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The term Payments describes a flow of events that occur when completing a payout of a loan to a borrower.
Once a loan is approved a Settlement order is created that contains all the information required for completing the payout including:
- Payment receiver
- Amount
- Currency
- Payout date
To process the Settlement orders we can select one by one or select all from the menu and then select Instruct.
Instructions will now be created and are now ready to send as a batch to the custodian (bank) that we use.
We can now select all instructions and create the batch. The bank file will be automatically downloaded for us which we then can use to send to the bank and the file is also stored in Instruction batches.
All the information throughout the whole process is stored and linked so that a complete audit trail exists for the payments.
Consult the articles below for detailed instructions.
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