3.7.1 Payment Preferences

User can view and modify payment preferences to the loan account using the Payment Preferences screen.

User cannot modify the preferences for the account if instructions are already executed.

To add or edit the payment preferences:

Note:

The fields marked as Required are mandatory.
  1. On the Homepage, from Retail Lending Services mega menu, under Instructions & Preferences, click Payment Preferences. User can also open the screen by specifying Payment Preferences in the search icon bar and selecting the screen.
    The Payment Preferences screen is displayed.

    Figure 3-100 Payment Preferences

    Description of Figure 3-100 follows
    Description of "Figure 3-100 Payment Preferences"
  2. Select the appropriate option from the Search by field.
  3. Perform the required action, based on the option selected from the Search by field.
  4. If the payment preferences are already maintained during Origination, then the details are displayed in the respective sections. Here, user can edit the details, if required. If no preferences are maintained, then user can add the details in this screen.
    The details are displayed in the respective sections.

    Figure 3-101 Payment Preference Added - Account


    Description of Figure 3-101 follows
    Description of "Figure 3-101 Payment Preference Added - Account"

    If user selects an External Account while adding a debit or credit account, then following screen is displayed:

    Figure 3-102 Payment Preference - Added - External Account


    Description of Figure 3-102 follows
    Description of "Figure 3-102 Payment Preference - Added - External Account"

    For more information on fields, refer to field description table below:

    Table 3-68 Payment Preference – Field Description

    Field Description
    Search by Users can search for an account number by using any of the available search criteria.

    The account number is set as the default search option. Users can specify the account number directly in the adjacent field or search for an account number by clicking the Search icon. Users can also search for the specific account number by providing customer ID, account number, or account name.

    Other search options available in the Search by field are Customer ID, Tax Identification Number, Mobile Number, and Email.

    A specific customer ID can be searched by providing the customer name or customer ID. If Tax Identification Number, mobile, or email IDs are chosen to find an account number, the respective IDs have to be input entirely in the adjacent field for the system to display the account number. For a given search criteria, multiple account numbers may be linked.

    For example, two or more account numbers can be linked to a single mobile number. In such cases, the system displays all the account number matches and the user can select the relevant account number on which to perform a servicing operation.

    Note:

    The label of the field adjacent to the Search by field changes dynamically. For example, if the Account number is chosen as the search criteria, the label of the adjacent field is displayed as the Account Number. If Tax Identification Number is chosen as the search criteria, then the adjacent field would display the label as Tax Identification Number.
    Default debit account and Default credit account The Default debit account section displays a message that default debit account is not added along with the Add Debit Account button. For more information refer Add Debit Account.

    The Default credit account section displays a message that default credit account is not added along with the Add Credit Account button. For more information refer Add Credit Account.

    Type Displays the type of debit account.
    Account Number Displays the external debit account number.

    Note:

    This field is displayed if the External Account is selected from the Type field in the Add debit account or Add credit account section.
    Account/Ledger Displays the account or ledger account number.

    Note:

    This field is displayed if the Account is selected from the Type field in the Add debit account or Add credit account section.
    Account Name Displays the account name.
    Branch Displays the branch code.

    Note:

    This field is displayed if the Account is selected from the Type field in the Add debit account or Add credit account section.
    Currency Displays the amount currency.

    Note:

    This field is displayed if the Account is selected from the Type field in the Add debit account or Add credit account section.
    Routing Number Displays the routing number for the external account.

    Note:

    This field is displayed if the External Account is selected from the Type field in the Add debit account or Add credit account section.
    Account Type Displays the type of external account.

    Note:

    This field is displayed if the External Account is selected from the Type field in the Add debit account or Add credit account section.
    Standard Entry Class Code Displays the class code for the standard entity.

    Note:

    This field is displayed if the External Account is selected from the Type field in the Add debit account or Add credit account section.
    Status Displays the status of the debit account. The possible option is:
    • Added
    Action Displays the following action that can be performed:
    • Edit: Click this icon to edit the account condition details. If you click this icon, the Edit section is displayed. For more information, refer Edit Payment Preference Details.
    Auto payment window This section displays a message that an auto payment is defined for the account along with the Add New button. For more information refer Add Auto Payment.
    Start Date Displays the start date of the payment.
    End Date Displays the end date of the payment.
    Status Displays the status of the payment. The possible option is:
    • Added
    Action Displays the following actions that can be performed on the account conditions:
    • Edit: Click this icon to edit the autp payment details.
    • Delete: Click this icon to delete the auto payment.
    • :

      For more information on fields, refer to field description table below:

      Table 3-69 Add debit account - Field Description

      Field Description
      Type Select the type of debit account. The options are:
      • Account
      • External Account
      Account Number Select the account number from the list.

      Note:

      This field is displayed, if you select Account option from the Type field.
      Branch Displays the branch code for the selected account number.
      Currency Displays the account currency.
      Account Number Specify the external account number.

      Note:

      This field is displayed, if you select the External Account from the Type field.
      Customer Name Specify the customer name of the external account.

      Note:

      This field is displayed, if you select the External Account from the Type field.
      Routing Number Select the external account's routing number. For more information, refer Routing Number.

      Note:

      This field is displayed, if you select the External Account from the Type field.
      Account Type Select the type for the external account.

      Note:

      This field is displayed, if you select the External Account from the Type field.
      Standard Entry Class Code Select the appropriate code for the standard entry class. The options are:
      • Internet-Initiated/Mobile Entries
      • Telephone Initiated
      • Corporate Credit or Debit
      • Pre-arranged Payment or Deposit

      Note:

      This field is displayed, if you select the External Account from the Type field.
  5. Click Submit.
    The screen is successfully submitted for authorization.

Parent topic: Instruction Preferences