Payments can be issued to third parties, e.g., utility payments can be issued to utility participants. Third-party payments are processed according to the third-party participant's preferred payment method, payment frequency, and next payment date. The payment method defines the method of payment, e.g., cash, check, etc. The payment frequency defines the frequency with which payments will be issued. The next payment date is calculated by adding the payment frequency to the previous payment date. A preferred currency can also be set for each participant. This setting defines the currency in which third-party payments will be issued to the participant.
Third-party payments are issued when the Issue Concern Payments batch process is run. This batch process searches for all participants due for payment. It processes payments for each of these participants and issues payments according to the payment method defined for each. As part of issuing concern payments, the system checks for any payment exclusion dates set up for the third party participant's delivery method and adjusts the payment date according. (For more information on payment exclusion dates, see Payment Exclusion Dates for Delivery Methods.)
The next payment date is then rolled forward to the next valid payment date. For example, a utility participant may specify that it wishes to receive payments from the organization every quarter by electronic fund transfer (EFT). This information would be stored on the utility participant record. Every quarter, a payment would be issued by EFT. The next payment date would then be rolled forward to the appropriate date in the next quarter.