When remote deposit capture (RDC) first burst onto the scene, it was billed as a way for companies to eliminate daily trips to the bank. Today, reducing the time and costs associated with depositing checks is still a key factor in the adoption of the technology. But application of the technology has also evolved into a compliment to remittance processing, such as a way for far-flung sales agents to capture check images more quickly – helping to drive faster funds availability and enhanced service.
RDC is a product of The Check Clearing for the 21st Century Act (“Check 21”), a federal law enacted in 2004 that allows billers to electronically capture and transmit (via X9.37 file format) images of checks to their financial institution for clearing. Integrated balancing and automated character recognition tools assist billers in building balanced deposits. Once deposits are transmitted, original checks are truncated (retained) and eventually destroyed. Upon receipt of the file, the bank validates the items, performs any necessary corrections, and creates an image cash letter (or ICL) for deposit.
A Compliment to Remittance Processing
It didn’t take long for billers to recognize that RDC could be used to compliment -- and streamline -- remittance processing, which has historically been a back-office task. By capturing payment images and data at the point of presentment, and integrating the images and data with the back-office payments stream -- rather than redirecting the payments to the back-office -- billers can accelerate processing and funds availability; eliminate the costs to ship or transport payments to the back-office; offload some of the work from their back-office staff (and maybe even offload the work from their staff altogether); free back-office staff to perform other functions; and reduce paper handling and the associated costs. What’s more, capturing payments information sooner provides benefits such as faster posting, better visibility into receivables, and faster responses to customer inquiries.
The best part: remote deposit capture accomplishes all of this without requiring much upfront cost.
New RDC technologies are further expanding the applicability of the technology as a compliment to back-office remittance processing. For instance, support for flatbed TWAIN scanners enables consumers or remote employees to capture payments without the requirement for a specialized check scanner. Recognizing that the user in this environment may not be trained in payment processing, software guides the user through the scanning process. Another advancement in RDC is the use of smartphones to capture payment images. This enables field agents to capture payment images without having to transport or ship them to the back-office for processing – greatly speeding posting.
The Bottom Line
By complimenting back-office remittance processing with RDC, funds are available sooner, overall costs are improved, and customer service is enhanced. And because of the low overhead associated with RDC, growth in the biller’s remittance volume can be accommodated without a corresponding growth in the biller’s back-office infrastructure – meaning they can avoid a lot of capital expense.
Friday, July 30, 2010
Friday, July 9, 2010
Creditron Mobile Deposit: Putting Faster Funds Availability and Lower Banking Fees in the Palm of your Hand
TORONTO, ON, June 28, 2010 – Creditron, a leading provider of payments automation solutions, today announced the availability of Creditron Mobile Deposit, a solution that allows for the capture and electronic deposit of checks via a smartphone.
Creditron Mobile Deposit is powered by technology from RDM Corporation.
Creditron Mobile Deposit extends remote deposit capture (RDC) to the actual point of check presentment, eliminating trips to the bank, accelerating funds availability, mitigating the risk of lost checks, and allowing mobile workers to take advantage of extended deposit windows. Today, these checks are either deposited locally or mailed to a lockbox processing facility.
Creditron Mobile Deposit is ideal for businesses with a mobile work force. Professionals such as insurance agents, financial advisors and brokers, truck operators, food and beverage distributors, contractors, and real estate agents can use the solution to leverage today's Smart Phone technology and make check deposits from anywhere that a wireless signal is available. At the end of 2008, the world installed base of camera phones was 1.9 billion. Any business with remote locations or a low volume of check payments is a candidate for the solution.
Creditron Mobile Deposit also provides insurers with a cost-effective and easy-to-deploy application for allowing consumers to pay their premiums or other bills by smartphone.
"Now insurers can take advantage of the convenience and operations savings associated with remote deposit capture using a smartphone," said Creditron CEO Wally Vogel. "Creditron Mobile Deposit securely expedites the traditional deposit and payment process for insurance agents, contractors, distributors, mobile professionals, and even consumers. This is another critical element of our strategy to deliver solutions that automate the payments cycle."
Creditron Mobile Deposit has a simplified and intuitive user interface and workflow that is designed to require little or no training. Not only is the solution easy to use, but it also takes less than a minute to deposit a check; the solution uses the camera on the smartphone to capture the check image, and the connectivity provided by the device to transmit the check payment for deposit. This means mobile workers can deposit checks as they are received, instead of having to drive to a branch or waiting to get back to the office. Similarly, consumers can capture images of their check payment, eliminating the need to mail it in.
