It is a common practice in most banks or financial institutions to constantly remind borrowers when they consistently failed to make the required repayment amount.

Manually sending out payment reminders to customers is a tedious and tiresome ordeal. Not only does it take up precious time, but if a payment reminder was missed out by the user, or lost in the mail or misplaced by a customer, it will delay the cash flow to the bank or financial institution.

With automated payment reminder generation, user can timely print and send out the reminder letter. Thus, ensuring timely follow up with customer by the banks or financial institution, with increase efficiency by allowing message customisation, frequency and timing schedule.

This in turn also leads to a faster collection of repayments from borrowers.

In view of the above, this function will be useful, to allow users to create and maintain scheme(s) that each will contain the relevant reminder letters and settings (e.g., reminder conditions, document formats to be generated and printed as reminder letters to be posted, and to be sent out as short messages (SMS)) to be used for a certain modules' products by banking concept, for timely repayment reminder’s actions.

The letters and reminders schemes created in this function will be tagged to the relevant products for use.