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.
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 designed for lenders who work with small to medium-sized 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 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 depending on the chosen edition. 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.