedos and debit orders, may be scheduled to occur at pre-defined times

Requests for payments and collections are imported, and validated using configurable rules. The transaction requests are aggregated to create an instruction document, which will be used to debit and/or credit client bank accounts. Instructions go through an optional approval process before the final instruction document is submitted to the financial service provider. Confirmations from the service provider are imported and matched back to the original instructions. Mismatches are highlighted for follow-up.

Pricing

For purchasing options, please contact us.