Interest: Charging interest - by IT system: Charging interest in SAFE: Amendments to Effective Date of Payment (EDP)
Where it is necessary to change the EDP of a payment on a SAFE record the payment mustfirst be moved to Unallocated Payments. This is achieved by using the Reset Paymentfunction. In resetting the payment any associated interest charge will automatically bereduced to nil except where the Interest Exception or Inhibit Interest signals have beenset.
Where either of these signals is set the resetting of the payment will prompt an entry onthe Clerical Interest worklist. The interest charge should be amended to zero using theAmend Charge function. Once the interest charge has been reduced to zero the EDP of thepayment can be amended using the function Manage Charge and selecting Amend EDP.
If the charge is not subject to clerical interest auto clearing will automatically returnthe payment with the amended EDP to the charge and the interest position will bere-calculated. If the charge is subject to clerical interest auto clearing will stillreturn the payment with the amended EDP to the charge and this will prompt an entry on theClerical Interest worklist.
EDPs can only be amended by the SAFE team.