Standing orders are recurring transactions that are infrequently, if ever, changed. Transactions whose amounts and due dates do not vary, such as loan or tax payments, are ideal candidates for presentment as standing orders. Once they have been verified and authorized the first time, these transactions do not go through the approval process for each recurrence unless they are edited. If standing orders are allowed by your financial institution, you may designate a category or subcategory for standing orders; all transactions in that category/subcategory will be standing orders.
The application has the ability to notify customer users about events related to processing standing orders. Standing order alerts include notifying users when a collection is submitted as well as when an error occurs during processing. Standing order processing errors (or exceptions) occur when the maximum collection amount and/or daily amount limits are exceeded. Standing order exception items (if any occur) are listed on the Maximum Collections and Daily Limits Exception Report in the Report Manager. This report is created only when there are exception items. Details of the standing order collection items are also noted on the Standing Order Processor Job Summary report.