A standard payee is the beneficiary registered by the bank to whom retail users can make payments or bill payments.
The bank maintains address details, account details and various other details for the payee. The retail user can make payment by registering for the payee.
The bank administrator sets up details of all the standard payees in the application. Complete information about the payee is captured including payee name, address, city, state, country, zip, phone number and business category. There are fields to specify the payee format and the payment format. Payee format is used to assign consumer codes to customers of this payee. Consumer codes are used to identify a particular payee. Payment format must be used for the bill reference number.
There is an expiry date for each biller. The system validates for the expiry date when bills are uploaded for respective billers. The Bill expiry period can be defined for the billers. This is the period after which it will be considered as expired.
The bank details of the biller can be captured if the biller does not want to open an account with the same bank. Parameters like late payment allowed, part payment allowed, excess payment allowed and real time credit allowed can be set up. If the biller does not want multiple entries to the account and wants a single credit for the bill that is uploaded, this can be achieved by specifying the value for field real time credit allowed as N.
The Bank administrator can retrieve records of retail users linked to different standard payees.
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For functional details of standard payee maintenance, click here.