Creditron Mobile Deposit is powered by technology from RDM Corporation.
Creditron Mobile Deposit extends remote deposit capture (RDC) to the actual point of check presentment, eliminating trips to the bank, accelerating funds availability, mitigating the risk of lost checks, and allowing mobile workers to take advantage of extended deposit windows. Today, these checks are either deposited locally or mailed to a lockbox processing facility.
Creditron Mobile Deposit is ideal for businesses with a mobile work force. Professionals such as insurance agents, financial advisors and brokers, truck operators, food and beverage distributors, contractors, and real estate agents can use the solution to leverage today's Smart Phone technology and make check deposits from anywhere that a wireless signal is available. At the end of 2008, the world installed base of camera phones was 1.9 billion. Any business with remote locations or a low volume of check payments is a candidate for the solution.
Creditron Mobile Deposit also provides insurers with a cost-effective and easy-to-deploy application for allowing consumers to pay their premiums or other bills by smartphone.
"Now insurers can take advantage of the convenience and operations savings associated with remote deposit capture using a smartphone," said Creditron CEO Wally Vogel. "Creditron Mobile Deposit securely expedites the traditional deposit and payment process for insurance agents, contractors, distributors, mobile professionals, and even consumers. This is another critical element of our strategy to deliver solutions that automate the payments cycle."
Creditron Mobile Deposit has a simplified and intuitive user interface and workflow that is designed to require little or no training. Not only is the solution easy to use, but it also takes less than a minute to deposit a check; the solution uses the camera on the smartphone to capture the check image, and the connectivity provided by the device to transmit the check payment for deposit. This means mobile workers can deposit checks as they are received, instead of having to drive to a branch or waiting to get back to the office. Similarly, consumers can capture images of their check payment, eliminating the need to mail it in.
TAWPI Survey Cites Creditron as Most Commonly Used Remittance Software among City Government Entities
TORONTO, ON, June 02, 2010 – Creditron, Inc., announced today that its remittance processing solution is the most commonly used application software among city government entities who responded to The Association for Work Process Improvement’s (TAWPI) 2010 Government Payments and Document Automation Study. Nearly two-thirds (60 percent) of city government entities that responded to the survey indicated that they are Creditron users.
“At a time when municipalities are struggling with tight capital budgets, Creditron delivers significant benefits, including reduced time and expense for receiving, posting and banking payments, real-time flagging of accounts requiring special attention, increased accuracy of posting, and streamlined payments research,” said Creditron Founder and CEO Wally Vogel.
The results of the TAWPI survey reflect Creditron’s leadership among government entities, in general, and municipal users, in particular. Municipalities ranging in size from 20,000 to 1 million residents currently use Creditron’s remittance software. Creditron’s municipal users are spread across 35 states, plus Canada.
This success is attributable to several features of Creditron’s ItemAge Express software that have great appeal to municipalities: its established interface to popular CIS systems used by municipalities, its integrated cashiering solution for processing over-the-counter payments, its remote capture module, and its ability to archive and retrieve payments electronically.
ItemAge Express also enables municipalities to automate multiple payment streams (such as tax, utility, and parking) using a single platform – a key cost-saving strategy being employed by municipalities. The TAWPI government survey found that more than half (57.1 percent) of city government entities currently process another department’s work with their own.
Creditron expects to build on its leadership position in the municipal market with enhanced capabilities, including consolidated reporting that covers the entire payments lifecycle, outbound paper and electronic billing services, and returned check handling services.
“At a time when municipalities are struggling with tight capital budgets, Creditron delivers significant benefits, including reduced time and expense for receiving, posting and banking payments, real-time flagging of accounts requiring special attention, increased accuracy of posting, and streamlined payments research,” said Creditron Founder and CEO Wally Vogel.
The results of the TAWPI survey reflect Creditron’s leadership among government entities, in general, and municipal users, in particular. Municipalities ranging in size from 20,000 to 1 million residents currently use Creditron’s remittance software. Creditron’s municipal users are spread across 35 states, plus Canada.
This success is attributable to several features of Creditron’s ItemAge Express software that have great appeal to municipalities: its established interface to popular CIS systems used by municipalities, its integrated cashiering solution for processing over-the-counter payments, its remote capture module, and its ability to archive and retrieve payments electronically.
