Advanced platform settings
- TurnKey Lender
Introduction
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. This article describes the items that can be configured, their default values, and possible changes so that the Client would know what changes can be requested for both Back-Office Users (Lender’s Employees) and Web Portal Users (Customers, Investors, and non-registered visitors).
Please note that nothing in this document can be treated as a public offer or a guarantee of the change availability, as the configuration and relevant requirements may be constantly changing upon the system development. In case of a change request, please address your contact person at TurnKey Lender to check if any given configuration option is available in your version of the platform.
There are several parts of the system that can be changed with the configuration settings, namely:
GDPR Compliance
If GDPR compliance requirement is enabled, TurnKey Lender ensures compatibility with GDPR requirements (see General Data Protection Regulation (GDPR) – Legal Text )
In particular:
A privacy notice is available for Web Portal Users on their Dashboard (“Personal Privacy” tab) and consent to it makes an obligatory part of the first registration
Privacy notice as a document to be provided to the customers in the Back Office
Breach notification can be sent to customers and investors from the Back Office
Customers/Investors can view and export all of their personal data available in the system
Customers/Investors can request to remove their account
Setting | Description | Default |
|---|---|---|
GDPR Compliance | Enable GDPR compliance settings | false |
Please note that the functionality of GDPR Compliance can be enabled for any country, regardless of whether GDPR obliges there.
Registration, Authentication, and Logging-in
It is possible to configure conditions that will be applied to the password generation, registration screen, and authentication process. Different settings can apply to Web Portal users and Back-Office users. For a description of the logging-in functionality please see the Log-in PageUNDEFINED documentation.
Registration Screen. Captcha
You can add a captcha to the registration page and manage its settings
Setting | Description | Default |
|---|---|---|
Captcha | If enabled, a captcha shall be shown on the registration form of the Web Portal (for Customers and Investors) | true |
Captcha length | Number of symbols in the captcha | 4 symbols |
Captcha symbols | List of symbols that can be used in the captcha. | Digits from 1 to 9 |
Password security rules
Password security rules are defined as a parameter with several values. For each password, you can define
Minimal number of symbols (minLength)
Required symbols (require); define if the password must contain lower case and/or upper case Latin letters, numbers, and/or special symbols
Number of forbidden passwords (history): number of last passwords that cannot be used when the password is renewed
Setting | Description | Default |
|---|---|---|
Password settings (Web) | A set of password format parameters for Web Portal users and Back-Office users, for example, “not shorter than 6 symbols, with at least one small letter, capital letter and digit, and not the same as your previous password”
| not shorter than 6 symbols |
Password settings (Back) | A set of password format parameters for Back-Office users |
Two-factor authentication
You can enable/Disable two-factor authentication for Web Portal users and/or Back-Office users.
Setting | Description | Default |
|---|---|---|
Two-factor auth (Web) | If enabled, two-factor authentication is required for Web Portal users | false |
Two-factor auth (Back) | If enabled, two-factor authentication is required for Back Office | false |
Phone number verification
Verify phone number | If enabled, the customer has to verify the phone number with an SMS (upon input and each update) | false |
Max amount of verification SMS | Define the maximal number of verification SMS that can be sent to a client in one day | 5 |
Log in with your Google / Facebook Account
It is possible to allow the use of Facebook and Google accounts to register/sign in to Web Portal and Back-Office
Setting | Description | Default |
|---|---|---|
External auth | If enabled, the user can register/sign in with Google or Facebook account ID | false |
External auth Facebook App | App ID created for the client on Facebook | to be provided if the feature is enabled |
External auth Facebook Secret | Secret created for the client on Facebook | |
External auth Google App | App ID created for the client on Google | |
External auth Google Secret | Secret created for the client on Google |
Lockout on logging-in failure
It is possible to lock out a Web Portal or Back-Office user in case the number of unsuccessful logging-in attempts has exceeded the limit.
