Servicing technology provider GCC Servicing Systems has added an Unapplied Payment Tracking (UPT) Module to its professional services suite. According to the company, the module enables servicers to accurately handle electronic-payment errors.
Through a workflow system, payment errors are routed to the designated departments and employees for correction. The UPT Module is customizable for each company's payment rules and can also be used to track errors that come from online bill payment programs and rejected manual payments.
As more consumers pay their bills online, it becomes more important for servicers to be able to manage electronic payments, says GCC President Glenn Liebowitz.
‘Errors typically occur with electronic payment such as from a lock box, and our clients need to cut down on the time payments sit in limbo waiting to be cashed and applied,’ he says.
SOURCE: GCC Servicing Systems