This topic describes the systematic instructions to Settlement Processing.

Financial institutions usually start the Settlement Process for loan accounts that cannot meet their payment obligations. A Settlement, or One Time Settlement, is an arrangement where the lender and borrower agree to resolve the unpaid debt within a specified timeframe.

The key features of this functionality are:

• Ability to enable settlement process on an account.
• Create a settlement offer from the application and generate suitable correspondence.
• Capture customer acceptance or their rejection of the offer.
• Track all payments made against the settlement amount with suitable appropriation.