What is PayPilot®?
PayPilot is the industry leading, flexible solution that allows companies to centralize their siloed disbursement processing from all their internal source systems. PayPilot seamlessly integrates with the source systems to provide automated, straight-through processing and a single repository for all payment related information. The robust capabilities of PayPilot include MICR check printing, bulking payments, ACH (electronic) payments and remittance advice and extensive reporting capabilities.
Benefits and Insights
Why use PayPilot®?
Key differentiators & advantages of PayPilot®
- Electronic Payments enables electronic funds transfer and electronic debit. ACH payments and remittance information can be automatically sent in any format simplifying back office processes so costs are lower but service is enhanced.-Positive Pay identifies potentially fraudulent payments before they cash. Prelude customizes the output file to conform to your bank’s requirements and configures all the communications for simple, seamless operation.
- Mobile Payments allows field staff, like insurance agents or adjusters, to issue payments in the field, on location with the same security and controls you require back at the home office. Insurance carriers close claims faster keeping claim costs lower and customers are happier.
- Bank Reconciliation automates your reconciliation process. Prelude’s implementation team integrates your bank’s transmission format and connection protocols. Your authorized operators can perform payment look-ups and generate reports anytime.
- OFAC Compliance downloads the most current OFAC and automatically ensures that payments are never made to any “specially designated or blocked entities”, keeping you in compliance with the Patriot Act. Email notifications identify suspect payments before they are issued.
- 1099 Processing identifies all payments from all systems that qualify for 1099 reporting by tax ID. PayPilot generates reports for reportable and non-reportable payments. An export file is created for third party processing applications such as 1099Pro or Convey.
- Escheat Processing captures all due diligence regulations for each state and automatically scans outstanding checks. PayPilot creates an export file for payments meeting each state’s parameters. This file can be used to generate letters and/or to feed into an escheat processing application.