Fiserv and TOPS Launch Faster Property Payments Processing

Financial services technology group Fiserv is partnering with property management software specialist TOPS to make payment processing faster and more efficient for property managers.

Fiserv clients who use the RemitStream Exception Handling property management solution and also use TOPS Condo/Homeowners’ Association (HOA) management software can now automatically resolve exceptions during payment and processing through integration of homeowner data between the two solutions.

Fiserv worked with TOPS to create a specialised file that is in a specific format for loading into the Fiserv processing system without any further manipulation. The data file is used to create ‘accept’, ‘stop’ and ‘name and address lookup’ files that are used during the front-end of payment processing to reduce exceptions that require manual handling by property managers. Fiserv clients using TOPS’ professional accounting software will have the file format automatically available in their software.

“We know that many of the property managers who use RemitStream Exception Handling also use the TOPS solution, so to make the exceptions handling process easier and faster, we worked with TOPS to create this specialized data extract file,” said Anna Quinlan, president, item processing and Remittance Solutions, Fiserv. “The data in this file is used to augment missing information during processing, which reduces exception items that require manual intervention so property managers can get those payments processed quickly.”

“For many of our property management and HOA clients, payments with missing or wrong information continue to be a costly and time-consuming issue,” said Jim Salin, executive vice-president (EVP) and business development manager, Pacific Western Bank. “Automated exception processing is a huge benefit to our clients. The partnership between Fiserv and TOPS is important to our clients because it helps automate many of the decisions about exception items previously handled by our clients’ employees.”

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