| |
Customer makes payment
at any one of the integrated
payment windows (Web, IVR,
call center, remote deposit, etc.)
|
ValidPay business rules created
by your controller or risk
manager are applied to
payments prior to settlement
|
Payments that do not violate a
ValidPay rule proceed to
settlement. Offending payments
are suspended pending manager
approval
|
ValidPay is the risk management module within PaymentVision. Payments remitted by your customers at any of the multiple windows are concentrated at the PaymentVision gateway for centralized monitoring and reporting of payment activity.
Your organization’s risk manager or comptroller has ready online access to an extensive library of risk rules that can be applied en masse against all payments, or more discriminately against payments of a particular type. ValidPay rules can apply to single transactions, or to multiple transactions over a period of time.
Let us consider a simple example of the usefulness of this Risk Management module:
Rapid Billers, Inc. is a newly approved ACH merchant at Bank of North America. Roger, the controller, is excited to reap the benefits of faster funds availability and greatly improved returns management made possible by ACH settlement.
However, during the approval process Roger’s bank enumerated a few stipulations regarding the funding window for settlement. Roger’s chief concern is that his new PayWeb service will be so popular among his customers that Rapid Biller’s, Inc. will exceed the maximum debit amount allowed by his bank over a three day period.
Given his long list of responsibilities at the company, Roger is concerned that he will not have time to actively monitor this activity on a daily basis.
Fortunately, he won’t have to. By activating a simple
ValidPay rule Roger can rest assured that his company will remain safely within the time-sensitive funding limits.