Setting | Description | Default |
|---|---|---|
Lockout | If enabled, the user can be locked-out after several consequent unsuccessful logging-in attempts. | true |
Lockout interval | The lockout interval (how many minutes the user shall stay locked out) | 15 minutes |
Lockout failure limit | The number of unsuccessful logging-in attempts that must result in a lockout. | 3 |
Session Management
It’s possible to define if the previous sessions shall be closed when the user is inactive and when a new session is initiated by the same user, as well as define the period before such a closure:
Setting | Description | Default |
|---|---|---|
Session time-out | Time without web requests to the server, upon which the session is terminated | 0 (the session never expires) |
Session multiple instances | If enabled, the users can work from different browsers/PCs simultaneously. If not, a new sign-in will close all the previous sessions. By default, there is no limitation on the number of browsers/PCs. | false |
Loan Origination and Processing
TurnKey Lender provides extensive functionality that allows automating the entire lifecycle of a loan from origination to collection and reporting. Origination and processing include basic loan and customer details, registering information about the collateral, assessing the customer's credibility and making automatic or informed manual decisions, controlling the disbursement, managing schedules, accepting payments, and collecting debts.
The following settings can be defined at the configuration level:
Setting | Description | Default |
|---|---|---|
Guest Registration | If enabled, a guest user (potential customer or investor not logged in to the system) can register oneself and apply for a loan. | true |
Loans from dashboard | If enabled, a new loan can be created from the customer dashboard | true |
Promocode | If enabled, some credit products may become visible to customers only upon provision of a promo code | true |
Totals preview | If enabled, summarized values are displayed for a new loan on the application form | true |
Collateral | Allows for the creation of credit products that imply the provision of collateral, registration, and assessment of the collateral details, and its approval as a part of the loan application processing | true |
Branches | If enabled, Back-office users and loans can be assigned to different branches so that only users who have access to the branch can access the loan. (see User Permissions ) | true |
Assignment | If enabled, the loan can be assigned to a specific user so that only this user can perform actions on it. | true |
Flags | Allows creation of flags (see Customer and Loan Flags | 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) | false |
Termless flow | Allows for such a flow where the loan type and terms are selected after the customer scoring | false |
Close if not signed for N days | Number of days, after which the system must automatically close the loan if the agreement is still not signed | 15 |
Custom calendars | Allows setting up custom calendars and moving the payment days correspondingly | true |
Background jobs related to loans
Setting | Description | Default |
|---|---|---|
Time to update active loans | Time for the system to check all such details of active loans that depend on time (e.g. if a loan has become past due, if the time of collateral reassessment has come, etc.) and update loan details correspondingly | 3 a.m. |
Time to check if docs signed | Time for the system to check if any of the documents requiring signature have been signed and, if so, update loan details correspondingly | every 20 minutes |
Time to check if initial payment expired | Time for the system to check if any of the initial payments (pre-approval or pre-disbursement) terms have expired and, if so, update loan details correspondingly | 00:25 a.m. |
Time to check for expired offers | Time for the system to check if there are any timed-out offers | 00:35 a.m. |
Time to recalculate collectability | Time for the system to recalculate and update the collectability score of all past-due loan payments | 3:00 a.m. |
Time to update flags | Time for the system to check if any of the flags have expired and, if so, remove the flag | 00:45 a.m. |
Promise to Pay
One of the important features of the system is the ability to record and monitor promises to pay received from the customer for past due payments (see Promise to Pay )
No late fees/interest checkbox | If the checkbox "Do not accrue late fees and late interest" is enabled, the corresponding interest and fees are not accrued during the Promise to Pay period. If the checkbox is disabled, they are accrued as usual. With the settings, it is possible to configure the default state of the checkbox at the configuration file level. Therefore, if the more common policy is not to accrue late fees and late interest, it can be set up correspondingly. | the checkbox is disabled by default |
Ignore promise delay | If enabled, the promise to pay may be assigned to any date in the future (regardless of the loan maturity date) | true |
Promise delay limit | If “Ignore promise delay” is set to “false”, i.e. the system considers the loan maturity date, the setting defines how much the promise may exceed the loan maturity date | 10 |
Decision Making
A major part of the TurnKey Lender capabilities is related to decision-making. Credit scoring in TurnKey Lender is powered by a proprietary AI-powered Decision Engine. It uses self-learning algorithms and deep neural networks to process both alternative and conventional risk assessment data and make a fully automatic loan decision or to provide underwriting specialists with in-depth analysis results at a glance for manual action.
