Inspite the emergence of new age methods of repayment PDC'S continue to be a favorite mode among customers for repaying a loan.
The challenge with physical cheques is in identifying and picking their up for deposit on the EMI due date. Generating the deposit batch bounce and location wise and then flagging the cleared cheques and those that have bounced.
AB-COLE the new age cloud based fintech product for lending provides a comprehensive solution for managing cheques both PDC's for repayment and security cheques.
With the PDC module vault and operations staff can accomplish the following with ease.
- Generate the cheque numbers in forward or reverse sequence.
- Sepicify the Vault location, rack and bin number.
- Swap In / swap out of cheques when a loan is rescheduled or when the customer changes the bank account.
- Hand over the security cheques when a loan contract is fully paid up.Hand over the security cheques & PDC's a loan contract is foreclosed.
In addition to handling instruments the PDC module also handles other uid of repayment's live ECS, SI, NACH etc. The application can generate separate hand off repots for each of this repayment mechanisms.
AB-COLE's PDC management can take the stress off your staff warning the vault. using AB-COLE for your PDC management results in fewer cheques being lost or replaced and helps in getting the PDC's for deposit to the bank much ahead at the EMI rate.