Disbursement Hub: Build, Buy or Outsource?
Companies spend a lot of time, money, and effort deciding if a solution to a problem is to build their own proprietary method or buy someone else's method. There are an infinite number of answers depending on different factors and needs of the company, including their current environment. More and more, companies are looking at creating what is in effect a strategic alliance and outsourcing the solution to the problem. This "Do It For Me" approach allows companies to focus on their core competencies and creates greater customer gratification and satisfaction within their company to stick to what they do best.
One of these areas for many companies is disbursing payments. Usually not a core area for many businesses but one that has a disproportionate effect on the people and companies that interact with them - and want their money! This affects customer satisfaction ratings, net promoter scores, and business terms with vendors and so on.
Well, what would an outsourced payments provider look like and how would it fill the need? Check out Prelude Software - for over 27 years they have been focusing on meeting their clients’ objectives in streamlining and automating their payment processing. With clients such as Carnival, Esurance, and AAA, Prelude meets the goals of reducing the cost of making payments by extending the life and functionality of their clients’ legacy applications with their robust, feature-rich, middleware disbursement solution.
Clients get the "new car" feel of a new system at a fraction of the cost, getting significant ROI in the first year! Prelude's primary solution, PayPilot, easily complements clients’ core systems across the enterprise. PayPilot can be installed locally on the client’s infrastructure, be hosted or be part of a third-party outsourced-provider solution. Either way, it is scalable and flexible to satisfy both your short- and long-term requirements.
PayPilot seamlessly integrates with the existing silos of core systems, like claims, policy, billing, and AP to act as the disbursement hub for all outbound payments. This model and workflow creates both a centralized repository and straight-through automated processing for all disbursements. The entire life-cycle of the payments are available for auditing, customer service, and business intelligence purposes. PayPilot also interfaces with your banks, other third-party solutions and providers as needed per your objectives.
PayPilot has an ever-growing suite of payment processing and ancillary processing capabilities that include MICR check printing, bulking payments, electronic payments (ACH), electronic remittance advice, virtual card / single use account (SUA) payments, card payments, alias / tokenized payments via text or email address and mobile payments.
Routinely, clients are faced with integral ancillary processing needs like OFAC scanning, escheat processing, 1099 processing, positive pay and bank reconciliation. Each of these can be a significant work effort to enable and maintain with disparate core system processing or individual third-party solutions. PayPilot solves these requirements easily with greater ongoing efficiency as part of its disbursement hub role. The enterprise will benefit from shared best practices, shared efficiencies and unparalleled flexibility and control to stay safe and secure while being nimble to react to changing regulations, marketplace and impacting events.
Similarly to the features and benefits of PayPilot for the disbursements out of corporate, Prelude’s PointPay® facilitates disbursement processing for payments that need to be issued remotely, even when completely disconnected from the host system. Imagine an insurance company handling claims in a disaster area and you can quickly see the application! PointPay electronically and securely handles the transfer of data between host, source and field systems while helping adjusters, appraisers and agents deliver exceptional customer service.
How do you decide whether or not to outsource? As Wayne Gretsky once said, ‘I skate to where the puck is going to be, not where it has been.” Let your company be great at what it does. If you are an insurance company, be the best insurance company. If you need a disbursement hub solution, go to a solution provider that is the best at providing a disbursement hub solution. Choosing Prelude’s evergreen solutions will keep you on budget and on time, and provide you the features and benefits you require today and will want tomorrow. We know where the puck is going and we can help you get there to keep you ahead of the game!