RemitStream Exception Handling

The processing of homeowners association dues and rent payments has become more costly and complex in recent years. Adding to the burden, a time-consuming manual review process has traditionally been required to determine whether transactions meet certain processing criteria.

RemitStream Exception Handling from Fiserv automates the processing of assessments and rental payments by introducing a number of tools designed to help your customers further streamline their operations, reduce costs and improve cash flow.

Using data pulled from your property management customers' accounting software, Exception Handling confirms whether incoming payments should be cleared for processing. This process enables valid payments to move seamlessly to approval and ensures that any invalid payments are rejected – all without manual intervention.

When assessment checks are received without coupons, Exception Handling searches customer data to fill in missing address and account data. The automation of this research process saves time and frees property management employees to focus on other tasks.

• Master File: Data extracted from the property manager's accounting software and formatted according to RemitStream Exception Handling: Master File provides the foundation for the automation of exception handling. This master file of information is used to create accept, stop and lookup files that are used for remittance processing
• Accept File: With RemitStream Exception Handling: Accept File Processing, data in the master file is used to create a file of valid account numbers that can be automatically approved for processing
• Stop File: A tool that is valuable during eviction and foreclosure proceedings, RemitStream Exception Handling: Stop File Processing automatically rejects and returns payments from individuals who have been flagged in a stop file created from the master file
• Smart Lookup: RemitStream Exception Handling: Smart Lookup enables payments that are missing coupons to continue through the processing workflow. Smart Lookup searches a database created from the master file to automatically fill in the missing information. Over time, Smart Lookup automatically identifies more transactions, minimizing the number of payments processed as exceptions
• Online exception management: A Web-based tool, RemitStream Exception Handling: Online Decisioning improves cash flow by reducing the number of exception items that are returned without being deposited. Items that can be repaired online are automatically reintroduced into the processing workflow and deposited on the same day. Rejected items are returned to the property manager