Employee Payment Solutions

EPS is a comprehensive suite of debt mediation and rehabilitation management software addressing the challenges pertaining to debt mediation, but specifically focusing on the automation of the complex business functions of payment distribution and the settlement of creditors. EPS offers substantial enhancements in the automation of business processes aimed at improving the distribution of payments to creditors and real-time bank reconciliations.

Major benefits include guaranteed payment via the payment-gateway established together with the automated delivery of proof of payment advices to the consumers (debtors), remittance advices to the creditors, reconciliations to the creditors, comprehensive audit trail per debtor and creditor payment, and bank account reconciliations and cashbook reconciliations.

Upon the real-time payment made to every creditor by the consumer (debtor), EPS sends a Proof of Payment to each debtor reflecting the payment made to each creditor, and simultaneously upon the real-time payment made to every creditor by the consumer (debtor), EPS sends a Remittance Advice to each creditor reflecting the payment made to each creditor.

EPS performs automated bank account reconciliations each morning identifying deposits received from consumers (debtors), identifying the deposits from the respective consumers (debtors) and allocating the deposits to the respective creditors due for payment on behalf of the consumers (debtors).

EPS manages the so-called “balances of debt” payable by consumers (debtors) to creditors, thereby ensuring that creditors are paid the correct amount of debt whilst simultaneously protecting consumers (debtors) from over-paying creditors.

EPS calculates interest owing on debt thereby ensuring that creditors are paid the correct interest on outstanding debt whilst simultaneously protecting consumers (debtors) in accordance with the so-called “In Duplum”rule.

EPS validates bank accounts for creditors thereby ensuring that creditors are paid to the correct settlement accounts making for easy allocation and reconciliation by creditors.

EPS provides for the interactive and real-time integration to the PROFITS financial software, thereby ensuring that all control accounts and ledger accounts are immediately updated and thereby providing a comprehensive audit trail of all payments made on behalf of debtors to the respective creditors.