Daily payment routine
Payments are tightly coupled with policy status updates. For example, failed premium collections can result in policies lapsing. The Root platform processes each part of the process at the following times in the day:
| Time | Process | Description |
|---|---|---|
| 00:30 UTC | Debit premiums | Debits the ledger for every policy on their billing day for the amount of their monthly premium. |
| 00:30 UTC | Process policy expiries | Creates expired requests for policies that have reached end of life, referencing their end_date. For example, if the policy end date is 2023-06-01, then the expiry request will be created at 00h30 UTC on 2023-06-02. |
| 01:30 UTC | Process non-taken-up policies | Creates not-taken-up requests for new policies that have failed to pay initial premiums. |
| 01:30 UTC | Process policy lapses | Creates lapse requests for policies that have passed the defined grace period since the last successful premium collection. |
| 02:00 UTC | Process custom payments | Creates pending payments to collect monthly premiums. This process determines the submission_date for each policy and queues a payment if appropriate. |
| 02:30 UTC | Process debit order payments | Creates pending payments to collect monthly premiums. This process determines the submission_date for each policy and queues a payment if appropriate. |
| 03:00 UTC | Process annuity payments | Creates payout requests and fulfillment requests for all annuity claims. |
| 03:00 UTC | Process credit card payments | Creates pending payments for policies that use the Credit cards (South Africa) payment method. |
| 03:30 UTC | Batch pending payments | Batches all pending payments in preparation for submission to the respective payment providers. |
| 05:00 UTC | Process debit order successes | Debit orders (South Africa) don’t receive explicit “successful collection” responses, only failure responses. The Root platform therefore follows the industry convention to assume a payment is successful after 5 days of no failure response. |
| 06:30 UTC | Cross-checks | Executes a range of cross-checks against the day’s billing activity to monitor and flag anomalies. |
| 07:00 UTC | Final review before submission | Any flags or anomalies are reviewed and resolved before payments are released for submission to the respective payment providers. |
| 08:00 UTC | Marks payments as successful | Relevant payments are marked as successful. |
Updated 5 months ago