Collection and Remittance Essay

The majority of our clients opt to have monies paid directly to integrity Debt Management. As the world moves a global electronic place, lots of establishments are not pgrading their computers to the latest features just assures that their clients will be satisfied by the services that they give and create a friendly environment to each member. The existing collection and remittance system used by the Advance Microfinancing and Community Development Corporation is manually operated. This can be obsolete because of the presence of the computers, which could facilitate any transaction at faster rate.

They use computer merely for their documentations and not for their system. In fact, they only use word and excel which are the generally used Microsoft office works and ot a specific task. That’s why; their use of computer does not help to make their process faster and accurate. Since loaning/credit is primary service offered by the Advance Microfinancing and Community Development Corporation, we should create a better way to facilitate processing of every member’s transaction and queries. Thus, the system will automatically check the status of each member/staff once they login making it not time consuming for both of them.

In that case collection and remittance system that will provide easier and faster Of transaction processes for Advance Microfinancing and Community Development Corporation is proposed. If this system will be successful, members and staff will reduce their works if we can do it, this can aid the problem of technicalities and can be more efficient and user friendly to them. Features: Removal of Data Redundancy Due to the interrelation between the tables and proper assignation of primary keys and foreign keys a data except primary key will never be repeated and hence will cause extremely low redundancy compared to the existing system.

This will cause easy data recording and low time consuming. Secu rity The entire users have been provided their login name and passwords. For ecurity no other user can enter in the system to access the data other than the partners of the organization or the employee who is the user of the system. User-friendly and Better Visualization of Information Maximum efforts have been made to make the system user-friendly. The information has been displayed in a very simple manner so that the user can gain maximum of information and interpret it easily. . 1 Background of the Study History Advance Microfinancing and Community Development Corporation was formed on May 28, 2008 under SEC registration no. cn 200800370 as the conduit of Advance Credit Corporation. The company registered as Non-Government Organization with the cooperation of Country Bankers Insurance Corporation as the mother company at head office in # 59 Kamias Rd. , Brgy. Pinyahan Quezon City in representation of Mr. Lino Zozobrado Jr. as a Branch Manager in Novaliches.

The aim of this company is to help eradicate poverty in the Philippines with the following main purposes: To perform Microfinancing operation pursuant to, and in accordance with, the pertinent provisions of the poverty alleviation act, aligned with the corporations goal and objective, maintaining firm and dynamic partnership with the government in its effort to alleviate he social, economic and environmental condition of the people with emphasis on poor communities, and give then the necessary assistance to generate and increase their source of living and to have business opportunity through enterprise development with the end result of becoming responsible and successful member of the community.

To develop and to create the capacity and to generate enough capability to meet the challenges of the community requirement to livelihood training program coupled with micro- financing activities that will fund qualified project in sustain agriculture, biodiversity conservation and marine resource development. To mobilize and utilize resource through a risk-sharpen mechanism to finance the health care needs of the members to a manner that respects value of solidarity and shared responsibility for health care To perform and/or fund studies, trainings, seminars, lectures by personnel of expertise of scientific, technological economic and social problems and grants scholarship for the manpower training in order to alleviate people from their economic hardship. Our Vision TO become the countrys leading microfinance, accelerator with emphasis in community development.

Our Mission AMCDC is committed to community development and poverty eradication y providing responsive and innovative Entrepreneurial training and financial services to its member. 1. 2 Statement of the Study 1. 2. 1 General Problem 1. 2. 1. 1 Slow Retrieving of Member’s Information The member’s file is stored in cabinet it takes a long time to retrieve it. In all cases, it can take up to 30 minutes finding the relevant on the person. The current system is levy issued not only to employee but also to member. 1. 2. 2 Specific Problems 1. 2. 2. 1 No Security of Data Security is one of the problems facing up by AMCDC regarding of keeping the member’s file because the document is placed in unsecured area it might be tolen or broken, which has no assurance of safety keeping.

The file is vulnerable in mishandling of unauthorized person because there’s no security system like login form to protect it. 1. 2. 2. 2 Unonrganized Management of Client Information In this case the manual process of AMCDC is duplicate account Of their client. 1. 2. 2. 3 Organizing of Data Becomes a Tedious Job inevitably having a The processing of data is taking too much time to prepare and organize due to many of data needs to retrieve. It is addtional job for staff. 1. 3 Objective of the Study 1. 3. 1 General objective 1. 3. 1. Upgrade to a Computerized System The researcher wants to provide a system that has ability to track records. It helps the staff to lessen the sequence of waiting on the part of members. 1. 3. Specific Objectives 1. 3. 2. 1 Provide a Security Feature for System In order to protect the documents, the researcher wants to create a login form in proposed system that can secure all the information and records of the members. 1. 3. 2. 2 Provide an Effective System In order to correct all mistakes, the researcher thinks an optimized solution to solve the present problem of A. M. C. D. C which is providing a ystem that can make corrections and can generate data fast and effective. 1. 3. 2. 3 High Storage Capacity The reseacher want to upgrade the storage capacity of the company because a large amount of data must handled without harming any sensitive data. 1. Scope and Limitation of the Study Scope The researcher will focus on the Collection and Remittance of the Advance Microfinancing and Community Development Corp. (AMCDC). The proposed system can print trasaction reciept. The researcher will use Netbeans 7. 4 as front-end and SQL as back-end. Limitation The study will not include payroll System, Membership System, and Loan System. This study will not include other function of the company Except the Collection and Remittance System of AMCDC. If the computer malfunction the system cannot be used properly. 2. 0Review of Related Studies The following statements given are related to our study about the collection and remittance system which is found very useful for the proponents in making the system.

