finPOWER Connect - READ MORE
When a client contacts you for whatever reason, you need to make sure you have all their information at your fingertips. finPOWER Connect has a comprehensive client file that easily and clearly lays out everything you need to know about your client. This includes all their contact details, photos, their relationships including other family members, their Advisors such as their Accountant and Banker, easy access to all their Accounts and security items and all their transactions.
If this isn't enough, a Client Summary Screen can be customised to meet your specific informational requirements.
Whether you are looking to configure a unique lending product, a unique business model or a more conventional system, finPOWER Connect can assist you. There are numerous options that allow you to expand or contract the data set captured, alter the look and feel of Accounts and Clients, define your own fields and much more. Shown below are some of the options for entering a new Account.
Lending funds is easy - making sure it gets repaid on time, every time, takes your skill and a great system. finPOWER Connect has the ability to be customised to your specific credit collection processes and its functions range from the generation of SMS payment reminders to a full featured workflow engine.
You do not exist in the finance world alone. Daily, you will directly interface with third party information providers such as Credit Reference Agencies, Banks and Security Registers. finPOWER Connect has a wide array of interfaces to these third parties that allow information to be exchanged electronically - cheaper, more accurately and much faster than any manual process!
Whether you are in New Zealand and need to comply with the CCCFA or Australia and need to comply with the NCCPA, finPOWER Connect can assist you. All accounts can be configured to ensure only complying details are entered and finPOWER Connect can also assist in producing compliant Disclosure Statements and other documentation.
Essential in any credible system is knowing what happened, when and by whom. Having an audit trail is not only necessary for accuracy and internal control, it is also a key management tool. finPOWER Connect prides itself on logging a host of activities that can occur in the system and stamping each transaction with Date, Time and User details. It also provides a full audit trail of interest calculations and methods.
All menu options and functions within finPOWER Connect can be controlled on a per User basis. This allows individual Users and groups of Users to have restricted functionality within the system and allows you to control the access your staff have to different parts of the system.
finPOWER Connect is developed using the latest development tools and using industry standard architecture. This benefits you going forward knowing that your system will be relevant for years to come, and you will not be left with a out of date or unsupported system. finPOWER Connect can utilise a number of different database platforms meaning it can most likely fit within your existing IT infrastructure without the need for expensive new database licenses.
As part of the architecture of finPOWER Connect, the Business Layer provides a gateway to the database for third party and internal application to access the data in a controlled and managed manner. This can include Websites, custom Loan application systems or even your own in-house developed reporting toolkit - all can access your important data while maintaining the safety and integrity of your database.
ACCOUNT TYPE MODULES
The Loan Account Module provides core functionality to operate Consumer Credit type Loan Accounts. A wide range of options for Interest and Fees are included as are options for Term, payments and Overdue processing. Interest is calculated on the outstanding daily balance and charged according to a defined term. Also, for Accounts where interest is calculated at the start of the loan, charged and then an early settlement Rebate is applied in the event of an early payment for the full account balance, the Term Loan Accounts is ideally suited. This module is ideal for loans offered UCCC in Australia.
The Revolving Credit Module provides functionality that facilitates a flexible line of credit for clients that can have multiple drawdowns, a variety of repayment options and flexible interest calculation methods. Revolving Credit facilities have a wide range of uses that include Development Loans, Store Cards, Floor Plan financing and Agricultural and Horticultural Seasonal Accounts
These Account focused modules expand on the core functionality and provide additional features for Account processing.
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 finPOWER Connect Accounting Ledgers Add-On gives you the toolset to amortise both revenue and cost items in accordance with IFRS.
Where you want to offer the convenience of Direct Debit and Credit Card payment to your clients then this module facilitates the automatic creation of Bank Transactions and the ability to export these to your Banking software. It even caters for the requirement to charge Credit Card Processing 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 Promotions module allows the standard loan characteristics such as interest rate or interest free term to be over-ridden for a specified time and can be applied to only a limited group of introducers. For example, the Promotions module allows you to offer a 6 month interest free deal to a specific retail chain until the end of a specified month.
The core finPOWER Connect client file is comprehensive but the addition of the modules below adds advanced features and CRM type functionality.
The base finPOWER Connect system comes with a comprehensive client file but where additional information is required to be captured the Advanced Client module should be used. It introduces functionality such as 'Also Known As', Employment details (for Individuals), Personnel details (for Organisations) and Identification details.
An important evaluation criteria of any client is their ability to service a loan. To measure this you need to record their essential Client Statistics, i.e. Income, Expenses, Assets and Liabilities, and track changes in these over time. The client Statistics Module is designed to do this efficiently and intelligently with the ability to add or remove the statistics recorded and define the frequency of the data entered.
The Credit Enquiry module provides the functionality to directly enquire on a client's credit history as stored with Veda in both NZ and Australia and Centrix in NZ. The resulting Credit Reports are stored on the client file electronically for later easy reference.
