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We're thrilled to announce TurnKey Lender v.7.11, a major year-end release that represents a significant upgrade, focusing on enhancing the platform's global editions and AI functionalities.
Key updates include two new regional editions. A new UK edition, complete with API integrations, decision rules, and compliance with UK loan processing practices, including integrations with Experian Credit Bureau and TrueLayer banking service. Similarly, a New Zealand edition has been launched with dedicated integrations like Illion Credit Bureau. In the US, the update extends integrations with Plaid and Clarity, offering enhanced functionalities and new product support. The Australian edition is updated with improved Zepto integration and extended Illion bank account verification.
Across all editions, users will experience significant enhancements in areas such as document accessibility, transaction management, and a substantial increase in system events visibility. Most notably, this release introduces two AI-driven features designed to streamline loan processing and improve customer communications, setting a new benchmark in the fintech industry.
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The Generative AI update introduces new loan origination and debt collection tools streamlining interactions between lenders and borrowers. This enhancement enriches TurnKey Lender's suite of AI applications already utilized in credit scoring, decision-making, and collections, integrating Models directly into the lending process. The Borrowers can now interact directly with the built-in language processing models through the AI Assistant to understand the loan terms, and Lenders can implement their power to simplify the loan collection process.
With each subsequent release, we plan to progressively incorporate the AI Assistant across various segments of our Platform, broadening its impact and utility.
Loan agreement interpretation
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TurnKey Lender merge fields are used as message data points that are dynamically added to the email.
The tone of the messages can be defined. Set it to any tone from “Friendly” to “Final” or go on with the default tone, which is automatically chosen based on the current state of the loan and past dues.
The “Make email urgent” setting will reprocess the text so that no one has any doubt about the need to act ASAP.
Along or even instead of the setting, you can ass add a Custom Prompt. For example, you can set the most friendly tone and high level of detalisation, but add a prompt like “According to legal regulation 234 you are obliged to make the payment on time”. While basic settings will be followed, the message will stay rather official.
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The integrations provide deeper insights into borrowers' creditworthiness:
Delphi Select is a Restful web Application Programming Interface (API) that allows access to the Experian Consumer Bureau and associated products and services through directed consumer targeting, and
Affordability Passport from Experian enables consumers to consent and share their bank account information through a secure, easy-to-use customer journey to show their income, expenditure, and affordability position.
The data is analyzed and categorized for trends and insight within seconds and can be accessed using our Affordability Portal or integrated with your systems through API end-points, so you can assess the consumer's affordability and make decisions, based on real data rather than estimates.
Open Banking by TrueLayer
TrueLayer is a global open banking platform that offers financial institutions secure access to financial data and the capability for instant payments. UK lenders can now leverage it for bank verification and statement reports, facilitating automatic bank data verification and statement retrieval. A key feature is the automatic refresh of bank statement data without requiring borrowers to re-login, maintaining continuous data accuracy and streamlining loan processing without extra load on the customers.
Bottomline payment provider
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Equifax’s new Pre-Approval of One™ allows for credit application initiation without impacting the credit score. A hard inquiry is only made if the consumer accepts the pre-approved offer, enhancing the consumer experience while maintaining rigorous evaluation.
Lenders on the TurnKey Lender Platform can now fully utilize this product, alongside the two previously supported Equifax products, i.e. Prequalification Of One and Consumer Credit Report.
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To enhance the ACH and card payments, our long-term partners at Repay have implemented a new, more secure way to transfer funds, and we’ve ensured that the feature is fully supported in TurnKey Lender.The innovative approach of tokenization substitutes sensitive data with unique, non-specific tokens, offering an elevated level of data protection and robust payment support for lenders using the Repay integration.
Australian edition updated
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OAuth for DocuSign Connect allows administrators to grant scope-based access to resources to DocuSign Connect while ensuring integrity and authenticity and has been recommended by DocuSign as the first-choice option. Therefore, it is now supported by TurnKey Lender. The integration settings are updated to simplify onboarding, in particular, the link to consent (which is mandatory for the OAUth method in DocuSign Connect) is added at the bottom of the integration details. (Settings → Integrations → Document signing → Docu Sign)
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TurnKey Lender provides more accountability and information
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Write-off approval functionality
Write-offs are standard practice in loan lending as they allow lenders to manage financial risks and maintain accurate accounting by acknowledging loans that are unlikely to be repaid. This practice is essential for regulatory compliance, tax benefits, and ensuring the financial health of the lending institution. However, it can also be related to potential financial mismanagement or fraud and financial losses. This is why it is now possible to add Write-off approval as a step of the normal loan lifecycle.
The feature is enabled in the Settings → Application process → Application flow → Write-off approval
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If it is enabled, users without write-off permission can only suggest a write-off, while users with this permission can see loans in the "Write off" status and approve or decline the request.
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Mentioned users added to the loan comments history
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