Daily Processing

GOLDPoint Systems is pleased to announce that we are in the final preparation stages of our new 7-day-a-week processing. Seven-days a week, 365 days a year, GOLDPoint will run the afterhours, including Sundays and holidays. This new enhancement has been rolled out to test machines as of December 10, 2018. We will then move the 7-day processing to production on Tuesday, January 22, 2019, and it will take full effect on production machines that same day.

Some of the many benefits of daily processing will be:

• Improved accuracy
• Monthend will happen on the last day of the month
• Statements will cut when expected
• No guessing when payments will post or pull
• Can close the G/L on the first of each month

But the benefits don’t stop there…

ACCOUNTING:

Seven-days a week processing means more accuracy for your general ledger. Payments will hit the general ledger the same day that they’re made. Sunday payments will no longer show as Monday payments.

Additionally, year-end will process exactly on the year-end date, December 31, regardless if the 31st is a Sunday or not. This will improve your year-end planning.

LOANS:

Payments made will be accounted for on that day.

ACH payments will be posted every day and ACH transmissions will be sent in the afterhours to the Federal Reserve or payment processor every day of the week. However, the Federal Reserve will continue to process on business days only. In other words, we’ll send the payments every day and the Federal Reserve will finish processing them on their business days.

Statements cut on the day they are set to. No more days before or after if the statement cutoff date lands on a Sunday or holiday. Statement transmissions will also be sent to third-party processors on the day, including Sundays and holidays.

Credit reporting will be on monthend, even if monthend lands on a Sunday or holiday. The credit reporting process will better reflect activity on customers’ accounts. The system will no longer determine dates before monthend, should those dates land on a Sunday or holiday. This will make verification much easier.

Locked in Loan Payoffs: If a loan is locked in for payoff and the last day of the lock happens on a Sunday or holiday, the system will drop the lock as of that Sunday or holiday.

Precomputed loans: The system will accrue interest at monthend regardless if monthend lands on a Sunday or holiday.

Delinquent loans will be updated daily. For loans that qualify as delinquent, if institutions have the option to automatically flag loans as non-performing, the system will flag non-performing loans on the day they qualify as delinquent.

Line-of-credit loans that reach maturity and have a zero balance will close every day of the week.

All amortization will occur on the day scheduled (monthend). Amortization includes fees, costs, precomputed interest, insurance commissions, insurance finance charges, and dealer premiums.

If your institution offers same-as-cash loans for a designated number of months, the SAC Action Code 74 will be removed in the afterhours of the Action Code 74 Date. If that date is a Sunday or holiday, SAC will be removed on that date, and the designated interest rate will be applied to the account.

Line-of-credit rate changes will occur on the date (not before or after a Sunday or holiday).

If your institution has automatic reserve disbursements, the system will process the reserve disbursement record so checks can be printed to taxes and insurance companies every day of the week.

The stop date for prepayment penalties will include Sundays and holidays. The system will drop hold codes 23, 24, 25 (prepayment penalties years 1-3) on the day of the stop date.

If your institution has the option to automatically convert precomputed loans to interest-bearing at maturity, the system will process that change every day of the week.

If your institution has accounts where monthly maintenance fees are earned each month, the maintenance fee will be earned on the last day of the month (regardless of Sunday or holiday).

If your institution uses the option to automatically charge-off loans, the system will charge off the loan as of the date set up in institution option CODY. If that date happens to land on a Sunday or holiday, the loan will be charged off on that date.

The principal balance will be updated at monthend accordingly.

DEPOSITS:

For certificate and retirement accounts, the system will perform floating rate rolls and fixed-term rate rolls daily.

Posting interest to accounts occurs daily.

Checking accounts where a stop payment is applied will be purged daily if the stop payment has expired.

ACH inclearing is processed daily.

Check Reconciliation is processed daily.

Customer Directed Transfers are processed 7-days a week.

We are providing this enhancement, free of charge, as a benefit to your institution to help you be more competitive in today’s 24-7 world. Accuracy and consistency are both essential for you and your customers, and with daily processing, you will get just that.