Systems
In addition to their own systems to manage the marketplace lending platform, MarketLend is enhancing their servicing role by not only managing the below risks as they do now but by using a customised bureau system hosted by well known third party provider for additional support for the daily management of the:
- Credit automation
- Borrower gradings
- Investor Portfolio management
- Reporting for MarketLend Platform
The provider who hosts this system and offers MarketLend, provides this web integrated, electronic customised bureau system for MarketLend to use. Furthermore the provider will provide support to the system using their dedicated system support provider.
The hosted system will allow MarketLend, in addition to its own system, to:
- Manage the borrower’s credit limits and account management.
- Interest fee calculations for MarketLend participants
- Master Data protection and resourcing
- Anti-money laundering monitoring
- Issuing of monthly statements for Investors and Borrowers
- Trade Credit Insurance (where applicable)
- Electronic interface for MarketLend to upload transactions – web service or CSV
- The hosted system will also provide CSV files that can be uploaded on the MarketLend portal for their customers.
The hosted system will enable MarketLend to provide a number of standard system reports. In addition, MarketLend has the capability to create customised reports, specifically for the business.
MarketLend will obtain the following reports from the system:
- Payment Confirmation File
- Credit limit availability report
- Collections report
- Customer Aged Balance Summary
- Customer Aged Balance Detailed
- Portfolio Ageing Report
- Direct Debit Dishonour Report
- Customer Outstanding Balance Report
- Customer reaching 75% of their credit limit
- Customer reaching 90% of their credit limit
- Customer on Stop Credit
- Rejected Transactions Report
- Customer referred for debt collection
- Customer Daily Transaction Summary
- Monthly Statement of Account including GST summary
- Direct Debit Payment Reminder
- Daily Sales
- Monthly Sales report for Insurer
- Monthly Statements Report Feed
The system attributes are:
- coded system with code held in escrow with SAP support;
- developed by system experts involved in credit industry in conjunction with insurance brokers to provide a system that could handle receivables that are insured and prevent any leakage due to the exception of the insurance policies;
- it has been operating for other marketplace lending participants;
- can provide portal for uploads and downloads to MarketLend
- offsite housing of all servers, daily back-ups and weekly relocation of data to a data storage provider
- Pre validation and authorisation of transactions.