The Account Applications Module in finPOWER Connect allows you to completely assess a loan application prior to it moving into the main loan management system. This ring fencing of loan applications allows a focus on the application approval process in a dedicated environment, leading to more efficient decision making.
Each application can move through a series of statuses, multiple quotes to determine the ideal loan amount for the client all the while having Workflows and decision cards actioned. Each step of the process is auditable and can be reported on to better understand the application process.
Adopting the International Financial Reporting Standards (IFRS) will require many finance companies to recognise deferred revenue from their lending activities over the term of the loans involved. The Accounting Ledgers Add-On gives you the toolset to amortise both revenue and cost items.
Each element, being the building blocks of a loan, can be “earned” in a number of different ways:
- On a specific Date
- At Maturity
- At Close
- Proportional Daily
- Rule of 78
- Contractual Interest
This Earned Basis then determines how the element is to be amortised in the General Ledger and effectively earned or accounted for.
Where you want to offer the convenience of Direct Debit and Credit Card payments to your clients, then the finPOWER Connect Advanced Banking Add-On facilitates the automatic creation of Bank Transactions and the ability to export these to your Banking software.
Additionally, if you use a third party to factor your payment processing of Direct Debits, the Advanced Banking Add-On supports a number of different formats.
Export formats for most trading banking in Australia and New Zealand are supported.
The Advanced Banking Add-On even caters for the option to charge Credit Card Processing fees, or Merchant service fees, in addition to the regular repayment amount.
Do you need to offer limited time frame “promotions” to a selected group of Agents or Dealers?
The finPOWER Connect Promotions Add-On allows standard loan characteristics, such as interest rate or interest free term, to be overridden for a specified time and can be applied to only a limited group of introducers. For example, the Promotions module allows you to offer, for a limited time, a 6 month interest free deal to a specific retail chain.