The Addressing module allows a search of relevant state wide post codes for a given address.
EXTERNAL PARTIES MODULES
In finPOWER Connect, External Parties are all the important organisations and relationships you have outside of your core business unit. These modules help you to track and manage those relationships.
Where you have dealings with parties outside of your organisation - External Parties - the External Party Module 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.
Once you have the External Parties Module, the Advanced External Parties Module adds functionality for Disbursements (settlements), Dealer Commissions, and internal Business Development Managers.
Where loans are securitized with a Bulk Funder or Funders, the Securitisation Add-On allows loans to be “sold” to the Funder and a schedule of payments maintained. Loans can also be “bought back” and transferred between Funders. Funder payments can be on a separate cycle and are independent of the Loan account repayments. Payment schedules to the Funder are generated on due dates and disbursed via Direct Credit. The Securitization Add-On is highly customizable and makes extensive use of Scripts to ensure each Funder model is catered for.
Once you have the External Parties Module, the External Users Module allows remote access to the finPOWER Connect database (via WAN, Remote Access tools etc.) and restricts them to viewing only their own Accounts. Access rights can be given for other groups of Accounts if required. 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. They can also be given rights to add log notes, update contact details etc. thus further freeing up your valuable time.
SECURITY REGISTER MODULES
Within finPOWER Connect the Securities Register is the central point to record details of any and all security interests you have.
The Security Register module adds key functionality to add collateral information to an Account and / or Clients. Whether your collateral is Land and Buildings, Motor Vehicles, Insurance Policies, Aircraft, Boats, Investments or general goods the Security Register module will capture all the relevant information relating to it.
The Security Register Module allows you to manually capture key PPSR information such as Security Registration Number and to generate the necessary notices.
The PPSR Interface module provides for the direct interface to the PPSR via the PPSR B2G Internet service. This provides for automatic Registering, Discharging etc of Financing Statements without the need for manual keying of information.
These general modules add advanced functionality to a number of areas within finPOWER Connect.
Where you wish to interface to a third party General Ledger system such as MYOB, the Accounting Interface module provides a number of different formats to export General Ledger information in. This then allows the file to be imported into your preferred accounting system.
The Branches module allows Accounts, Clients, External Parties etc. to be allocated to different Branches. This Branch allocation can then be used for reporting purposes and subsequent performance analysis of the different Branches. Users can be limited to accessing Accounts and Clients etc. linked to a single Branch, a range of Branches or all Branches.
The Entities module allows multiple legal entities to be set up within one finPOWER Connect database. Each Entity can have their own IRD or ABN number, Branches, Bank Accounts and, in New Zealand, Secured Party Groups (SPG's) for registration on the PPSR. Users can be limited to accessing Accounts and Clients etc. linked to a single Entity, a range of Entities or all Entities.
The Document Manager Module allows you to move towards a "paperless office". It adds functionality to view Documents and other files for Accounts, Clients, Security Statements and Users electronically, without the need to refer to the manual copies constantly. New documents can be scanned and stored on a file for easy access and retrieval. Additional information can be optionally stored against each file.
This module adds functionality to create rate tables to use in Interest calculations. Note that this functionality is only available for Revolving Credit type accounts currently.
The SMS Service Module adds the ease, cost saving and speed of sending SMS TXT's direct to your client base. Whether it be a payment reminder, marketing offer or even an overdue note, delivering them via SMS is easy and simple with finPOWER Connect and the SMS Service module. When a client replies to the SMS, it is sent to an elected e-mail address from processing. Subsequent replies to the e-mail will be delivered to the client via SMS again. SMS's can be sent individually or automated in bulk.
The finPOWER Connect Web Interface is a Web Application that provides an interface to reproduce some of the functionality available in the finPOWER Connect Windows application. Using this interface, Users, including External Users such as dealers can view Account and Client information and perform tasks such as adding new loans, adding logs or producing a quotation. The Web Interface does not aim to offer the same functionality as the finPOWER Connect Windows application but rather to supplement the functionality and allow remote access via any compatible browser-enabled device.
This Module allows the finPOWER Connect Business Layer to be used by custom applications running on a Microsoft IIS Web Server. This is essential where you wish to develop a web portal for clients or External Parties to offer the ease and convenience of web based services.
The Workflow module adds functionality to implement workflows throughout the finPOWER Connect system. Whether it be Overdue Monitoring, Collections or Documentation checks, any process that follows a set process of rules and steps can be modelled into a workflow that can be initialised from different triggers within finPOWER Connect.
finPOWER Connect is flexible enough to sit over a number of different database platforms depending on your specific requirements.
The SQL Server Module adds support for Microsoft SQL Server databases. For more information see System Requirements.
It is recommended that SQL Server is used when the finPOWER Connect database size exceeds 100MB, or has more than 10 users.