Fully Automated Online Lending Platform
Working with a large UK direct-to-consumer lender in a wholly online market, we’ve built the most flexible and integrated full service lending platform there is.
We’ve partnered with a number of Credit Reference Agencies, Open Banking Providers, Payment Providers, ID Verification Service Providers and eSign Providers to provide an end to end full service loan automation platform.
Our Solutions
| UniLend Lite | UniLend Pro | UniLend Max | |
|---|---|---|---|
| For clients that offer 1-100 loans per month with simple underwriting and affordability rules. | For clients who manage a large number of loans with a number of manual processes and manual underwriting with some automation | For clients who have an online lending business, generating a significant number of loan applications per month in a fully automated fashion | |
| Pricing | Contact Us | Contact Us | Contact us |
| Monthly Loans | 1-100 | 100-1000 | 1000+ |
| Users | 1 | 3 | 4+ |
| Products | 1-2 | 1-4 | 5+ |
| Lead Acquisition | ✕ Self Sourced | ✓ (single source) | ✓ (multi source) |
| CRA Checks | ✓ (manual) | ✓ (automated collection – manual review) | ✓ (enhanced fully automated) |
| Open Banking | ✕ | ✓ (manual) | ✓ (fully automated) |
| KYC/AML PEP/Sanctions | ✕ | ✓ (manual) | ✓ (fully automated) |
| eSign | ✓ (manual) | ✓ (automated collection – manual review) | ✓ (enhanced fully automated) |
Many products exist to assist predominantly online lenders in servicing loans from application to collection but many suffer from common problems:
- Expensive to run – high cost of entry
- Legacy applications – not designed for the web or mobile
- Low levels of integration – Open Banking, ID Verification, Payments Systems
- No product flexibility – Multiple products with independent underwriting rules
Affordability
Following the introduction in 2015 of tougher regulation on consumer lending by the FCA, we started development on our online lending solution that put affordability front and foremost in the lending process. We partnered with Credit Reference Agencies for approved automated credit file information for a lightning fast initial customer acceptance criteria.
We partnered with a number of Open Banking Providers to streamline the provision of more detailed affordability information such as proof of income and expenses. This replaced the old method of obtaining bank statements and pay slips which are easy to forge or falsify.
ID Verification
In online lending, one of the hardest areas to comply with the regulations is to correctly identify your customer. Know-Your-Customer or KYC and Anti-Money-Laundering AML are critical stages in the lending process. With a 100% online process and no customer contact, we need to be sure the customer is who they say they are and that the accounts used in transacting are theirs and not used in money laundering.
PEP (Politically Exposed Persons) and sanctions checks are essential for mitigating financial risk, promoting transparency, and supporting compliance with international regulations. These checks identify individuals who may represent higher risk due to their political connections or sanctions imposed against them, preventing illicit activities such as money laundering, corruption, and terrorism financing. Financial institutions must conduct these checks to ensure they don’t unknowingly facilitate these illegal activities, protecting their reputation and avoiding severe legal penalties. Thus, PEP and sanctions checks are crucial for safeguarding the integrity of global financial systems, fostering a secure and compliant business environment.
Payment Automation
Payment Automation revolutionises the way businesses handle transactions, providing an efficient, secure, and error-free method of processing payments. It significantly reduces manual intervention, streamlining the workflow while ensuring accuracy and compliance with regulatory standards. With automated systems, businesses can seamlessly integrate invoicing, payment processing, and reconciliation into a single platform, thereby improving visibility into their financial operations.
For lending companies aiming to optimise time and resources, payment automation proves invaluable. It accelerates the transaction cycle, fostering prompt payments and enhancing cash flow management. The system also minimises the risk of human error, fraud, and late payments, safeguarding the business’s financial health. Furthermore, with instant access to detailed transaction data, businesses can generate insightful reports and analytics, facilitating informed decision-making and strategic planning. Adopting payment automation ultimately leads to a more organised, efficient, and secure financial environment, promoting business growth and stability.
