26.11.2018 07:27 am
What is the solution?
The Auto Collection system is a robust collections software solution that is introduced to reduce and mitigate risk of managing past due or delinquent accounts. This automated system monitors the customer’s accounts which have unpaid arrears in order to track any amount that becomes available, and blocks it against these arrears, before being drawn or used by the customer. ICS BANKS Auto Collection System drives efficiency by providing the financial institution with the ability to automate collections, recovery and tracking of past due accounts, which in-turn optimizes the collection proceses and minimizes operational risk. It streamlines the tracking and monitoring of different types of arrears, using the criteria that was set by the financial institution, according to its needs. The system provides also the financial institution with the facility of choosing from many different criteria, such as arrear type, amount, date and priority. Fully and real-time integrated with ICS BANKS family of products, mainly with ICS BANKS Lending, Credit Cards settlement, discounted bills and charges. The system is easy-to-use that empowers the financial institution to efficiently have control of collecting on arrear accounts.
What was the demand for the solution?
This solution came up from the increasing need of our clients to replace the manual debt collection proccesses with an automatic and more efficient collection mechanism, which will boost collections success and reduce operating costs and risk.
What is the core function of the solution?
This solution works automatically in the background, monitors the past dues and validate the related customer account(s) for the availability of fund. Once the fund is available either partially or completely in the customer account, the system blocks the needed amount. Accordingly, the customer will not be able to use this amount until the settlement is done at the end of the day.
Who needs the solution?
This solution is needed by all banks which grant any type of facilities to its customers.
What are the key features of the solution?