ItemAge Express also enables municipalities to automate multiple payment streams (such as tax, utility, and parking) using a single platform – a key cost-saving strategy being employed by municipalities. The TAWPI government survey found that more than half (57.1 percent) of city government entities currently process another department’s work with their own.
Creditron expects to build on its leadership position in the municipal market with enhanced capabilities, including consolidated reporting that covers the entire payments lifecycle, outbound paper and electronic billing services, and returned check handling services.
Creditron Unveils Advanced Payments Processing Capability at FUSION 2010
TORONTO, ON, May 06, 2010 – Creditron, Inc., a leading provider of payments processing and receivables automation solutions to financial institutions, billers and government entities, today introduced No Need To Orient (NNTO), advanced functionality that automatically corrects the orientation (upside-down, front to back) of document images for use in payments processing.
Creditron is showcasing NNTO this week in its expo hall booth (No. 407) at FUSION 2010 at the Gaylord Texan Resort & Convention Center in Grapevine, Texas. More than 1,400 payments, accounts receivable (AR) and accounts payable (AP) professionals are registered to attend the event.
“Creditron is committed to delivering advanced payments processing products and receivables management tools that enhance productivity and reduce cost,” said Creditron Founder and CEO Wally Vogel. “Our participation at FUSION 2010 is an ideal venue to demonstrate the power of NNTO. We believe it will help users achieve new efficiencies in their remittance processing.”
NNTO, an optional module for Creditron's ItemAge Express platform, reduces manual handling of remittance documents and accelerates processing, particularly in operations with a large percentage of single check/single remittance stub, coupons with pre-printed optical character recognition (OCR) and barcode scan-lines, and remittances in windowed envelopes. NNTO is ideal for remittance operations that use image-enabled mail openers, such as those from Agissar or Opex. In these environments, NNTO enables operators to load opened mail into the auto-feeder of their high-speed document transport without having to re-orient the check, which is frequently mis-oriented.
NNTO automatically re-orients check images, identifies and reads the MICR data on the check, and "saves" the properly oriented image for downstream use. By automatically re-orienting the check, NNTO significantly reduces the number of items requiring operator interview. Only out-of-balance transactions and those with a misread scan-line or MICR data are presented to operators for keying.
ItemAge Express user Omaha Public Power District (OPPD), one of the largest publicly owned electric utilities in the U.S., recently brought NNTO into production. OPPD uses Agissar equipment to automatically open and extract remittance documents. The items then are processed in the order and orientation in which they arrived by an NCR iTRAN 3000 document transport. NNTO corrects the orientation, and ItemAge Express uses the image for courtesy amount recognition and legal amount recognition, and verification, if required. The images are then deposited via Check 21.
"NNTO is another important tool for helping organizations like mine better manage their operation costs in these challenging times," said Timothy Vasquez, OPPD. "Our operators quickly settled into the new process flow and were able to achieve an immediate improvement in processing efficiency. Creditron should be applauded for its out-of-the-box thinking and flawless implementation."
Creditron is showcasing NNTO this week in its expo hall booth (No. 407) at FUSION 2010 at the Gaylord Texan Resort & Convention Center in Grapevine, Texas. More than 1,400 payments, accounts receivable (AR) and accounts payable (AP) professionals are registered to attend the event.
“Creditron is committed to delivering advanced payments processing products and receivables management tools that enhance productivity and reduce cost,” said Creditron Founder and CEO Wally Vogel. “Our participation at FUSION 2010 is an ideal venue to demonstrate the power of NNTO. We believe it will help users achieve new efficiencies in their remittance processing.”
NNTO, an optional module for Creditron's ItemAge Express platform, reduces manual handling of remittance documents and accelerates processing, particularly in operations with a large percentage of single check/single remittance stub, coupons with pre-printed optical character recognition (OCR) and barcode scan-lines, and remittances in windowed envelopes. NNTO is ideal for remittance operations that use image-enabled mail openers, such as those from Agissar or Opex. In these environments, NNTO enables operators to load opened mail into the auto-feeder of their high-speed document transport without having to re-orient the check, which is frequently mis-oriented.
NNTO automatically re-orients check images, identifies and reads the MICR data on the check, and "saves" the properly oriented image for downstream use. By automatically re-orienting the check, NNTO significantly reduces the number of items requiring operator interview. Only out-of-balance transactions and those with a misread scan-line or MICR data are presented to operators for keying.
