Automated Fiat System
The Automated Fiat system is a tremendous help in increasing the straight through processing rate within your systems. At the same time, it allows the bank to improve upon its risk management.
The Automated Fiat system encompasses all Veracity systems in order to capture Debit transactions on the accounts of the customers of the bank. This includes direct debit transactions. In addition the system can be extended to include transactions within other systems, as far as those systems provide this capability.
The Automated Fiat system verifies the availability of sufficient funds at either customer group level or account level. In addition, each account and transaction is verified against a variety of tables in order to determine if a debit transaction is to be allowed. This includes checking against bad debt, black lists, blocked accounts and a range of other conditions.
The exception handling of refused debit transactions is one of the strongest features within the system.
The handling of the refused debit transactions is done by the account manager of each individual customer. The system gives account managers direct online insight to all details of the refused transactions. This allows them to contact their customers and decide in direct conversation with them upon further actions.
Refused transactions can be manually forced through the system by the account managers. This does require a second approval by the credit department, in order to truly release these payments.
If a refused payment is to be actually rejected, this must also be done by account management. A message containing the rejected debit transaction details and the reject reason is automatically generated, as well as any required direct debit reversal transaction.