Payments Management

Invoices are automatically generated into the system for all your active products, according to the settings you configured for each product. For example, a payment schedule is attached to a policy and, consequently, the invoices are generated into the system according to that particular schedule. The Billing and Collection automatic invoicing covers multiple scenarios and can scale from simple to complex ones. For more details about invoice settings at product level, consult the Insurance Product Factory documentation and, for scheduling payments, consult the Policy Admin documentation.

Bank Statements is the functionality you use in order to add payments into the system. Uploading the bank statements for your accounts into the system triggers the automatic parsing, sorting and matching of the Payment data - contained by the file, with the Invoices or Payment Requests already registered into your system. For payments that respect some rules - such as providing the correct unique identifier for an installment or the number of the policy, the allocation flow is completely automated. You also use this solution to add payment data from online payment processors - such as PayU. You can integrate Billing and Collection with any payment processor in order to complete the collection operations.

The Payments section offers an overview of all your incoming payments, in their current business statuses Unallocated, Partially Allocated and Closed (for fully allocated payments). This view is automatically and continuously updated with new payment data, as it is progressively registered into and processed by the system. This is an all-inclusive view; yet, you also have the possibility to search and sort your payments for easier processing. For example, if you want to view, and download, all the Closed payments, you can use the Search by Payment Category option and sort all your payment data accordingly.

Unallocated Payments is the section where you can see all incoming payments that the system was unable to allocate automatically - for example, a policy holder made a payment without indicating the installment number or the policy number. You can either use the Allocate or the Return manual flow, in order to deal with the selected unallocated payment. Manual allocation can be done either backward-looking - when you allocate a payment on an invoice (which is already issued into the system) or forward-looking - namely, since every policy comes with an agreed installments schedule, which is already registered into the system, you can allocate a payment on a future installment (triggering the automatic issuing of the corresponding invoice). The manual return flow integrates with the outgoing payments flow. For details, see the section below.

The Outgoing Payment Requests functionality makes it easier for you to manage different payment requests received from different sources - such as when you import bank statement files, when you return an unallocated payment or manually introduce a request for payment into the system. For some of your recurring outgoing payments scenarios - like paying brokers commissions or electricity bills, you can configure the system to automatically allocate the outgoing payments. For other scenarios, you use the manual flow that lets you allocate, propose, approve or decline outgoing payment requests according to your needs.

In the Direct Debit Mandates section you have an overview of the direct debit mandates registered in your system - with the newest mandate registered into the system at the top. This list also gives you the possibility to search and sort the mandates for easier processing. For example if you want to view all the active mandates - that is mandates from which payments are incoming for installments, you can use the Search by Status option and sort all your mandates accordingly.

The External Reports section holds all the data referring to the management of direct debit mandates - the notifications sent by the bank regarding the activation of the mandate and also about its status (such as if the mandate is still active), the instruction files containing the payment requests for the selected installments, the details regarding the success or failure of the direct debit transactions.

Here are the different payment types options used by the Billing and Collection solution:

• bankCharges

• brokerClaimPayment

• brokerClientReturnPayment

• brokerCommissionPayment

• brokerPaymentReturn

• brokerPremiumPayment

• claimPayment

• commissionPayment

• feePayment

• other

• outgoingPayment

• paymentClaim

• paymentExternal

• paymentInAdvance

• paymentOrder

• paymentPartner

• paymentReturn

• paymentUnallocated

• paymentWriteOff

• premiumReturn

• schedule

• serviceProvided

• unallocatedPayment