ItemAge Express user Omaha Public Power District (OPPD), one of the largest publicly owned electric utilities in the U.S., recently brought NNTO into production. OPPD uses Agissar equipment to automatically open and extract remittance documents. The items then are processed in the order and orientation in which they arrived by an NCR iTRAN 3000 document transport. NNTO corrects the orientation, and ItemAge Express uses the image for courtesy amount recognition and legal amount recognition, and verification, if required. The images are then deposited via Check 21.
"NNTO is another important tool for helping organizations like mine better manage their operation costs in these challenging times," said Timothy Vasquez, OPPD. "Our operators quickly settled into the new process flow and were able to achieve an immediate improvement in processing efficiency. Creditron should be applauded for its out-of-the-box thinking and flawless implementation."
Tuesday, June 1, 2010
Sputtering Check Conversion
By Mark Brousseau
While the latest statistics from Herndon, VA-based NACHA show that overall Automated Clearing House (ACH) volumes increased slightly in 2009 (2.6 percent compared to 2008 activity), Accounts Receivable Check (ARC) Conversion -- once the darling of remittance operations -- decreased by more than 10 percent during the same period. In 2009, there were approximately 2.4 billion ARC transactions, NACHA reports, compared to nearly 2.7 billion ARC transactions the previous year.
The drop in ARC volumes comes as no surprise to Creditron, Inc., Founder and CEO Wally Vogel (wvogel@creditron.com). Vogel expects ARC volumes to continue to fall as consumers move away from writing checks for recurring remittances and towards electronic mechanisms such as Internet-initiated payments (which registered a stout 9.7 percent volume increase in 2009, NACHA reports).
Vogel says that, "As far as we have seen, ARC is not really going anywhere among mid-volume processors. Our clients are either moving to Check 21 or staying with what they have. Many clients don't perceive a significant cost benefit if they already have an automated encoding solution."
Vogel adds that Creditron is seeing "slow but steady growth in Check 21 among its current clients, and virtually all of its new installations include Check 21. The biggest reason our clients are reluctant to implement ARC is the notification requirement, which isn't a factor if they go with Check 21."
What are you seeing?
While the latest statistics from Herndon, VA-based NACHA show that overall Automated Clearing House (ACH) volumes increased slightly in 2009 (2.6 percent compared to 2008 activity), Accounts Receivable Check (ARC) Conversion -- once the darling of remittance operations -- decreased by more than 10 percent during the same period. In 2009, there were approximately 2.4 billion ARC transactions, NACHA reports, compared to nearly 2.7 billion ARC transactions the previous year.
The drop in ARC volumes comes as no surprise to Creditron, Inc., Founder and CEO Wally Vogel (wvogel@creditron.com). Vogel expects ARC volumes to continue to fall as consumers move away from writing checks for recurring remittances and towards electronic mechanisms such as Internet-initiated payments (which registered a stout 9.7 percent volume increase in 2009, NACHA reports).
Vogel says that, "As far as we have seen, ARC is not really going anywhere among mid-volume processors. Our clients are either moving to Check 21 or staying with what they have. Many clients don't perceive a significant cost benefit if they already have an automated encoding solution."
Vogel adds that Creditron is seeing "slow but steady growth in Check 21 among its current clients, and virtually all of its new installations include Check 21. The biggest reason our clients are reluctant to implement ARC is the notification requirement, which isn't a factor if they go with Check 21."
What are you seeing?
Tuesday, March 30, 2010
Press Release - Creditron Wins Contract from Residential Quake Insurer
TORONTO, ON, March 22, 2010 – Creditron, a leading provider of solutions that automate the payments cycle, today announced that it has provided GeoVera Insurance Company with a payments processing solution that includes capabilities for electronic transaction clearing, check-and-list processing, and seamless accounts receivable posting.
Headquartered in Fairfield, CA, GeoVera is a market leader in providing innovative, stand-alone residential earthquake insurance products in California, Oregon and Washington.
GeoVera selected Creditron after an exhaustive review more than 20 solutions vendors. The insurer knew it needed to upgrade its existing remittance solution to automate the numerous check-and-list transactions it receives each day, but decided to purchase a new solution that included more cost-effective scanners and capabilities for electronic deposit via Check 21.
As a result of deploying the Creditron solution, GeoVera expects to accelerate processing turnaround, reduce its annual hardware and software maintenance costs by 76 percent, reduce the time required to research payments by 50 percent, and eliminate the need for a courier to bring deposits to the bank. The solution also makes images instantly available for review by A/R and customer service staff; previously, images were not available until the next day.
