Overview
Point of Sale is a web-based credit origination system for financing and leasing companies.
This module can be implemented as a stand-alone or merged together with Credit Application Processing (CAP) to create a comprehensive credit origination and evaluation system. POS and CAP can also be easily integrated with Credit Management System (CMS) to create an end to end Retail Finance system.
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Industries
Finance and Leasing
Specifications
Loan Installment Calculator
The Loan Installment Calculator is a back-end processing engine that calculates the installments for any financial product. It takes into account several parameters such as asset type, NFA, down payment amount, interest rates and provides the installment schedule. It can provide both structured and un-structured installment plans. This also allows for simulation.
Quotation
This module enables the dealers/users to produce quotations on the client’s request without gathering the client’s detailed information. The dealer/user inputs the necessary data relating to general information (company, dealer, branch etc.), the applicant name and type, asset type, and financial information. The Quotation module then calculates the periodic installments and generates a quotation. The quotation can be viewed and/or edited any number of times and has a validity date but no expiry date.
Proposal
The system allows the generation of an initial proposal based on client information / financial product / asset information. Once an initial proposal has been created, the system further evaluates the proposal with the help of Client Exposure, CRA Evaluation and Manual / Automated Credit Analysis including the Point Scoring system. System also provides facility to generate proposal templates; user may use these templates for proposal creation.
Fax Server Management
POS also has a utility which can upload the faxes received by the fax server in the system. If the faxes received are additional documents, these are attached with an existing application. If the fax received is an application form, POS creates a new task for the fax received and assigns it to a user using the load balancing technique.
Reporting & Printing
The comprehensive reporting module allows you to generate reports based on any criteria for e.g. quotation, proposal handling time, dealer specific reports, workflow reports, diary manager reports, etc. General proposal related reports as well as administrative reports can be generated and printed through this module.
Common Modules
The following four modules are available in POS, CAP and CMS:
Business Partner Management
All the entities (Individual or Corporate) that are directly or indirectly connected with the system are treated as Business Partners. Business Partners can have multiple roles e.g. customer, dealer, guarantor, banks etc. Different credit limits can be defined which can be fixed or revolving. Relationships between the Business Partners can also be defined.
Financial Product Management
This module allows defining different types of financial products such as Personal Loans, Lease Finance (Operating Lease, Finance Lease), Non-Lease Finance (Hire Purchase, Mortgage), Consumer Sale by Installments, Installment Contracts, Property Loans & Franchise Finance (Debt Finance, Equity Finance). It also allows defining product groups as well as attaches different parameters and services to the products.
Asset Management
Asset Management module maintains a complete information of assets for evaluation of asset based credit requests and also for multiple stages throughout a contract lifecycle. It also includes different interfaces to retrieve/pass on the asset information as required.
Workflow Management
A very flexible and powerful workflow management system is provided. Different users with their roles and privileges can be created through the administration module and criteria can be assigned to them. The system will assign the incoming applications automatically to different users based on their roles and the criteria assigned to them.
Benefits
- User friendly web-based system
- Fast and easy quotation creation without gathering applicant’s detailed information
- Simulation using quotations to help decision making
- Email and SMS facility to notify users as well as customers
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