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Payments Processing & Reconciliations

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Payment processing and reconciliations are part and parcel of many businesses within the financial services industry. Daily banking and investment transactions need to run smoothly, consistently and within an important context of audit control and risk mitigation. Large transaction volumes, manual intervention, different banking systems, service types and processes mean that this necessary aspect of infrastructure is inherently complex and risky.

We provide payment processing and reconciliation solutions for managing daily banking, cash reconciliation, transaction reconciliation and related services, such as bank account holder verification and general ledger reconciliation. Our existing client solutions process billions of Rands daily in banking transactions.

We‘ve been creating IT solutions for the financial industry for over 10 years. With our industry knowledge and experience, we have created a software toolset designed specifically for extensive cash payment processing and reconciliations. We use this solution to automate reconciliations, bank statement imports, cashbook imports and general ledger integration, while still accounting for exception management.

We provide solutions to Linked Investment Service Providers (LISP) that automate the unitised investment reconciliation process. Additionally, we are able to provide generic reconciliation solutions tailored to unique financial contexts and needs.

We devote a full-time team to any payment processing and reconciliations project that you may request from us, to ensure its success. We offer forward-thinking IT solutions to optimise your business’s payments processing and reconciliations. To find out how we can assist your business, please contact us.


How we solved this problem

DealSmart

The DealSmart commissioning system created for our client was specifically designed to handle all commission payments generated from mortgage origination.

The functionality delivered by the DealSmart system is very rich in terms of system configuration from the front-end. DealSmart allows the user to define and format custom input formats from the intake of date.

Commission payments are done in the form of payments to partner channel agencies and our client’s consultant salaries, where all commission rates are entered from the front-end and can be customised to suit each agency and consultant individually.

Furthermore, DealSmart provides functionality to show the allocation of profit to all branches and head office, by means of reporting and general ledger entries. All rules and accrual percentages involved with the allocation of profit can be managed from the front-end as well. DealSmart makes updates to the current business structure changes easy, by fully integrating to our client’s current source systems and automatically updating new or changed entities.

The DealSmart IT solutions system has resulted in the automation of processes – from automatic payment generation (of both consultant salaries and agency commissions) and automatic business structure change updates to the automated creation of general ledgers from the allocation of profits. Other benefits have been the customisable formats for uploading data into the system and the reporting on all aspects of commission payments.

Corporate Payment System

The Corporate Payment System (CPS) allows clients to utilise our client’s Line Of Business (LOB) systems to effect high volume EFT transactions (debits and credits). CPS provides for the seamless, secure transfer and processing of EFT files from the client’s system to our client’s host system. In addition, files are returned directly to the client environment for processing and reconciliation.

CPS was created to automatically bill clients that have the CPS service, based on their monthly usage (volumes). Inputs to the system are the volumes file, which is split per service type. The system will use the fee loaded against the client’s profile and then apply this to the number of transactions (volumes) for that particular service type. The result of the system is the GFD billing file, which gets sent to the W.A.S.T.E system for automatic billing. The client also receives an advice stating the breakdown for their monthly billing charge.

The client’s profile pricing is captured and authorised by the CPS administrator. This is the fee that is used in conjunction with the volumes to determine the monthly billing amount. Pricing can also be loaded via the pricing banker pricing system.

CPS has resulted in the automation of pricing calculation, the historic tracking of billing histories and the automatic generation of client pricing schedules.

Payment Utility

The Payment Utility solution consists of two components:

The file translator processes payment instruction files from clients when the files are not in a CPS format, and transforms multiple layouts of payment instruction files into the CPS file layout. It also transforms the five types of CPS response files into multiple response file layouts. Currently, ACB and CATS SSVS formats are catered for.

The business rule engine provides the ability to apply rules to the payment instructions received from clients before processing these instructions. The aim of the business rules is to reduce the unpaid rate for the client, by using client helper data to determine the most effective action date, entry class and service type for a collection instruction.

Payment Utility IT solution provides our client with the ability to process non-CPS format files without any manual manipulation of the files, also leading to a reduced unpaid rate for the client.

Daily Payments

The bulk of the IT solution implementation involves the transferring of daily journal and payment details, produced by the client’s system, to a third party system called Great Plains.

The Daily Payments system allows for the importing of journals to the general ledger (GL) system, with approval for payments happening on the original source system before it gets sent to the relevant banks.

The streamlined automation of this application ensures that minimal user intervention is necessary. Users are kept abreast of updates via email.

Benchmark Verifier

This implementation processes daily net asset value files, as well as monthly valuation and trial balance reports received from various portfolio managers, via email.

The end results are consolidated views in Stadium of instruments organised by portfolio and valuation dates. Users can scrutinise and approve these before the values get exported to the company’s external processing system.

The main benefits of this application include time saving (with the automation of file processing through Linx processes) as well as the accuracy of the produced figures that are transferred to the system.

Payments & Collections

Mainframe is a legacy system used to do all payments and collections for our client, who recently made a strategic decision to convert all Mainframe administrative systems to a single platform, which would be Compass.

Digiata was approached to do the payments and collections for the new administrative platform, as Compass could not perform some of the features that were coded into the old Mainframe system.

In order to provide our client with the functionality required, Digiata used a combination of products to meet their needs – namely Central Park, Grand Central, Downtown and Bank Recon:

  • Central Park makes all the collections and payments, and interfaces with the source systems and banks
  • Grand Central helps automate all allocations of deposits
  • Downtown provides the check printing and tracking functionality
  • Bank Recon provides the reconciliation between the bank and the administrative systems

The deployment of this combined IT solution not only helped our client realise the monetary benefit of removing the old outdated Mainframe system but also added in further enhancements to their collections effort, which was previously a painful task, as it involved development.

Our Credentials

Within the realm of payment processing and reconciliation, Digiata has worked on several different projects demonstrating a variety of different capabilities…

Multi-manager processing: Digiata spearheads the collection of transaction and holding information from asset managers, processing, pricing and reconciliation to assist in consolidated reporting and internal product pricing.

Payments and collections: Digiata leads the direct integration into banks to facilitate payments and collections from source instructions.

Recons: Digiata provides products and IT solutions to facilitate cash, unit and generic recons.


Interested in working with us?

Rob Scriven

Sales Director
(011) 250 6800
robs@digiata.com