Background Funding - PHASE 2
Following on from the successful launch of Background Funding Phase 1, Red Planet and Ebix have been working together to develop the next release of background funding, namely support for endorsements and renewals. This is essentially the addition of an “opt-out” funder box on the Winbeat invoice and similar functionality in other broker management systems (BMS).
The data sent from the BMS will essentially be the same (except some new fields for Associate details, Net Premium and BPay details) and it will be up to the funders system to decide whether to treat this invoice as new business, an endorsement or a renewal. For example, if the funder has never dealt with the client before, it will be new business and the BMS will be sent an “opt-in” funder box. If it is an existing client and this client has an endorsable loan, it can be treated as an endorsement and the BMS will be sent an “opt-out” funder box. If it an existing client and the client doesn’t have an endorsable loan AND the client has been flagged as auto-renewal, it can be treated as a renewal and the BMS will be sent an “opt-out funder box. If the client hasn’t been flagged as auto-renewal, the BMS will be sent an “opt-in” funder box.
Some of the content of the message data sent back to the BMS will be configurable in Odyssey at broker level. There will also be rules in Odyssey to determine what constitutes an “endorsable” loan.
If you want to learn more about this process and your options, please contact us.