TurnKey Lender offers a comprehensive solution that meets best practices and industry standards by default. This "standard" package can be customized further to meet a specific client’s procedures and requirements. However, since lending practices vary significantly by country and domain, it is crucial to select the appropriate standard solution as the foundation for your system.
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Understanding Editions
Edition is a standard application sharpened for a specific country and domain. There are two main types of editions:
Lender Type Editions: SME and Non-SME.
The SME edition is aimed at Lenders working Edition is designed for lenders who work with small and to medium-sized businesses, i.e. lending funds to legal entities.
The Non-SME edition is aimed at lending to private persons.
Country Editions:
What depends on the edition?
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enterprises (SMEs). This involves providing loans to legal entities. In the standard SME lending process, the enterprise is represented by a single individual (the Main Borrower), who may be supported by a Guarantor. The system evaluates the information of the Main Borrower, Guarantor, and Enterprise to assess the associated risk level of the loan.
The non-SME edition focuses on providing loans to individual consumers. In this case, the system assesses the information about the Customer and, if applicable, the Guarantor.
Country Editions: Dedicated settings designed in compliance with the legislation, cultural and language peculiarities, available services, and service providers of each country and domain.
The list of supported countries includes (in alphabetic order):Australia
Canada
New Zealand
Philippines
The United Kingdom
The USA
Ukraine
Both SME and non-SME editions are available for each country.
What depends on the edition?
While there might be some other minor differences between editions, the main components affected by the edition choice are:
Application form: the The list of personal details, standard prefixes, possible options in the education, industry, and other drop-downs, phone and address formats, and other similar elements of the application form depend depending on the chosen edition.
sorecards:
The following editions are available today:
Our platform offers specialized Country Editions, ensuring compliance with each country's unique regulations and requirements. There are a lot of different settings and default values in
the system which depends on the specified country. For each edition, there are default settings that are used for each country. it should be easy to specify the needed country so that the rest corresponding settings will be set up automatically. From forms to disclaimers to taxes, each Country Edition is meticulously crafted to align with local standards. Moreover, for every country, clients have the option to choose between SME and Non-SME Editions.
SME & Non-SME Editions:
TurnKey Lender Box comes pre-configured and fully equipped for running not only consumer lending operations but business lending as well. SME Editions are tailored to collect legal data, while Non-SME Editions focus on gathering physical data. The loan application flow has been changed to suit corporate borrowers and includes configurable fields for both business details and personal information of the employee who applies for a loan on behalf of that business. This differentiation allows clients to select the edition that best suits their organizational structure and data collection needs.
The Foundation of Customization:
The choice of Country Edition, along with the selection of SME or Non-SME Edition, sets the foundation for the client's journey within the platform. From this point, clients can introduce modifications, such as UI enhancements, system appearance adjustments, and theme customization. They have the flexibility to alter terminology to align with their internal language and branding.
Levels of Changes:
Some settings can be defined at the system configuration level for each Client. Configuration changes can only be requested by the Client and performed by the TurnKey Lender team.
Please notice that each setting has its default values and possible changes so that the Client would know what changes can be requested for both Back-Office Users and Web Portal Users.
Here are some examples of configuration changes:
Collateral settings - Enable/disable the collateral workflow for the instance.
| Code Block | ||
|---|---|---|
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<!-- Enable Collateral Management -->
<add key="CollateralEnabled" value="true"/> |
Flags - Allows creation of flags.
| Code Block | ||
|---|---|---|
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<add key="FlagsOnAccountEnabled" value="true"/> |
Multiple offers - Allows providing the customer with more than one offer upon the loan application approval (the customer can choose and confirm any of the provided offers).
| Code Block | ||
|---|---|---|
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<!-- Enables the Multiple Offers feature -->
<add key="EnableMultipleOffers" value="false"/> |
Integration Possibilities:
Clients have the flexibility to incorporate specific integrations into their products. These include SMS and Email services, remote document signing services, bank account verification, credit bureau checks, etc.
For each integration, there are some basic settings and some settings that depend on the specific service provider in the specific country of operation. Through partnerships with various providers, we offer integration options that enhance the functionality and connectivity of the platform.
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SME edition includes additional fields to collect information about the enterprise and its officers and directors.
Scorecards: TurnKey Lender uses a proprietary AI-based big-data analysis algorithm to assess the risk of the Loan and creditworthiness of the potential borrower (Customer) based on a set of factors. These factors and their attribution to the risk score depend on the chosen edition. The adjustment is done automatically.
Decision Rules: When using the platform, Lenders can define the decision engine behavior with a set of decision rules. For example, they can tell the system to automatically reject a Loan Application if the applicant has a bad history of delinquencies. The list of available decision rules depends on the chosen edition.
Available Integrations: TurnKey Lender can be integrated with credit bureaus, email services, bank account and identity verification service providers, analytic systems, etc. Each edition comes with a list of service providers that TurnKey Lender has already integrated with (which means less integration effort and smaller related costs).
Understanding Configuration Changes
Along with the edition peculiarities, some settings can be defined at the configuration level. Such changes do not require additional development but affect the work of different application modules. The configuration settings are best defined at the start of the project implementation (they can be later updated with a request to support).
For example, at the configuration level is possible to define the Captcha settings and password requirements, enable or disable some functions like “promise to pay” or credit bureau reports collection, configure the frequency of background jobs, etc.
You can learn more about the possible changes in the Advanced platform settings made on the configuration level article.
Understanding System Settings
The most flexible part of the platform tailoring is System Settings. For example, you can change the system’s appearance, define the type of the main ID document, alter calendars, glossaries, types of fees, applied documents, etc.