Customer’s Geolocation
Defining a customer’s location can help the system check credibility of the information provided by the customer and customer legitimacy. The following settings can be defined:
Setting | Description | Default |
|---|---|---|
Locate customers | If enabled, browser-based geo-location is used | true |
Locate customers with ipstack | If enabled, ipstack is used for geolocation purposes (see Explore IP Geolocation with Ipstack - Get Started Today ) | false |
IpStack API Key | ipstack API Key (see Explore IP Geolocation with Ipstack - Get Started Today ) | to be provided if the feature is enabled |
Credit Bureau Reports
Integrations with credit bureau reporting service providers let TurnKey Lender efficiently assess customers’ legibility for the loan. (see Credit Bureau Services ). The following settings can be defined at the configuration level:
Report validity | Period (in days) during which previously received credit report is considered up to date | 30 |
Manual Credit Bureau | If enabled, the type “Manual” is available in the credit bureau integration settings and thus credit bureau report information can be provided manually | false |
OFAC Settings
TurnKey Lender provides several security measures, including the use of OFAC, i.e. open sanctions lists to help lenders avoid doing business with sanctioned and blacklisted people and companies around the globe. At the configuration level, it can be defined whether and what lists shall be used.
Setting | Description | Default |
|---|---|---|
Enable OFAC | If enabled, the OFAC is updated and used for decision rules | true |
Use UN’s OFAC | Use the consolidated sanctions list provided by the UN | true |
Use USA OFAC | Use the sanctions list provided by the US Department of Treasure | true |
Time to update OFAC | Time for the system to get the latest version of the OFAC database | 2 a.m. |
Application Scorecard
The application scorecard uses a set of predefined rules to automatically calculate the legibility of the loan. If the setting is enabled, the system may be set up in such a manner, that applications are checked and accepted/rejected automatically, without human interaction.
Setting | Description | Default |
|---|---|---|
Scorecards | Enable application scorecard | true |
Flinks Rules
Integration with Flinks can be used to assess the credibility of a customer. If so, some of the values, used for the assessment can be defined at the configuration level.
Setting | Description | Default |
|---|---|---|
Flinks minimal income (CA) | Current minimal income value in Canada | 1760 |
Flinks minimal living cost (CA) | Current minimum of living costs in Canada | 1124 |
Flinks minimal income (USA) | Current minimal income value in the USA | 1120 |
Flinks minimal living cost (USA) | Current minimal cost of living in the USA | 1000 |
Annual Percentage Rate calculation
The need to calculate the annual percentage rate and choice of a specific method used to do it can be defined at the configuration level. (see Annual percentage rate ). The following settings can be defined:
Setting | Description | Default |
|---|---|---|
APR | If enabled, the annual effective rate can be calculated | true |
APR method | Select one of the available methods, e.g. IRR, XIRR, APR, FederalAnnuity, | APR |
Payment Processing
Payment processing settings can be defined at the configuration level for the use of payment providers and automatic charges during the loan application assessment, loan disbursement, and servicing.
Payment details input rules
It is possible to define who can enter the account/card details and which of the details are obligatory.
Setting | Description | Default |
|---|---|---|
Bank details mandatory | If enabled, bank account details to be used for automatic charging/disbursement must be provided (are mandatory) before disbursement | false |
Bank details addable from Web | If enabled, bank account details can be provided by the customer even if the system is not integrated with a payment service provider or the currently selected payment service provider does not support ACH | true |
Bank cards addable from Back | If enabled, Back-Office users can add customer’s bank cards to be used for automatic transfers via a payment provider on Back-Office | true |
Bank accounts addable from Back | If enabled, Back-Office users can add customer’s bank accounts to be used for automatic transfers | true |
Transaction failure check
Setting | Description | Default |
|---|---|---|
Payment check period | There is a daily check that makes sure that none of the payment transactions performed via a payment provider have failed. The check is performed within N days after the operation. | 30 |
Time to check transactions | Time for the system to check if any of the payment transactions performed via a payment provider have failed and update the loans correspondingly. | 1 a.m. |
Loan disbursement
At the configuration level, you can define how the disbursement is initiated.
Manual: Back-Office user shall initiate the disbursement or register it in the system
Automatic: No man-in-the-middle; the system automatically initiates disbursement of the loan via the Payment Provider as soon as the loan is in the approved status.
