Indus Loan Servicing

About the client
The client, in the Financial Services sector in Hong Kong required a comprehensive and robust application to process Loan Applications for different products. They also required a Loan Repayment module to handle Direct Debits (Auto Pay) or the Direct Receipt (Cash or Checks).

Challenge
The challenge was to provide a system that will ease processing multiple types of Loans from a single system, provide flexible workflow to accommodate review of credit limits and handle variable rates of interest. The client also wanted on line receipt printing against collection of receivables and batch generation of billing statements for recovery of installments

Solution
Indus Loan Origination system and Indus Loan Servicing System are launched to meet the client’s requirements.

The Indus Loan Origination System manages the Data Entry; Credit Appraisal & Disbursement of the Loan while the Indus Loan Servicing System tracks and manages Repayment process (Direct Receipts and Auto Debit), Foreclosures, Conversion of Interest Rates from Fixed to Floating & visa-versa. Both modules would interface with external systems to effect:

• Disbursements, and
• Collect receivables.

These systems interface with Accounting System during Loan processing & Re-payment; Auto Pay and Auto Pay Bounce Interface for installments receivable against loans disbursed & tracking of dishonor of loans. There is also an interface with an SMS provider to communicate delinquency information, the application reject messages, etc.