comprehensive web-based platform to manage different lenders
Worx Lending System is a pre-approved lending facility management system for financial institutes. The fin tech app is used as a payment method for subscribed customers and enrolled merchants in the service. The system components are two apps; one for the customer and one for a merchant to complete the transaction of purchase and calculating the loan and loan installments with integration with the core financial applications. The system is integrated with a back-end system used for the customer qualification process for the service and enrolling approved merchants.
- Pre-approved loans mechanism
- Financial application integration
- Blockchain application integration for data security
- One Time Password second factor authentication
- Loan calculation pre-configuration based on:
- Loan amount
- Installment amount
- Total installments values VS income calculation
- Minimum loan amount
- Maximum loan amount
- Number of monthly installments
- The predefined policy of loan grants
- E-signing capability for digital contracting
How it works
In a typical scenario, a qualified customer can create a loan request from the app, identifying the merchant, product, and total price from the customer mobile application. The request is received and verified by the merchant using the merchant mobile app. After authorizing the transaction using OTP the request is getting approved either manually or automatically based on the predefined policy and the loan installments along with the terms and conditions are sent to the customer mobile app for consent and approval. After approval, the total amount is transferred to the predefined merchant account and the loan installments are submitted to the financial application back-end for loan collection.
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