finPOWER Connect External Party Modules
Advanced External Parties
The finPOWER Connect Advanced External Parties Add-On expands on the functionality of the External Parties Add-On with the addition of three key areas; Disbursements, Dealer Commissions and Business Development Managers.
Disbursements, or Settlements as they are sometimes referred to, cover payments made to pay out the Loan, as well as to pay costs associated with the Loan.
Disbursements may be paid directly to the client, in the case of a personal loan, to a vendor where finance is being provided for the purchase of an asset, or it may be to a number of third parties where you are offering a debt consolidation service.
Disbursements allow you to make individual payments directly to a bank account or credit an existing External Party’s Account for consolidation and distribution at a later date, such as you would do with Insurance premiums.
Commissions allow you to pay commissions to Brokers and Dealers. Various calculation methods allow you to calculate and pay commissions in accordance with your business model.
Business Development Managers
For tracking the employee in your business, i.e. the Business Development Manager, that generated the Account business.
External Parties include all the organisations and relationships you have outside of your core business unit, eg the Dealers and Brokers that sell your products.
Where you have dealings with parties outside of your organisation, the External Party Add-On allows you to record their details and manage their structures. For External Parties, full information can be maintained including employees and comprehensive contact details. Each Account and Client can be allocated to an External Party allowing you to assess the performance of your extended business network.
The External Parties Module allows you to set up groups for Dealers, Brokers, Insurers and Other External Party types.
The External Party Organiser, shown below, provides a visual representation of your extended business network.
The finPOWER Connect External Users Add-On allows remote access to the finPOWER Connect database for employees of your External Parties. This allows your extended business network to undertake their own enquiries on the Accounts they are associated with, saving you and your staff valuable time and money.
Importantly, it restricts External Users to viewing only their related Accounts.
External Users can be used in conjunction with finPOWER Connect Cloud.
If you fund all or part of your loan portfolio via a securitised funding line, then the Securitisation Module can manage the daily transaction flows:
- Loans can be “sold” to the Funder and a schedule of payments maintained based on a number of pricing models
- Payment schedules to the Funder are generated on due dates and disbursed via Direct Credit ensuring your Funders are paid on time, every time.
- Loans can also be “bought back” and transferred between Funders where circumstances require it.
- Funder payments can be on a separate cycle and term to the Securitised Loan are independent of the Loan account repayments
- Full reporting to your Funders is supported
The finPOWER Connect Securitisation Module is highly customizable, catering for a wide range of funding and pricing models.