It is little wonder that business experts commonly in collection and remittance as a vital element that can spell the difference between success and failure in todays keenly competitive business world. 2. 1 Foreign Studies 2. 1. How does Collection and Remittance Systems Work? According to the article entitled How does Collection and Remittance Systems Work by Novatti Innovation for Payments Company it says “The remitter can use an agent assistance to provide the remittance details? The payment method can vary from cash, credit/debit card, or bank transfer? A unique transaction identity is provided to the remitter and they must send this to the recipient as authentication to enable them to collect the funds.

After providing and confirming the recipient details, transfer amount, currency and expiry time for collection, the money is rapidly transferred, and can be ollected by the recipient as a bank account deposit, or as cash via an agent”. “The Flexibility of collection, with recipient funds being collected as cash from a registered agent or deposited into the recipient’s bank account to Collection of sender and recipient KYC data through registration functions of Flexible operations through management of forex rates and fees and Fixed and variable agent commissions and fees offers very flexible multiple pricing models”. Source: http://vmw. novatti. com/ 2. 1. 2 “What is a Collection and Remittance Services? According to article entitled “What is a collection and emittance services? ” by Money Sense Financial Company from Singapore Says “that a collection and remittance service involves the transfer of funds to persons resident in another country or a territory outside Singapore. If you need to remit money to another country, you may approach a bank or licensed remittance agent that offers this service”. “Do note that some remittance agents may use overseas agents who could be unlicensed or an informal network of friends and relatives to deliver money to your beneficiary’. “Banks and remittance agents may impose different commission and exchange rates.

Do not choose the remittance agent based on cost alone. Be aware of the possible risks posed by different remittance channels”. Source: http://www. moneysense. gov. sg 2. 2 Local Studies 2. 2. 1 Operational and Technical Skills in Collection and Remittance System According to the Article entitled Operational and Technical Skills in Collection and Remittance System by ASKI Says that realized the need for a good management information system to attain a successful management of a Collection and Remittance System. The IT section is well managed has all of the expected procedure in place to conform to an Opportunity International Network accreditation.

ASKI IT department ensures that Operational and Technical Skills In Collection and Remittance systems generate all key reports in a precise and timely manner, that systems are efficient and cost effective. Controls are in place including a disaster recovery plan. In addition, the system must have flexibility to respond to new information needs, but also requires further investments to meet other pressing institutional needs. The ASKI MIS system for both portfolio management and accountancy has been developed within ASKI ” it is effective and provides all of the information hat is currently required by management within acceptable timescales.

In addition, it has the capacity to manage the demands of the business growth as defined in the current business plan. The proponents found this article a useful related study because it is said in this article how collection and remittance system extend the functionality and support monitoring of their clients and to leverage the features and modules of their payments. Collection and remittance system optimization tools have been gaining ground as companies seek to evaluate their entire network and determine the best payments policies for their clients. Source: http://aloe. socioeco. org/ article843 en. html 3. 0 Research Design and Methodology 3. 1 Methodology Use The purpose of this study is to pace the continuous changes of modern technology.

The researchers believed that “There’s nothing is permanent but is all has a changes and upgrade”. Nowadays people are not satisfied they want is more modern technology to settle the human needs and wants. That is through improving and developing a better performance to be able to support the end user. System Development Life Cycle 3. 1. 1 System planning The researchers looked for the company that used collection and emittance transaction. The fact-finding tenique that the researcher used is interview method The researches sent a letter to Advance Microfinancing and Community Development Corporation to gave their permission to conduct an interview.

When the company set a planned meeting or interview the researches will ask about how does their transaction worked and what are the problems they encounter. 3. 1. 2System Analysis The researchers analyzed the computerized process of collection and remittance transaction of Advance Microfinancing and Community Development Corporation on how the system will create using Netbeans 4. and MySQL. The employees encounter the problem in using a computerized system of their company like slow searching and retrieving data of their client. In that case, the researcher will develop a system that will help the employees to become faster and easier thier job and easy to use or user-friendly. 3. 1. System Design For this phase of system development life cycle, the researchers choose a color carefully that will fit on the logo of Advance Microfinancing and Development Corporation which color green and yellow. The colors must combine together that will not too bright for the eyes. The proposed system lso include the build-in time for the design. 3. 1. 4 System Implementation In Netbeans IDE 7. 4, an interface or the abstract type used to denote an interface must be implemented by classes. The interfaces that a certain class implements determine whether various aspects of these classes are “known” by another class, or what kinds Of knowledge one class have about another.

One aspect of implementing an interface that can cause confusion is the requirement that to implement an interface, a class must implement all of the methods of that interface. This can lead to error messages due to insufficient mplementation of methods. In general, the syntactical requirements of implementation and other tasks can be a burden for developers, and mastering this is part of becoming an in-depth of the system user. 3. 1. 5 System Maintenance This phase the system should be maintainable and must forwarding and adapt the changing environment to improve its performance. Having a maintainable system in an organization is a great thing to enhance and having a productive one.

After creating a system not all the time the one who create it must also maintain the system it must a easy to handle so that if it as a trouble in it anyone who has a knowledge to fix it. It also follows the upgrading systems made and can easily perform the must updated transactions to process fast.