PayPilot is a streamlined, integrated payment processing solution giving you centralized control of all payment data, from all sources, all in one system. Capabilities include:
- Electronic Payment
- Electronic Debit
- MICR Check Printing
- Customized Remittance Advice
- Full Security
- Positive Pay
- Automated Bank Account Reconciliation
PayPilot interfaces with both new and existing payment and claims systems using either ASCII flat files, print image files, or SQL tables. Every Company that has ever installed Prelude’s software continues to use it today.
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Bank Account Reconcilation
In high check volume environments, bank account reconciliation can be complicated and time-consuming. PayPilot™ displays a complete list of payments processed through the system, including payment status:
- Unprinted (check in database but not printed)
- Printed (check printed but not cashed)
- Paid (check cleared at bank)
- Stopped (check stopped at bank)
- Void (check not issued)
Operators can change the status of payments, with appropriate security authorization. PayPilot uses the payment status to produce specialized reconciliation reports, such as registers of cashed checks, uncashed checks, stopped payments and voided checks.
PayPilot can also be configured to electronically communicate with your bank to automatically update the status of payments. While bank transmission formats and communication protocols vary among institutions, Prelude will customize PayPilot to your bank’s specific format and modem protocols.
MICR Check Printing
PayPilot™ MICR check printing allows negotiable checks to be printed on blank safety stock instead of pre-printed forms. Did you know that the average cost per payment using preprinted check stock is $1.90? Switching from preprinted to blank safety stock saves companies 80% on every check issued. The savings are even greater in situations where checks are printed for multiple companies and/or multiple bank accounts.
We customize the check form to your needs, including company logo, address, and payee information. Digital signatures can also be incorporated to cut down on manual effort and costs.
The MICR line on the check is printed using a specially designed printer containing MICR laser toner. Prelude Software can provide you a turn-key MICR printing system, including the latest and most reliable MICR printers.
Oftentimes, the savings in pre-printed stock alone will cost-justify the investment in software and MICR printers.
Flag payments to Specially Designated Nationals, Global Terrorists, and Blocked Persons
PayFlag is designed to work together with PayPilot to match payee names with those posted on the OFAC list. The US Treasury Department’s Office of Foreign Asset Control (OFAC) enforces sanctions policy based on the Presidential Declarations of National Emergency.
Presidential Executive Order 13224, issued on September 23, 2002, holds financial institutions responsible for all payments made to persons or entities listed on the master list of Specially Designated Nationals, Global Terrorists, and Blocked Persons. The master list contains over 8,000 names, including variations, of individuals, government entities, companies and merchant vessels located around the world.
PayFlag ensures that you don’t make payments to entities blocked by OFAC. An intuitive, menu-driven solution which seamlessly integrates with PayPilot, PayFlag is easy to install and implement.
- Automatically scans your payments during the PayPilot import process
- Checks for compliance as you enter manual payments
- Scans historical payment database for OFAC matches
- Easily updates the master list so your information is always current
- Identifies any items that match the master list; changes status and prohibits payment
- Generates an exception report containing all names matching the OFAC master list
Positive Pay security stops check fraud before checks are cashed
PayPilot™ makes implementation of Positive Pay security simple and convenient. When checks are printed through PayPilot, a Positive Pay file is created. The file contains payment information including check number, date, amount, and payee. PayPilot contains integrated communications facilities for modem transmission of the Positive Pay file to your bank.
When a check is presented at your bank for payment, the bank reviews your Positive Pay transmissions to see if the check is valid. A check will only be honored if the Positive Pay transmission matches the payment details.
PayPilot also can provide Reverse Positive Pay, where the bank transmits to you a file of checks presented for payment, giving you an opportunity to deny payment where fraud has occurred.
Financial institutions have a variety of Positive Pay file formats. As part of your PayPilot contract, we will customize the file format to match the one used by your institution.
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