Successful deployment of a payment reconciliation software for the client Ascension Technologies, LLC ,a wholly-owned subsidiary of Tribal Economic Development Holdings, LLC, a wholly owned and operated economic arm and instrumentality of the Lac Vieux Desert Band of Lake Superior Chippewa Indians, a federally recognized Indian tribe.
Client Overview
Ascension Technologies LLC is an IT services firm that is a Tribally owned and operated entity of the Lac Vieux Desert Band of Lake Superior Chippewa Indians, registered and located on the Tribe’s reservation in Watersmeet, Michigan.
Ascension Technologies provides IT services to one of its clients, Big Picture Loans. Big Picture Loans is a Tribally owned and operated entity of the Lac Vieux Desert Band of Lake Superior Chippewa Indians, registered and located on the Tribe’s reservation in Watersmeet, Michigan. The Company was established for the economic benefit of the Tribe and is a wholly owned, managed, controlled, and operated instrumentality of the Tribe.
Problem
Big Picture Loans tracks loan repayments through daily NACHA reports from significant payment gateways such as Viking, T24 and RCC. The Attempt Allocation Reportcritical a key daily report that compiles the ACH payments and return information from these payment gateways and the information from the internal Loan Management system.
Ascension Technologies is facing a big challenge in the payment reconciliations.
Major pain points are:
- The current LOS does not connect to the payment processor through API
- The funding and repayment processing is done by submitting NACHA files to the payment processors.
- Reconciliation was done manually using Excel sheets
- The returns on funding and repayments can happen only up to 60 days from the day of processing
Solution
Insight Consultants proposed to develop a browser-accessed software app that can take care of the entire reconciliation of the payments.
Result
Successful deployment of a payment reconciliation system
Business Objectives
- Client need an error free and easily scalable daily report
- The Attempt Allocation Report (ACH) should compile the ACH payment and return information from the payment gateways
- Well created NACHA files
- Pick the exact rates and payment calculations for semi-monthly pay frequencies
- Must have the pre-approve and auto-approve facility
Proposed App will allow Big Picture personnel to upload
The daily NACHA payment and returns reports from the following Payment Processors:
- Viking
- T24
- PDS
- FlexiPay
- Daily Net Collected Detail Report from the Loan Management system
Relevant data will be extracted from these reports and stored in a Database. The software will allow the user to generate an Attempt Allocation Report based on the specified dates. The new system will provide an option to export the report in XLS format.
Business Solution
Insight designed a Payment Reconciliation System Build-out-version 1.0 with the following features:
- Login
- Upload Debit NACHA txt file (Viking, T24, PDS)
- Upload Returns NACHA txt files (Viking, T24, PDS)
- Upload Net Collection Details csv file
- View/ Edit Screen for Debit data
- View / Edit screen for the Net Collected Details data
- View/ Edit Screen for Return data
- Reconciliation logic to combine debit, returns and Net collected
- Details information based on ACH transaction number and
- Dates
- Display Totals report for each of the 3 Payment Processors
- Display Merchant & Stores report for the 3 payment processors
- Essential User Management (Add & Disable users, Forgot / change password)
Result
Successful in developing a browser-accessed software app that permits the personnel from the loan company to upload the daily payment and return and net collected detail reports.
The software can extract the relevant data and store it in database
The new reconciliation system will now read the NACHA files, understand returns and successful submissions, generate perfect monthly cost allocation reports export the reports in XLS format
About Insight Consultants
Insight Consultants is in the business of transforming enterprises and impacting lives through information technology-based solutions and by delivering services ethically. With over 200 clients from 4 continents, Insight Consultants with more than 15 years of its existence has developed web-based applications for a very wide array of industries. We are currently serving clients in the Oil & Gas, Education, Building Architecture and Banking domains. Conceived with a vision to leave behind a legacy of transformed peoples, Insight has mushroomed into an organization that empowers its people to constantly push the limits of quality, both of solutions they deliver as well as the way those services are delivered.
