finPOWER System Overview
finPOWER, the software of choice for the finance industry, is comprised of a base system and key functional areas that offer a wide number of different Loan and Deposit types. These may be enhanced by a number of optional Add Ons that need only be purchased if required. This allows for changing requirements and system growth that can match that of your finance company. Key modules of finPOWER include:
The Variable Loans module caters for the calculation of interest on the outstanding daily balance of the loan and is best used for compliance with the CCCFA and UCCC. Interest is calculated in arrears and reflects the timing of individual transactions. This modules is ideally suited to consumer term loans but can be used in a wide variety of lending models. Want to know more ...
Interest is calculated and charged to the loan at the commencement of the Loan and is then earned over the life of it. If a loan is settled early an early settlement rebate can be calculated to reflect the unearned portion of the interest. The Fixed interest module is used a variety of Hire Purchase and Leasing type lending environments. Want to know more ...
The Revolving Credit Loans cater for a flexible line of credit that allows a client multiple drawdown’s to a credit limit and a variety of repayment options. The Revolving credit module is suited to those that want of offer their client the maximum flexibility in a financing product including Store Cards, Credit cards, Floor Plan financing and development loans. Want to know more ...
The Depositors module tracks funds that have been deposited with the company. It handles funds that have been deposited for either a fixed term or "On Call", and at a fixed rate of interest or interest calculated on the daily balance. It can also handle a variety of automatic maturity options. Want to know more ...
finPOWER maximises the use of the Windows(tm) Graphical User Interface (GUI) to create a friendly environment that is easy to navigate and learn.
The Client file includes information regarding contact details, past addresses, notes with action dates, a photo of the client and Loans and Deposits the client is associated with, either as the main lendee / lender, a joint name or as a guarantor.
finPOWER is closely integrated to MS Office, giving access to the functionality of Word, Excel and Access. Formatting features of Word can be fully incorporated, along with high-level VBA tools to enhance your documentation.
finPOWER has a wide range of credit control features that can increase the effective management of overdue accounts. These features include:
- Overdue Letters for early detection and actioning of arrears. Letters ranging from mild reminders through to pre-possession and repossession authorities can be generated. Contract forms, New Loan and Thank you letters can also be created.
- Penalty and Default Interest can be calculated on Overdue Loans according to a set of defined rules.
- A Payment Schedule is held for every Loan allowing adjustments to be made to the payment stream where a client’s financial situation changes. This enables you to record payment arrangements, and from then onwards all overdue balances are based on these adjustments
- A Monitor Flag can be set per loan for easy identification of “problem” loans.
- The Loan Log records all credit control entries, such as letters and diary notes, so that an assessment of the history of the loan can be made at a glance.
- The Manager Task Viewer acts as a To Do list for individual Loan Managers improving workflows in the credit control function.
finPOWER provides an interface facility to all major NZ Trading Banks and most Australian Trading Banks. The interface can be used for Direct Credits (i.e. paying out deposit Interest and maturing deposits), Direct Debits and importing Bank Statement information for easy payment processing.
finPOWER uses Transaction Wizards to guide Users through many of the advanced transactions making transaction entry easy and simple.