Outgoing Payments

The Billing and Collection functionalities let you add, approve, and pay different payment requests, manually or automatically. Since the solution differentiates between automatic outgoing payments and manual outgoing payments, you can also configure it to deal with recurring payment requests received from different sources - like Commissions, Broker Balances (Credit), and more.

FTOS_PYMT_OutgoingPayment - the entity storing the outgoing payments requests, is the source of the Payments Instruction File which is generated by a scheduled job, daily, in order trigger the payments from the insurer’s bank account. This makes the Billing and Collection solution useful for recurring outgoing payments scenarios, since it can automatically approve and allocate those types of outgoing payments. For other scenarios, you have an outgoing payment request manual approval flow that lets you approve or decline such requests, according to your needs.

See more details about handling Outgoing Payments in the following pages:

• Outgoing Payments Admin - for details about how outgoing payments are handled by the system.

• Outgoing Payments Allocation - for details about how the outgoing payments allocation and deallocation works.

• Manual Outgoing Payment Requests - for details about how the manual outgoing payments request are handled by the system.

• Generate Outgoing Payments API - for details about how this API works.