Payment Decisioning
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 pre-defined 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