Setting | Description | Default |
|---|---|---|
Disburse manually / automatically | Select if the disbursement shall be:
| Manual |
Automatic charging
Once the loan has been approved, the agreement has been signed (if required) and the lender has disbursed funds to the customer, the customer can start making payments to cover the loan and related charges. Very often, it is convenient for the customer to connect the bank account or card and have the system automatically charge those payments (see Automatic Charging). The following settings can be defined:
Setting | Description | Default |
|---|---|---|
Autocharging | If set to “true”, the mechanism is enabled | false |
Time for regular autocharges | Time for the system to initiate automatic charges for payments in the loan schedules | 9 a.m. |
Time for custom autocharges | Time for the system to initiate required automatic charges for all scheduled custom transactions defined in the system (see Custom Transactions ) | 9:30 a.m. |
Disable autocharge on NSF
| If set to “true”, automatic charging is disabled after a certain number of attempts to withdraw funds that failed due to non-sufficient funds available at the account.
| false
|
NSF threshold to disable auto-charge | Number of attempts to withdraw funds that failed due to non-sufficient funds available at the account after which the mechanism is disabled if “AutoCharge_DisableAfterNSF” is set to “true” | 2 |
Auto-Charging Plan
It is also possible to create an auto-charging plan to define how the system shall act upon the failure or success of an auto-charging attempt. (see Auto Charging Plan for more details)
Currently enabled auto-charging plan consists of one step: Auto charge current installment
PayPal
If the integration is enabled, the customer can use PayPal to make payments from the Web Portal.
Setting | Description | Default |
|---|---|---|
Enable PayPal | If set to “true”, a PayPal account can be used | false |
PayPal Client ID | Client ID on PayPal | TurnKey Lender Demo data |
PayPal Secret | PayPal Secret | |
Environment | select if it is live of sandbox | sandbox |
Reports
Setting | Description | Default |
|---|---|---|
Time to update reports on workplace | Time for the system to update all reports available in the “Reports” workplace | 5:30 a.m. |
Time to update Metro2 reports | Time for the system to update Metro2 reports (if any) | 00:30 a.m. |
Notification Settings
TurnKey Lender provides an extensive functionality of notification from/to all shareholders of the loan processing process. The following settings can be defined for different notifications:
Setting | Description | Default |
|---|---|---|
Promise to pay notifications | Time for the system to check if any promise to pay notifications are due and send them | 10 a.m. |
Time to notify on due payments | Time for the system to check if any payments are due and send corresponding notifications to the customers | 9:30 a.m. |
Remind to sign every n days | Periodicity of reminders about and unsigned agreement (in days) | 5 |
Limit SMS to business time | If enabled, all SMS messages created by the system after the end of the business time are sent at the start of the new business day | true |
Set business time in UTC | If enabled, the business time is set in UTC. Otherwise, local server time is used. | true |
Business time interval | Business time interval | 08 a.m. to 10 p.m. |
UI Settings
The following settings affect only the way information is displayed for the Back-Office users.
Setting | Description | Default |
|---|---|---|
Use avatars | Defines if avatars shall be used for Back-Office used that don’t have a picture. With values, you can define the type of avatar image (Initials/Animals/Food/Sport/Transport) | animals |
Loan status pop-up display | Defines how long the pop-up with the new loan status and workplace where it is available shall be displayed following the loan status change | 10 seconds |
Loan ID prefix | Define a unified prefix for all loan IDs within the project | EL |
Customer ID prefix | Define a unified prefix for all customer IDs within the project | none |
Displaying Maps
Setting | Description | Default |
|---|---|---|
Display GeoLocation | If enabled, map is displayed on underwriting and origination workplaces (e.g. when selecting a store) | true |
Locate customer address | If this setting and “Display GeoLocation” setting are both enabled, the customer’s address is translated into a point on the map | false |
Google Maps API Key | Provide a valid Google Maps Key if the service shall be used | to be provided if the feature is enabled |
File settings
Setting | Description | Default |
|---|---|---|
Max File Size MB | Maximum size of any file uploaded to the system | 5MB |
Max Logo Size | Maximum size of the company’s logo displayed in the application (Company settings → Company logo) | 512 px |
Other features enabled from the config file
Setting | Description | Default |
|---|---|---|
Investments | Allows attracting investors (registered as TurnKey Lender users) to provide funds for some of the loan applications | true |
Vendors | Enables the Vendor/Store functionality
| true |
OLARK chat | Valid OLARK user account to be used for the chat | empty (i.e. the functionality is disabled) |
Accounting and Accounting time | Allows TurnKey Lender users set up accounting journal for a specific set of users and export them internally or to a third-party system | true |
Along with that, the default time to collect the accounting journals can be defined. | 16:30 |