Payment Disbursement System
Payment Disbursement System provide a platform for financial institutions to distribute periodic recurring payments (daily, weekly, monthly, etc.) or one-time payments to their clients via electronic payments or paper checks.
The services can be used for, but are not limited to the following payment distribution types.
- balance transfers,
- credit balance refunds,
- refund of misdirected payments,
- remediation of client funds,
- miscellaneous check requests and
- other payment fulfillment options
Dataline’s services use automation that is fast and reliable to perform end-to-end payment processing. Payment Disbursement System may reduce the need for internal manual processing by:
- Using an Electronic Biller Directory to identify biller addresses and increase the probability of successful electronic payments.
- Identifying items that require additional monitoring or processing (For example: On-us transactions and items that meet criteria for Escheatment).
- Automatic placement of holds on items that require research (For example: Invalid or Incomplete Information, Duplicate Transactions or Fraud Suspects).
- Automatic placement of a Stop Payment when an item has been outstanding for a specified number of days.
- Allowing authorized users of the system’s web site to easily place Stop Payments, Re-issue payments, Re-issue Electronic Returns as a paper check and monitor the status of disbursements from the time the item is issued until it is cleared.
- Automatically placing a Memo note on accounts at a Third-Party Processor to advise customer service reps of the status of payments.
- Creating a Daily Update File that includes the status of each disbursement that can be loaded to your internal system so customer service reps don’t have to access multiple systems to find the status of disbursements.