ELECTRONIC PAYMENT / PURCHASE SYSTEM

Computrol’s Electronic Payment/Purchase System (EPS) provides a simple, straightforward way to automate payments.  You can take money from one account and pay to another account or you can make payments by check - home banking. 

You can set up a one time payment or a recurring scheduled payment. The transfer can be between two applications within the institution, use a transfer system such as ACH (Automated Clearing House) or issue a check.

EPS is a standalone system that integrates easily into any combination of applications in the institution. It is a proven, low maintenance system. It is not dependent on any specific technology.

Some common uses are to take money from a checking account to pay a loan, make a contribution to an IRA or offer customer bill payment. You can debit an account in a bank or pay to another entity using ACH.

For a graphical view of Electronic Payment/Purchase System processing, see EPS Processing Chart.

Create Transactions

Prenote Processing

Benefits of EPS

How EPS Operates

To set up a money transfer, you enter:

	Account to debit
	Amount of money
	Date to start
	Frequency
	Date to stop
	Who to credit

The customer can specify a pay-to account and address or simply select from a payee list.  The payee list can include standard payees such as utilities and payees unique to that customer.  Payment can be by check or transfer.

Create Transactions

Each day the Electronic Payment/Purchase System examines the orders to decide whether to create a transaction. If you wish to prepare the transaction ahead of the due date for the application which will post the debit, you specify prepay days for that application; e.g., ACH. EPS prepares the transaction in advance and blocks any changes to the schedule until the transaction due date. You can create the debit and/or the credit in advance.

On the transaction due date EPS calculates the next date to create the transaction and unblocks the schedule. You can change the schedule at any time it is not blocked due to prepay.

Prenote Processing

EPS allows you to prenote transactions for an ACH transfer. You may specify whether to create prenotes for any transfer set. If you chose to create a prenote, you can let  the system  set the prenote expiration date or you may set it yourself.

Benefits of EPS

EPS allows any business application to transfer monetary transactions between business applications or transfer systems. The system has been successfully used by the banking and mutual fund industry to support loan payments, systematic purchase plans, systematic withdrawals, planned savings plans, etc.

	EPS can execute transactions scheduled for any business applications in the institution.
	You can enter and review electronic payment/purchase instructions online.
	Recurring Electronic Payment/Purchases expire on a user specified date. Expiration can be timed to the final loan payment or maturity date of an account.
	You have independent access to transfer funds between applications. EPS generates appropriate interfaces to sending and receiving applications without disturbing those applications.

More Information

For additional information regarding Computrol’s Electronic Payment/Purchase System contact Computrol.

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