Finance Settlement functionality will enable the SCF users to settle the finances/loans which are outstanding in SCF application. The settlement of loan can be initiated by the Bank user on behalf of SCF customer. Settlement request can be initiated through screen or through file upload (payment file) as well.
User can enter settlement amount along with other details and clicks on Submit button, New grid called ‘Filter by’ will be opened.
Navigation Path: Supply Chain Finance > Finance Settlement.
Registration
Using above screen, User is given an option to search finances basis predefined criteria, select the finances which he intends to settle and key in total settlement amount.
In above screen, based on Settlement amount allocation field, settlement amount gets distributed between various finances basis latest due dates and outstanding amount. Basis the total no of finance reference number selected by user for settlement in registration screen, equivalent number of individual settlement transactions gets created in task menu/Data entry queue.
Basic Info
Party
Limits
Interest
Accounting
Summary
Similar to Disbursement, user has to complete disbursement request in My Task and Approver has to approve the same. On approval of settlement request, finance will be settled in core lending system, which in turn will return settlement status to OBSCF. Currently OBSCF is pre integrated with Oracle banking corporate lending system.