To get started, please send a completed copy of the broker setup form and Direct Debit mandate to the eSettlement team at the address below or to firstname.lastname@example.org.
4 The Parklands
Each broker using eSettlement nominates at least one Reconciler, and one Authoriser in their office, though this can be the same person if necessary. The Reconciler can view the accounts online, select items for payment, and raise queries. This is a live system, so any queries raised, are instantly sent to the relevant team within AXA.
Once the Reconciler has selected all the relevant items for payment, the Authoriser then accesses the account to confirm the payment. The Authoriser reviews what has been selected, and enters their secure 4-digit pin number to confirm the electronic fund transfer to AXA.
Here are some common questions we see from brokers.
eSettlement is our market leading initiative to replace the traditional paper statement of account, with a web-enabled electronic statement reconciliation and settlement solution.
Each broker using eSettlement has at least one Reconciler, and one Authoriser. The Reconciler can view the accounts online, select items for payment, and raise queries. This is a live system, so any queries raised, are instantly transmitted to the relevant team within AXA. Once the Reconciler has selected all the relevant items for payment, the Authoriser then accesses the account to confirm the payment. The Authoriser reviews what has been selected, and enters their secure 4-digit pin number to confirm the electronic fund transfer to AXA.
In order to start using eSettlement the broker needs to complete and return a direct debit mandate for eSettlement and the Broker set up form. The Broker set up form gives us all the details we need to set you up as an eSettlement user. This information includes the iMarket IDs of all the Reconcilers and Authorisers to whom you wish to give access.
In addition to this, the form also gives you the opportunity to create as many reconciliation groups as you require. These details can also be amended any time you need them to be.
All you need to use eSettlement is a PC or Laptop with internet access.
Case studies we have carried out have shown that eSettlement can save you time and effort whatever size of account you have with AXA. Queries raised will be immediately entered on to our system and communicated to your account handler. This feature significantly reduces query turnaround times.
eSettlement operates using a Direct Debit. This method of payment ensures that your account gets allocated on the same day of payment.
eSettlement gives users access to live data every day, meaning that any updates to queries or data made by your account handler will be immediately reflected on your statement. This significantly reduces query resolution times.
In circumstances where you reconcile to a credit balance, the Reconciler should complete the reconciliation as normal. Once this has been submitted, an email will automatically be sent to your AXA account handler who will arrange to verify and pay you the balance.
Yes; there is no FCA or bank restriction to creating the eSettlement Direct Debit on an FCA Client Money Account. This is merely a method for the broker to settle premiums due to AXA and does not impact broker’s ability to handle client money within the FCA CASS rules.
If you have any queries about eSettlement, or you would like a member of our team to contact you to discuss further, please send us an email or call the team on 01253 684147.