A new way of collecting membership fees, levies, school fees and other payments became available with the launch of Money Management Gateway, an Internet-based money collection process. Some of the biggest advantages of Money Management Gateway are the automation of certain admin processes leading to improved collection percentages and improved effectiveness resulting in significant cost savings.
The system enables the collection of funds directly from the client`s account and payment to the collector`s account. Says Jans Wessels, MD of DexData Technologies: "The system has the unique ability to split a single debit order collection across multiple collection transactions and further split each transaction based on predefined, agreed percentages to enable commissions and other payments from the collected monies. Electronic payments to various parties with detail bordereaux are processed. The process includes online validation of bank detail, automated RD (return-to-drawer) processing and recollection according to the collector`s requirements. All parties involved have secure and confidential access to the transaction detail via the Internet."
The collector can import batch collection files on the Internet via an Excel (CSV) batch facility or individual transactions can be added manually. The system can be interfaced directly to external systems if required. Electronic communication, such as SMS, e-mail and later developments like WIG and USSD, is used throughout the process to communicate to all parties and will also be used for verification of certain processes. Links to external credit bureaux will be set up as part of a second phase development to enable credit vetting to be done on "collectees" where required.
This technology was developed by DexData, a subsidiary of the Dex Group, and is based on patented technology that Dex has been supplying to the financial and insurance industries for almost two decades.
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