MultiCash Payment Status Report – increasing efficiency in payments business

The new Payment Status Report module for Omikron’s MultiCash product lines provides a timely capability for reviewing and acting on payment status updates

Corporates benefit massively from being able to receive information on the status of their transactions (processed or non-processed) as early as possible. In the meantime, an increasing number of international banks provide deliver status updates on payments to their corporate customers on the basis of the XML message format Payment Status Report (PSR), technically known as pain.002. In contrast to other balance and transaction reports, the Payment Status Report does not contain any booking details. The message is primarily used by the corporate to check and correct any rejected or non-processed transactions quickly, repair their own payments and control their working capital.
Within its various MultiCash product ranges, Omikron now provides a new option for reviewing PSR messages. Already, functionality was available to ensure that reported transaction statuses could be matched against manually entered transactions or entries in Omikron’s SEPA mandate administration. In addition, Omikron has long provided a facility for forwarding pain.002 messages to ERP and TMS systems. However, practice has shown that many of these systems do not include a workable solution for reviewing and checking the messages. For this reason, many MultiCash users have asked for a suitable function to be included in their MultiCash Electronic Banking/Payment Factory solution. Omikron has now met this requirement with a new Payment Status Report module, allowing PSR messages to be analysed and reviewed within the application and (if required) to be forwarded in a flexible CSV format to external systems.
Additional new functionality allows the messages to be matched against information in the MultiCash File Manager and the signature file. Wherever relevant, the status of the payment file is updated. This status monitoring provides authorized corporate staff (signatories, treasurers, accountants) to identify directly whether and for which reason files or transactions could not be processed by the banks. Within the MultiCash Payment Factory, any status updates due to a pain.002 message will trigger an automated e-mail notification to a pre-defined user / user group. This e-mail makes sure that the relevant parties are prompted as soon as possible to review the latest transaction details. Cash Managers can then decide if their liquidity planning needs to be adjusted and take any appropriate measures.