Pancredit upgrades lending software
07 December 2004 | 361 views | 0
pancredit has released a new version of its market-leading lending software, which addresses new Consumer Credit Act and Data Protection Act changes and helps lenders automate additional business processes.
pancredit version 4.4.3 conforms with changes in the Consumer Credit Act, which from May 2005, will require lenders to calculate interest rebates on early settlement of regulated credit agreements on an actuarial basis. It will also restrict the amount of time that settlement quotes can be deferred. pancredit's latest version enables lenders to comply with these regulations well in advance of the legislative changes. In addition, the system's parameterisation around the maximum regulated loan amounts has been enhanced to cater for the different limits applying to consumers, sole traders and partnerships.
Version 4.4.3 also includes an interface to the Experian v4 XML link. This complements the DPA compliant Equifax version 4 and Experian version 3 links that were delivered earlier this year.
Discussing the new version, pancredit's managing director Peter Constance says, "There is an increasing burden of compliance in the finance market, with CCA, DPA, FSA and IAS changes all hitting lenders at the same time, as well Basel II on the horizon. We can add value for our customers by advising them on the systems impact of such changes and providing the capability for them to comply in an efficient and timely manner."
The new version of pancredit also enables lenders to automate debt consolidation with external third parties, such as credit card and other loan providers, facilitating the merging of existing debts into a single new loan. The updated pancredit software can now capture settlement figures for any number of third parties and automatically handle the payout to them, providing customers with an additional service.