Removing the Barriers to Improving Existing Payment Processing Functionality with System Format Mapp
Do you ever look at your business processes and wonder why you use several different source systems to process payments? The answer to that question is simple. It is likely that as your business has grown, the complexity of your payment processes has, of necessity, grown as well. And, industries like Insurance, often have multiple, separate, specialized core systems for claims, policies, billing and AP. Each capable of originating the payment request. And, each having ever-changing opportunities and requirements for improving the payment process or adding additional payment method options. No longer is simple, MICR checks the only way to issue payments. In today’s rapidly changing economy, payees demand their funds more timely and convenient. Electronic payments, virtual cards and payments to one’s own debit card are more common than ever. And, some payments are being made via payee’s cell phone numbers or email addresses as a surrogate for the actual bank account number. All of these options are far more difficult to implement on traditional enterprise source systems.
In an attempt to tame the beast of payment processing, you may have attempted to solve disbursement problems with one or more different source systems. However, now you are left with a confusing array of siloed systems that do nothing to streamline your payment processes. Adding to the problem is the very real concern that, when you implement a completely new core system, you may lose time and integrity of the data and workflow during implementation and you will also have lost all the money you invested in the various source systems you are currently using for payment processing.
Is there a cost-effective and timely solution to this problem? Fortunately, the answer is "yes". Prelude Software’s PayPilot, a comprehensive and robust disbursement hub, can integrate with all of your existing source systems by means of a system format mapping feature.
What does this mean in practical terms? It means that you do not have to replace your existing core system to take advantage of all of the features of PayPilot. Our solution works with what you already have, saving time and money immediately. Rather than replacing your existing system, it adds value by embedding added security, flexibility, and functionality. And, if you do eventually replace a core system, like claims, PayPilot makes it easy. In fact, Prelude is a strategic partner with core system providers like Guidewire. As part of the Guidewire PartnerConnect program, Prelude has the experience and expertise to accelerate the integration, and maintain the integrity of the data and process.
Because it universally maps to the format of your existing systems, implementation of PayPilot is minimally disruptive. There is no need for your IT team to reconfigure your existing systems because PayPilot does all the heavy lifting in that department. So, you get modern capabilities whether retaining legacy platforms or upgrading to newer core systems. As a centralized disbursement hub, PayPilot complements and enhances your existing processes. The result is a streamlined, automated, and simplified disbursement process across your enterprise. And, equally important, PayPilot is evergreen, meaning you will have the opportunity to have the most current version and capabilities upon your request. For information about how PayPilot can improve your existing outbound payment processes, please contact us. We look forward to showing you the benefits of our PayPilot disbursement hub solution, including how financially easy it is to implement and use, along with our excellent customer service track record.