Loan Overdue Payment

1.3 Loan Overdue Payment

This topic describes the systematic instructions to initiate loan overdue repayment.

The loan overdue payment functionality enables financial institutions to effectively track, manage, and recover payments that are past their due date. This functionality allows debt collectors to initiate a payment on-behalf of the customer for their overdue amount either through Direct Debit method or through Cash Payment.

The key features of this functionality are:

Ability to initiate payment through Direct Debit method (from customer’s CASA to Loan Account).
Ability to initiate payment with Cash mode as payment.
Generic interface to post the payment in loan management system.

Parent topic: New Features