Approval Platform

This component utilizes the workflow component of the system in order to control the flow of Loans Applications among authorized users. The Administrator may design the application and other documents' forms and the path of their flow. The end user interface is designed to run both as a rich client or a thin client (web) application. The workflow may automatically open accounts, order disbursement, score the applicant (based on the provided scorecard), check at the Internal Credit Bureau (ICB), etc.

More specifically, loan applications can be submitted either by phone, fax or Business Partners web interface, and then routed to the assigned approval officer (major partners may have specialized approval officers directly assigned to their loans). Several approval business rules can be applied to this process,

such as:

• automatic approval based on client's debt ratios
• loan to collaterals ratio
• scorecard credit scoring
• national or external credit bureaus information

The business rules can be weighted in order to produce a systemic loan approval decision or referral of the case to manual overview.

Approval information can be forwarded via fax to the business partner instantly. Additionally the workflow can have instances of document checking, case forwarding etc. Approval platform automatically creates CIF to the core system, opens the client account, and performs disbursement transactions, charging of handling fees etc.

After the approval decision is made, the business partner can print all relevant client documents, minimizing paperwork and document handling. Given the fact that the Financial Institution can operate in parallel markets, another essential tool of the Approval Platform is the Internal Credit Bureau module (ICB). ICB functions as an internal client credit history mechanism, where data for the same customer that exist in parallel business domains are kept and compared both for credit and client risk management issues, but also for data clearing purposes.