BIPS ( Billing Inquiry and Bill Payment System)

Insurance Software Product

Today’s clients are tech–savvy and on the move. Bill Inquiry and Bill Payment System is designed with an aim to provide our client's customers and agents self service, on-line access to policy premium data while giving customers the option to make on-line payments. The solution marries a robust validation workflow with an interface to the back office reporting and legacy accounting systems.

The solution is consolidates the following features:

Billing Inquiry System Module

Billing Inquiry System has following features:

• Displaying the information pertinent to latest 3 policy modules.
• Integrate the Policy Header information with the Agents.
• Quick snap shots of the pertinent billing information in the form of a billing summary, which includes total installments, current installment, policy balance, last payment amount, current installment and next nstallment balance due and due date.
• Installment Schedule Provides the detailed about the installment plan, it displays the past, current and future installments with the due dates.
• Payment History displays the complete history for the entire period with the payment type and check numbers if applicable. It also handles the Transfer, Corrections and NSF scenarios.
• Refund Information displays the Refund to be processed and Refunds processed information.
• Print Summary feature will print the entire billing information related to the selected policy number’s module.

Electronic Payment System Module

Electronic Payment Functionality has following features:

1. Make Payments option will provide the options to pay the Minimum payment due, Full Policy Balance and the Other Amount (This amount will be controlled by the business rule example allow payment for atleast 80% of the Minimum amount due if it is not overdue). Payment business rules are programmed in such a way that it controls the payment options pertaining to different policy status scenarios (Active, Cancelled, Pending Cancel and Expired) pertaining to payment options. Payment Options will be controlled by the Policy Type example Credit Card Payments will be available to the personal lines policies and electronic check payment option will be available to commercial and personal lines policies both.
2. Currently BIPS application provides two electronic payment features:

   Credit Cards

   BIPS currently allows Master and Visa Cards. Solution can be enhanced easily to accept American Express and Diners card. Currently credit card payments are connected through SurePay Payment Gateway using Advanced Integration Method (AIM) that uses secure sockets layer (SSL) using 128 bit encryption and digital certificate technology to connect securely and directly to the Payment Gateway achieving the highest security for the Internet connection between a merchant and the gateway.

   Electronic Checks

   There are three possible ways to process electronic check payments:
   
   a) Electronic Check Payment receives during the day stored in the database and at the end of the day system generates the file in NACHA format. NACHA files can be either uploaded directly to the bank or can be send via an email to the bank, all bank accepts NACHA files for ACH transactions. System also validates the Routing Number by using the Routing Number Database provided by Thompson Financials; system also displays the Bank Name for the entered routing number. Current functionality is supported by the BIPS application, there are no fees for generating NACHA files because it is embedded in the BIPS application and BIPS application generates the NACHA formatted file for all ACH transactions. NSF and bad/frozen/closed accounts will be handled by the bank and bank reports those reversal transactions to the merchant.
   
   b) Third party vendors like Authorize.net and CheckFree provides the Electronic Check Payments functionality. Solution stores the payment in virtually e-accounts, generates and uploads the NACHA file to the bank for all ACH transactions. NSF and bad/frozen/closed accounts will be routed from bank to the vendors and then merchant. It introduces one extra channel and cost per transaction and reversals are higher as compared to option (a). Therefore it is not most recommended solution for processing electronic checks.
   
   Third Party Vendors such as ACHDirectAccess, BizCashFlow etc. provides the Electronic Check Payment functionality using the ATMVerify Network. Those networks also called as The next generation of check verification. ATM Verify can determine (virtually in real-time) the following account particulars:
   
   » Open or closed
   » Funds frozen
   » Able to receive ACH debit
   » Positive or negative balance
   
   By using ATMVerify companies can greatly reduce fraudulent and NSF
   Issues real time. There is more cost per transaction involved using this solution as compared to option (a); but it is the most effective way to handle NSF situations.

Other Features

• Reconciliation reports for online payment activities by payment type
• Audit capability to track who changed what
• Real time Interface
• Style Sheet based to mimic the look and feel based on the company’s standard look and feel
• Interface with the database/flat files to read and post the transactions to the system using the middleware database

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