Streamline This Important Member Benefit

Every credit union defines different methods for determining the approval of a member’s ability to skip a loan payment. On one hand, members need a helping hand from time to time, but is the review an efficient process? CUTEK’s customizable Skip-A-Pay module helps determine - using your business rules - when and how often a loan is allowed to have a payment skipped, charge fees based on the loan type, and ensure the entire process is tracked appropriately.

When reviewing an account, CUTEK’s Skip-A-Pay looks at all open loans and provides feedback either allowing the payment skip, or detailed reasons why the loan does not qualify at that time. Some of the common business rules implemented are:

• Delinquency history
• Loan seasoning (number of payments made prior to first skip)
• Time between skips
• Number of time per year and months per year skips are allowed
• Which loan types allow skips... And More!

Additionally, automatic transfers (including ACH transfers) are correctly updated to ensure not just the due date is advanced on the loan. Once the update is complete, detailed information on the updated records are shown to the user.

Key Features:

• API for integration with self-service channels (on-line and mobile banking)
• Wizard-like work flow to review, qualify, and process loan skips
• Clear feedback as the skip process is performed
• Fees charged by loan type
• The quickest and most efficient method to process loan skips
• Updates all payment transfers and EFT on core automatically