Creditron delivered its ItemAge Express image-enabled solution to enhance GeoVera's processing of premium payments and other remittances. The solution, which is installed at GeoVera's operations centers in California and Florida, includes modules for courtesy and legal amount recognition (CAR/LAR) for personal and business checks, image and data storage and retrieval, and the ability to deposit funds electronically via Check 21 or convert eligible checks into ACH debits. The solution also uses "positive hot files" to automatically verify whether a policy is active and whether the payment meets minimum-due requirements.
Additionally, the solution automates the processing of check-and-list transactions, where a single check is balanced against an 8 1/2" x 11" page listing multiple accounts and their balance due. Mortgage companies, for example, send in a single check to pay the premiums on multiple properties. In the past, GeoVera processed these transactions manually -- an inefficient and error-prone task. Now, documents are scanned on a Fujitsu page scanner, and rubber-banding technology is used to highlight areas of the document for data recognition.
In addition to the Fujitsu page scanner, the Creditron solution uses one TS 4120 document transport from NCR Corporation to process checks and remittance stubs at each of its sites. GeoVera also deployed one NCR TS 230 for disaster recovery and business continuity.
"Insurers are challenged to find new ways to reduce cost, while ensuring superior customer service," said Creditron Founder and CEO Wally Vogel. "By deploying Creditron's image-enabled remittance platform, GeoVera Insurance Company will streamline its payments workflow and processes to reduce costs, speed funds availability and enhance its service."
Headquartered in Fairfield, CA, GeoVera is a market leader in providing innovative, stand-alone residential earthquake insurance products in California, Oregon and Washington.
GeoVera selected Creditron after an exhaustive review more than 20 solutions vendors. The insurer knew it needed to upgrade its existing remittance solution to automate the numerous check-and-list transactions it receives each day, but decided to purchase a new solution that included more cost-effective scanners and capabilities for electronic deposit via Check 21.
As a result of deploying the Creditron solution, GeoVera expects to accelerate processing turnaround, reduce its annual hardware and software maintenance costs by 76 percent, reduce the time required to research payments by 50 percent, and eliminate the need for a courier to bring deposits to the bank. The solution also makes images instantly available for review by A/R and customer service staff; previously, images were not available until the next day.
Creditron delivered its ItemAge Express image-enabled solution to enhance GeoVera's processing of premium payments and other remittances. The solution, which is installed at GeoVera's operations centers in California and Florida, includes modules for courtesy and legal amount recognition (CAR/LAR) for personal and business checks, image and data storage and retrieval, and the ability to deposit funds electronically via Check 21 or convert eligible checks into ACH debits. The solution also uses "positive hot files" to automatically verify whether a policy is active and whether the payment meets minimum-due requirements.
Additionally, the solution automates the processing of check-and-list transactions, where a single check is balanced against an 8 1/2" x 11" page listing multiple accounts and their balance due. Mortgage companies, for example, send in a single check to pay the premiums on multiple properties. In the past, GeoVera processed these transactions manually -- an inefficient and error-prone task. Now, documents are scanned on a Fujitsu page scanner, and rubber-banding technology is used to highlight areas of the document for data recognition.
In addition to the Fujitsu page scanner, the Creditron solution uses one TS 4120 document transport from NCR Corporation to process checks and remittance stubs at each of its sites. GeoVera also deployed one NCR TS 230 for disaster recovery and business continuity.
"Insurers are challenged to find new ways to reduce cost, while ensuring superior customer service," said Creditron Founder and CEO Wally Vogel. "By deploying Creditron's image-enabled remittance platform, GeoVera Insurance Company will streamline its payments workflow and processes to reduce costs, speed funds availability and enhance its service."
Press Release - Creditron Wins Contract from Multi-Line Insurer
TORONTO, ON, March 16, 2010 – Creditron, a leading provider of solutions that automate the payments cycle, today announced that it has provided Aegis Security Insurance Company with a payments processing solution that includes electronic clearing capabilities.
Aegis Security Insurance Company is a multi-line specialty writer of manufactured homes, motorcycles, travel trailers, select-value dwellings and other specialty insurance products.
Aegis selected Creditron based on a referral from a Creditron partner, a successful site tour of another Creditron installation, the strong payback offered by an automated payments system, and on Creditron's ability to integrate with Aegis' accounting/policy administration system.
