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Decisioning is at the heart of Clearingworks Payment
Hub. The solution uses our revolutionary Web-based clearing
algorithms to determine the most effective clearing
method available for a payment. All transactions imported
in Clearingworks, regardless of the payments channel,
go through the Payment Hub, providing rich decisioning,
data management and transaction reporting, as well as
a dashboard for real-time monitoring.
Like the rest of Clearingworks, the Payment Hub Decisioning
module supports Check 21 and all NACHA Standard Entry
Class Codes, and any capture mechanism, including IVR,
online bill pay and more. Decisioning determines the
best clearing methods that deposits are eligible for,
and then generates ACH, image exchange or substitute
check files for origination processing. Depending on
the payment channel, A/R reconciliation also is available
through downstream exports. All of this improves working
capital management and elevates service bureaus to valuable
advisors able to make their clients' deposits more financially
beneficial.
Consolidating payment channels in the Clearingworks
Payment Hub also is the first line of defense against
fraud and unintentional duplicate postings. It also
minimizes the need for check verification services and
provides billers greater visibility into their client
payments.
The logic behind Clearingworks Least Cost Routing Best
Fit Clearing (LCR/BFC) Decisioning uses predefined decisioning
variables, supported by customer banking relationships,
to determine the best financial institution for deposits,
based on cost, benefits and timing. Our Direct Sort
Clearing (DSC) feature provides decisioning logic for
clients to clear transactions to designated financial
institutions based on pre-defined deposit priorities.
For customers with high-risk payments, our Total Time
Clearing (TTC) feature allows customers to clear transactions
to designated financial institutions based on the quickest
time to clear.
Why Clearingworks for Payment Decisioning
- Reduces costs through aggregation of transactions
across payments channels
- Increases funds availability through the use of
least cost routing/best fit clearing
- Shares data across channels for improved analytics
and risk management
- Improves information management through real-time
reporting and monitoring
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