on 25-03-2019 12:06 PM
I would like to ask how you handle credits to accounts with your institution when you are not a party to the work space. The amount of credits to customers accounts we receive are increasing given the take up of PEXA. Currently these are manually credited to our customer accounts as they come into our Source Account. The type of credits I am discussing could be fees for legal practitioners collected at settlement where they currently hold accounts with your institution or disbursements paying out a personal debt or credit card as part of the settlement.
I am interested to see how others process these matters and what sort of service levels are provided.
on 26-03-2019 11:52 AM
Destination funds that don't involve your financial institution should be directed to the relevant BSB and Account number or BPay payment, not your source account.
You might accept surplus settlement funds (i.e. more than the payout figure) but only upon your approval and the borrowers direction. The additional funds should be disbursed in terms of the borrowers authority, upon reconciliation of the source/clearing account.
on 26-03-2019 12:08 PM
I think I could have communicated what I was trying to get across better. I am actually referring to the payments that we receive as a Financial institution via BPay or BSB and account numbers. Currently we manually credit the accounts from a manual report. The number of these transactions are increasing and it is becoming very tedious to manual punch these credits daily. We currently use ASL and I was wondering if any other institutions were experiencing this issue.
on 26-03-2019 04:00 PM
Can't help you there CT. I used to work at Westpac and we had a computerised system to do that work Cheers.