By FintechOS - June 16, 2022
Forrester report mentions FintechOS BNPL solution
Forrester's recent report mentioned the FintechOS BNPL solution for retailers and lenders entering this thriving new market. We discuss the
The summer ’21 release brings advanced Credit Facility Management to the FintechOS Core Banking product. Credit Facility Management is a key feature for retail, SME, and corporate banks, allowing them to manage multiple credit products under a single credit limit. This update offers immediate benefits to FintechOS customers that work with SMEs, corporates, and high-touch retail clients, reflecting our support for advanced core banking functionality that serves these segments.
The release of Credit Facility Management is part of a FintechOS drive to provide comprehensive core banking capabilities in its Northstar platform.
Credit Facility Management falls within loan and savings administration – the core banking functionality that governs functions such as interest calculations, commissions, collections, and closures over the lifetime of a contract.
A credit facility is a grouping of multiple credit products that a client has arranged with a bank under a single credit limit. Banks can offer companies a credit limit for the company as a whole, and the company can then take on different loan products without the need for separate risk assessments. This simplifies access to funds for companies and greatly reduces time-to-cash. Credit facilities also create operational efficiencies for the bank, because individual loans no longer need separate risk assessments.
FintechOS now offers an advanced solution for the management and facilitation of credit facilities. Some of the key features supported by this release are:
One of the upcoming features to be supported by Credit Facility Management will be collateral management. This will support multiple collaterals within the context of a single credit facility.