As a result of deploying the Creditron solution, Aegis has accelerated processing turnaround, significantly reduced the time required to research payments, and reduced the need for a courier to bring deposits to the bank each day. Because of the faster transaction processing turnaround, Aegis also is able to deposit more money in the bank each day than ever before.
Creditron delivered its ItemAge Express image-based solution to enhance Aegis' processing of premium payments and other remittances. The solution, which is installed at Aegis' operations center in Harrisburg, PA, includes modules for courtesy and legal amount recognition for personal and business checks, image and data storage and retrieval, seamless uploads to the insurer's policy administration system, and the ability to deposit funds electronically via Check 21 or to convert eligible items to Automated Clearing House (ACH) debits. The Creditron solution also uses "positive hot files" to automatically verify whether a policy is active and whether the payment meets minimum-due requirements.
The solution runs on one iTRAN 3000t document sorter from NCR Corporation, and an NCR TS 230, a 65 documents-per-minute (DPM) check scanner with rear inkjet endorsing.
"We couldn't be happier with our ItemAge Express solution," said Kent Wyatt, operations manager, Aegis Security Insurance Company. "The solution has exceeded our expectations by providing significant improvements in processing efficiency and funds availability."
"Creditron is committed to delivering highly reliable solutions that growth-minded insurers need to be successful," stated Creditron CEO Wally Vogel. "Our best-in-class payments solutions ensure scalability and manageability as insurers better position their operations to manage the changing payments mix, support their enterprise, and remain competitive."
Timely and accurate processing of premium payments is critical, not only to maximize cash flow, but also for customer service. For example, when a policy is in arrears or subject to cancellation for other reasons, insurers need to know if a check arrives. Creditron’s hot file module notifies users as soon as the check is scanned, so they can take action. The security and audit features of Creditron's ItemAge Express ensure accurate account postings to eliminate mis-posted payments and avoid error correction and coverage issues. The software's CAR/LAR functionality enables insurers to process mixed current due and total due payments, partial payments, and multiple payments without sorting. And insurers can research payments using image, in place of costly and clumsy paper or microfilm archives.
Aegis Security Insurance Company is a multi-line specialty writer of manufactured homes, motorcycles, travel trailers, select-value dwellings and other specialty insurance products.
Aegis selected Creditron based on a referral from a Creditron partner, a successful site tour of another Creditron installation, the strong payback offered by an automated payments system, and on Creditron's ability to integrate with Aegis' accounting/policy administration system.
As a result of deploying the Creditron solution, Aegis has accelerated processing turnaround, significantly reduced the time required to research payments, and reduced the need for a courier to bring deposits to the bank each day. Because of the faster transaction processing turnaround, Aegis also is able to deposit more money in the bank each day than ever before.
Creditron delivered its ItemAge Express image-based solution to enhance Aegis' processing of premium payments and other remittances. The solution, which is installed at Aegis' operations center in Harrisburg, PA, includes modules for courtesy and legal amount recognition for personal and business checks, image and data storage and retrieval, seamless uploads to the insurer's policy administration system, and the ability to deposit funds electronically via Check 21 or to convert eligible items to Automated Clearing House (ACH) debits. The Creditron solution also uses "positive hot files" to automatically verify whether a policy is active and whether the payment meets minimum-due requirements.
The solution runs on one iTRAN 3000t document sorter from NCR Corporation, and an NCR TS 230, a 65 documents-per-minute (DPM) check scanner with rear inkjet endorsing.
"We couldn't be happier with our ItemAge Express solution," said Kent Wyatt, operations manager, Aegis Security Insurance Company. "The solution has exceeded our expectations by providing significant improvements in processing efficiency and funds availability."
"Creditron is committed to delivering highly reliable solutions that growth-minded insurers need to be successful," stated Creditron CEO Wally Vogel. "Our best-in-class payments solutions ensure scalability and manageability as insurers better position their operations to manage the changing payments mix, support their enterprise, and remain competitive."
Timely and accurate processing of premium payments is critical, not only to maximize cash flow, but also for customer service. For example, when a policy is in arrears or subject to cancellation for other reasons, insurers need to know if a check arrives. Creditron’s hot file module notifies users as soon as the check is scanned, so they can take action. The security and audit features of Creditron's ItemAge Express ensure accurate account postings to eliminate mis-posted payments and avoid error correction and coverage issues. The software's CAR/LAR functionality enables insurers to process mixed current due and total due payments, partial payments, and multiple payments without sorting. And insurers can research payments using image, in place of costly and clumsy paper or microfilm archives.
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