Payment Utility and Translator System IT Solution
A large banking institution in South Africa required a payment utility and translator system IT Solution. This institution executes payments and collections on a daily basis on behalf of its clients. Payment instruction information is extracted by clients and reformatted into the required bank format and submitted for processing. This is a time consuming an laborious process, normally performed within tight time constraints.
The bank approached Digiata to provide a platform with the capability of being able to receive payment instruction files, in multiple formats, to be processed via the bank. The platform would also need to provide a transactional administrative service in the collections and payments process, specifically for debit order and Naedo processing. The service would reduce the unpaid rate by utilising historic debit order data to assist clients in choosing the most effective date for Naedos tracking to commence.
Digiata approached the challenge in two separate phases, namely the analysis phase and the implementation phase.
Initially, a full analysis of the current payment system, payment instruction formats and business processes was conducted to construct a high-level, big picture view of the environment and the requirements. Once a conceptual view was created a detailed costing and solution proposal was created for the client before the implementation phase of the project was started.
Digiata also provided data analyses for clients who would be utilising the Payment Utility rules, to determine the best debit order date and Naedo transaction conversion.
The outcome of the data analyses and a keen understanding of the bank’s business, helped the institution identify their first phase rules to be implemented on the solution and helped increase their successful collection rate. With the MIS reporting sent out from the system, the institution’s clients were then able to continue their own analyses and refine their rules, as they see necessary.
The below list refers to some of the aspects included in the implementation of the Payment Utility and Translator system:
• The ability to receive and process payment instruction files in multiple formats.
• The transformation of all response files (eg: Acknowledgement, Unpaid and Naedos) from the bank into multiple formats.
• A business rules engine to provide the ability to apply rules to payment instructions received from clients before processing the instructions.
• Assistance with decision-making on best collection dates, Naedo dates, tracking days.
• Reporting to assist with MIS.
• A full audit trail of all transactions processed.
To find out how we can solve your payment utility & translator system-related business problem please contact us.