AIG RPS Remittance Processing

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Remittance Processing System


Overview

Remittance Processing System - RPS - is designed to automate as much as possible the handling and accounting of payments and remittances.

The remittance documents normally include a stub and a check.. A stub is that portion of a bill that is (detached and) returned along with the payment. A stub would contain information such as customers name, address, due amount and account number. For a telephone company the account number usually is the telephone number. For an insurance company, the policy number. For a mortgage company, the loan number, etc.

To the accounting department the most relevant information for RPS to capture for each account is the account number, due amount from the stub and paid amount from the check. RPS is then to compare the paid amount against the due amount and report payments as full pay or odd pay. For odd payments - overpayments or underpayments- the variance amount is included in the report. The report is output to a printer, a magnetic medium or via transmission to the accounting departments host computer.

 Benefiting companies: county, credit cards

   Transaction Types

  • Single/Single: one stub and one check.

  • Single/Multiple: one stub and two or more checks

  • Multiple/Single: two or more stubs and one check.

  • Multiple/Multiple: two or more stubs and two or more checks.

  Payment Types

  • Full Payment: the check amount is equal to the or a stub amount.

  • Odd Payment: the check amount is not equal to the or a stub amount

Capturing

  Start of Batch

  • Batch Number Assignment and Validation

  • Batch Capacity (Transactions, Documents)

  Scan Line Validation

         Validation Types:

  • Check Digit ( Mod-10, Mod-11)

  • Character Validation (Alphabetic, Numeric, Alpha-Numeric)

  • Table Look-ups

        Validation Levels:

  • Fields

  • Scan Lines

  • Amount validation

  • Amount Encoding

  • Audit Trails

  • Journal List

  • Endorsing

  • Sorting and Pocket Assignment

  • Substitute Documents

  • End of Batch

  • Deposit Slips

  • Batch Trailers

Balancing

  Transaction Balancing
   Batch Balancing

Editing

  Transaction Editing
   Batch Editing

Reports

  Daily Reports

  • Detail Report

  • Batch Report

  • Modification Report

  • Operator Statistics Report

  • Payment Analysis Report

  • Inquiry Report

  Monthly Reports

  Periodic Reports

Output

  Tape Output
   Host Transmission
   Output Summary Report

Data Backup/Restore

 

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