A new optional feature, Payment Consolidation, has been added to our life and disability claims management software. This feature allows multiple payments to be processed as a single payment.
To begin the process, the user selects two or more consecutive payments in the payment calculation tab, and clicks the ‘Consolidate’ button. A single check or an EFT transfer will then be sent to the claimant or beneficiary, while the detail of the payment is maintained in the software.
If a recalculation of the benefit or payments is required before the payment is processed, there is also the option to ‘Unconsolidate’ the payment to reverse the process. This allows any adjustments to be made to the original payment before it is issued.
Downstream payment integrations will pick up the new consolidated payment with no changes required. Payment approvals for consolidated payments will be the same for unconsolidated payments.
If different approval behavior is needed for your organization these rules can be added. To learn more about this feature, request a demonstration today.