What is the interest change?
In version 9.1F.010, transaction reversals will now fully restore interest.
How were transaction reversals previously functioning?
Before version 9.1F.010, transaction reversals did not restore interest that should have accrued on the payment amount being reversed. The amount the interest was off was always in the consumer’s favor and usually a nominal amount.
What does this change mean?
The amount of interest that would have accrued on the claim and attributed to the reversed transaction from the original date of posting will be fully restored.
How will I know if interest is being restored?
The transaction reversal summary screen will show Interest Credit Applied if interest has been credited.
Do I need to do anything?
There is no setup needed to implement this change.
If you have any questions, please contact our team at email@example.com.