Central Park is a Payments and Collections processing application that automates most of the process while still providing the required security and control.

Business Need

All Financial Services Companies execute cash Payments and Collections on a daily basis. Payments or Collections requests are initiated from the back-office system(s), checked and reformatted into the required Bank format and submitted to one or more Third party for processing. This is a time consuming and laborious process that is normally performed within tight time constraints. Problem areas include security of information, errors and speed of processing.

How Central Park Solves It

Central Park provides an easy to use, automated system to process high volume Payments and Collections. Transactions for Payments and Collections are imported, enriched and validated with configurable rules. The transactions are aggregated to create the final instruction that will be used to Debit or Credit the Client’s bank account. Instructions go through an optional approval process before the final instruction document is created in the required format for the Financial Service Provider that will be affecting the transfers. Confirmations from the Financial Service Provider are imported and matched back to the original instructions. Mismatches are highlighted and reported on for follow-up.

Business Benefits

Payments and Collections are processed faster and accurately. Validations, consolidation and release rules are automatically applied and only exceptions need to be managed. Very complex and powerful validations can be performed on transactions before instruction creation and release. All additions and changes to instruction information are tightly controlled. Audit trails are provided to track any changes. No manual manipulation and transfer of banking files. Source system and Banking system data formats are updated and managed in Central Park.

Top reasons to use Central Park:

• • Automated matching of transactions Fast and comprehensive validation

• Automated processing

• Audit trail

• Security

• Release control

• No more formatting issues

• Processing and matching of confirmations

• Payment aggregation and tracking

• Web based application

• Exception handling

Features

• Web based, no deployment headaches

• Industry standard, high performance database

• Import transactions from databases or files

• Enrichment of data

• Configurable validation rules

• Aggregation of transactions

• Configurable Manual approval where required

• Confirmations are imported

• Confirmations are matched to original instructions

• Supports formats for most banking systems

• Reports