Overview

The AFS Online Financial Transaction Interface (OFTI) automatically updates the AFS Level IIIT Loan Accounting System with payments received and advances made to borrowers. In so doing, OFTI mitigates your organization's risks by providing timely information with improved data integrity that more accurately reflects customers' loan status and eliminates error-prone manual intervention.

OFTI is designed to interface with a variety of business applications that may house data pertaining to customers' loans, seamlessly updating information contained on the AFS loan system. OFTI reduces staffing costs by up to 30% through process automation and creates revenue opportunities by ensuring the accuracy of chargeable events, such as late fees. Institutions also gain new fee income opportunity from the ability to offer an automated sweep product.

Superior servicing provides market differentiation, as customer payments are posted on a more timely basis and with greater accuracy. Improved customer satisfaction results in increased cross-sales and higher customer retention.

Benefits

OFTI provides value by enabling a bank to manage risk, cut costs, and generate revenue:

Credit Risk

	Eliminates next day posting and mitigates credit risk by preventing customers from overdrawing their available line of credit
	Provides more accurate and up-to-date payoff information for support staff

Operational risk

	Increases efficiency by creating fewer rejects requiring manual posting (ability to systematically handle unmatched payments from the branches)
	Simplifies branch procedures - no additional tickets
	Eliminates redundant manual data entry. Reduces the manual posting of payments and advances received from branches, mail, or interoffice by up to 100%
	Reduces payment application errors. Drastically minimizes missing and/or misapplied payments by eliminating manual entry and data rekeying.
	Improves likelihood that payments will be applied based on the bank's business rules (as defined in the control file), achieving optimal operating plateaus
	—   Customer payment is applied based upon what the customer owes, creating greater accuracy in payment posting —   Better customer service by processing the work the same day it is received

Generate Revenue

	Provides the capability to support new fee-based services
	Provides new revenue streams through additional product offerings such as Sweep Accounts
	Maintains and improves customer relations with timely updates of transaction activity to customer accounts

Features

	Automatically captures, reformats, and prepares all financial information for proper application in the AFS Level III Loan Accounting System without intervention
	Standardizes payment process by implementing transaction codes that support the bank's policy for payments application and advances. Incorporates "intelligence" in the customer's billing statements, ensuring correct payment application no matter where a payment is received
	Applies payments and advances on the day they are received by memo posting transactions directly to an online system the day the bank accepts them
	Provides up-to-date customer data to a bank's commercial DDA system, enabling the offering of an automated commercial sweep product and eliminating the typical posting day delay of payments and advances
	Eliminates time-consuming manual processing and the extensive research time associated with exception processing. An institution's loan payment process is streamlined. Payments are applied systematically and correctly; exceptions are kept to a minimum and can be identified quickly.