managing disbursements with omni...

Managing Disbursements with Omni Payments A Day, A Month and the Future of Omni Pay

April 12, 2017 Paige Casey, Director / Cathy Boone, Director

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A Day in the Life –

Single Sum Payments

A Day in the Life – Single Sum Payments

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• Business Process

– The steps you take or the activities you

perform to facilitate the delivery of

products or services to your customers

or stakeholders.

• Business Process as a Service

– Business Process as a Service (BPaaS)

is a form of business

process outsourcing (BPO) that reduces

labor count through increased

automation, thereby cutting costs in the

process.

• Omni Pay

– An automated (straight-through)

disbursement and tax reporting solution

currently operating in the BPaaS

platform

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• Mailroom processing:

– Courier functions

– Physical mail and fax processing

– Monitor client electronic mailboxes

– Form scanning and indexing

– Returned mail tracking

– Workflow to data entry tasks

Archive only

Process

Research


DATA ENTRY

SERVICE BUREAU

PARTICIPANT FORMS

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• Recordkeeping, Trust, Other (Commissions, Payable, etc)

transactions entered throughout the day

• Activity that impacts Omni Pay:

– Distributions

– Transfers

– Loans

– Health and Welfare (Relief and Grants)

– Commissions

– Accounts payable

– New account (Plan) setup

– Account deconversions


NIGHTLY PROCESS

MAINTENANCE AND

PROCESSING

OMNI

TRUST

OTHER

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• Nightly Process Creates output for Omni Pay based on

Activity:

• Omni Pay Nightly consumes output from Omni DC, Trust

and Third-Party applications

• Omni Pay produces reports for morning reconciliations.

• Reports pushed to the Web for online verification and

approval, if required


NIGHTLY PROCESS

MAINTENANCE AND

PROCESSING

OMNI DC

OMNI PAY

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• Bi-directional banking interfaces:

– Checks Issued

– Stale Checks

– Stop payments (initiate)

– Stop payments (confirmation)

– EFT (NACHA) deposits and credits

• Daily Reconciliations of manual payments and last night’s automated disbursements

• Final pre-balance reconciliation

– Withholding

– Deductions

– Forecast of payment instruments (checks, ACH, WIRE)


BANKING AND

RECONCILIATION

FINANCIAL OPERATIONS

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• Daily Post Reconciliations:

– Omni to Omni Pay Reconciliation

– Daily Withholding Reconciliation

– Banking Reconciliation

• Intra-day Disbursement posting:

– Trust Interface for Accounting and Treasury Reports

– General ledger output

– Check image files

– EFT (NACHA) output

– Wire instructions

– Withholding schedules and payments


CHECKS

DEPOSITS

TRANSFERS

ADJUSTMENTS

DISBURSEMENTS

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• Manual payments for next day processing:

– Manual participant forms, faxes, emails

– Call center inquiries and updates

– Confirmation of bank interfaces

ACH rejects and research

• All work is ‘QC’d’ – Quality Controlled:

– Any work entered by a processor must be reviewed and approved by a

second level processor before it will be paid by Omni Pay.


REISSUES

ADJUSTMENTS

CORRECTIVE

FORMS

MANUAL PAYMENTS

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• Reports schedule runs as a Daily Recap:

– All manual activity is captured prior to the Omni, Trust, or Ancillary

activity

– Reports run again after the Nightly processing for a Recap of ALL

activity

• The Day Starts Over!


DAILY RECAP IN

REPORTS

REPORTING

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A Month in the Life –

Pension Payments

A Month in the Life – Pension Payments

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•Checks

•ACH

•Wire

•Rollover

•Web

•Sponsor

•Compliance

•Report

•Review

•Reconcile

•Enrollments

•Conversions

•Maintenance

Forecast Balance

Disburse Report


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•Enrollments

•Conversions

•Maintenance

Forecast

• Enrollments:

– New payment streams via mailroom processing or interfaces from

ancillary systems

– Off-cycle or retro payments

– New business conversions or takeovers

• Maintenance

– Demographic or financial updates

– COLA adjustments and bonus funds

– Bank account changes

• All work is ‘QC’d’ – Quality Controlled:

– Any work entered by a processor must be reviewed and approved by

a second level processor.


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• Report:

– Scheduled payment list

– Forecast change report

– Benefit prepayment report

– Payment/Check Compare (current to prior)

• Review

– Reports available in print or extract formats

• Reconcile

– Detail and summary level

– All reports available for push to the web for sponsor approval, if

required

•Report

•Review

•Reconcile

Balance


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• Distribution Instruments

– Checks can be customized and branded by client and product line

No limit to the number of checks to a payee in a single cycle

– Supports multiple checking accounts;

Pay from a customer-owned account, omnibus account, or a

combination

– NACHA-ready EFT files, including rollovers and international ACH

• Banking Interfaces

– Positive Pay interfaces to clear, void, stop checks

– Receipt of ACH rejects; automation of workflow to trigger research or

processing tasks

•Checks

•ACH

•Wire

•Positive Pay

Disburse


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• Online delivery of reports

– Scheduled and requested (self-service) reports

– “Push” reports to web from call center or service center representatives

– Deliver periodic reports (monthly, quarterly, annual) without

intervention

– Full suite of client-facing reports

• Full suite of tax reporting functionality to support

retirement, pension, and trust payments

– Federal and state withholding tables

– Federal and state electronic filing media

– Federal 1099, 1042S and W2 forms

•Web

•Sponsor

•Compliance

Report

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Every Life –

Payment Services You

Can’t Live Without

Every Life – Payment Services You Can’t Live Without

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• Reconciliation services

• Checking account

• Tax deposits to liability

• Disbursements to trust and/or ledger

• Abandonment (lost payee) and escheatment (stale date)

services

• OFAC screening

• General pension services

• Death audits

• Pension verification letters

• TEFRA notices

• Outstanding check notices

• Federal and State tax filing (media) and payments

(schedules)

General pension services

Federal, state tax filing, payments

Reconciliation and

escheatment

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Omni Payments

Roadmap

Omni Payments – Roadmap

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• Host:

– Master file expansion

– System file expansion

– Data dictionary expansion

– Customized User Defined Fields

– Efficiencies

– XML for DE80

– New COBOL compiler

– Online Help replaced with HTML version

– New Omni Plus interface

•Host

•GUI

•Web

Next Generation


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• GUI:

– Packet expansion

– Larger screens

– New navigation with Payee focus

– Payment wizards

• Web

– Packet expansion

– New features

– Real-time PIN creations

•Host

•GUI

•Web

Next Generation


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• Payment methods expanded

– CCD payment method allowed for all distributions

– Wire payment method enhanced

– Global payment method

– Alternate Payee method

• Installment processing

– TEFRA enhancements

– Payee re-balance transaction for Payee

– Alternate address processing enhanced

– Annuity type edits

Functionality

Next Generation


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• Regulatory

– Tax maintenance expanded

– New York City local withholding

– Canadian withholding

– 1042S processing enhanced

• Efficiencies

– Creation of Billing (BL) records based on number of fee months

– Check Archival

– Recreate NACHA file

• Security

– Password increased to 20 characters

– SSN encrypted

Functionality

Next Generation


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• Phase 1

– Delivery December 15, 2017

Host

New GUI

Enhanced Web

Conversion programs

• Phase 2

– Delivery December 15, 2018.

Functionality

Next Generation

Thank You Paige Casey [email protected]

Cathy Boone [email protected]

mailto:[email protected]

mailto:[email protected]

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