Billing and Collection
Process insurance premium payments (including payment returns and partially allocated payments) and allocate them to the corresponding insurance policies.
Billing and Collection is a highly customizable FintechOS solution that enables insurance companies to effectively speed up their quote-to-cash journey by automating routines unique to billing, collection, allocation, and reconciliation processes. Collectors can use Billing & Collection in conjunction with online payment processors, for example PayU, as well as bank payment orders.
The Billing and Collection digital journey is comprised of a series of automated business steps and decision points that flawlessly help users through their billing & collection operations – such as completing allocations, closing collections or performing reconciliations, in a timely and accurate manner. When necessary, the Billing and Collection digital journey can be personalized in accordance with specific requirements from insurance companies. Thus, implementation time is shortened, while you can make sure that each component fulfills your business needs.
Additionally, this digital solution can integrate with FintechOS Automation Processors in order to create a better place for business performance. For example, using Billing and Collection along with different Automation Processors enables insurance companies to digitize workflows and improve accuracy, while reducing the amount of time spent on routine business operations.
Billing and Collection enables insurance companies to automate billing, collection, allocation, and reconciliation routines. Collectors can use Billing & Collection in conjunction with online payment processors, for example PayU, as well as bank payment orders.
The Billing and Collection digital journey is comprised of a set of predefined business steps and decision points that guide users throughout a controlled step-by-step process in order to help them deliver results such as completing allocations, closing collections or performing reconciliations in a timely and accurate manner.
Billing and Collection with PayU
Some of customers may use payment processors, for example PayU, to make their payments. You can integrate Billing and Collection with any payment processor in order to complete the collection operation.
The steps followed by the user, on the FintechOS Portal, during the Billing and Collection digital journey, are described below.
Step 1. Open Application & Select ProductStep 2. Load Bank Account StatementStep 3. Import Data from Bank StatementStep 4. View Bank Statement detailsStep 5. View PaymentsStep 6. Reconciliation processBilling and Collection with Bank Payment Orders
Some of customers use a bank service to make their payments. You can integrate the Billing and Collection digital journey with any bank statement processing in order to complete the collection operation.
This chapter is about using Billing & Collection in conjunction with bank Payment Orders.
The steps followed by the user, on the FintechOS Portal, during the Billing and Collection digital journey, are described below.
Step 1. Open Application & Select ProductStep 2. Load Bank Account StatementStep 3. Import Data from Bank StatementStep 4. View Bank Statement detailsStep 5. View PaymentsStep 6. Reconciliation processThe complete documentation is available here.
Platform version compatibility: FintechOSCore DPA Platform v21.2 and above.
Dependencies: Standard Syspackv21.1.6002 or higher.
Insurance Apps Dependencies: Core Insurance Master v2.0
