Deductions Settlement Integration with JDE

I would like to settle the deductions created in JD Edwards Enterprise One  outside of JDE system and then bring over the settlement information in JDE to close the deductions in Accounts Receivables system.

1. Create Deductions in JDE.

2. Send across the deduction information created in JDE to an external system.

3. Process and close deductions in the external system.

4. Bring over the deduction settlement information from external system into JDE to close the deductions in Accounts Receivables system in JDE.

Is there a standard functionality that can be used to achieve this ?