In finPOWER Connect, External Parties are all the important organisations and relationships you have outside of your core business unit. These modules help you to track and manage those relationships.
External Parties include all the organisations and relationships you have outside of your core business unit, for example the Dealers and Brokers that sell your products.
Where you have dealings with parties outside of your organisation, External Parties, the External Party Add-On allows you to record their details and manage their structures. For External Parties, full information can be maintained including employees and comprehensive contact details. Each Account and Client can be allocated to an External Party allowing you to assess the performance of your extended business network. The External Parties Module allows you to set up groups for 'Dealers', 'Brokers', 'Insurers' and 'Other' External Party types.
The External Party Organiser, shown below, provides a visual representation of your extended business network.
The finPOWER Connect Advanced External Parties Add-On expands on the functionality of the External Parties Add-On with the addition of three key areas: Disbursements, Dealer Commissions and Business Development Managers.
Disbursements, or Settlements as they are sometimes referred to, cover payments made to pay out the Loan, as well as to pay costs associated with the Loan.
Disbursements may be paid directly to the client, in the case of a personal loan, to a vendor where finance is being provided for the purchase of an asset, or to a number of third parties where you are offering a debt consolidation service.
Disbursements allow you to make individual payments directly to a bank account or credit an existing External Party's Account for consolidation and distribution at a later date, such as you would do with Insurance premiums.
Commissions allow you to pay commissions to Brokers and Dealers. Various calculation methods allow you to calculate and pay commissions in accordance with your business model.
For tracking the employee in your business that generated the Account business (ie. the Business Development Manager).
If you fund all or part of your loan portfolio via a securitised funding line, then the Securitisation Module can manage the daily transaction flows:
The finPOWER Connect Securitisation Module is highly customizable, catering for a wide range of funding and pricing models.
Once you have the External Parties Add-On, the finPOWER Connect External Users Add-On allows remote access to the finPOWER Connect database (via the finPOWER Connect Web Interface, WAN, Remote Access tools etc). It restricts Users to viewing only their own Accounts. Access rights can be given for other groups of Accounts if required.
This allows your extended business network to undertake their own enquiries on the Accounts they are associated with, saving you and your staff valuable time and money. Users can also be given rights to add log notes, update contact details, run specific reports and more, thus further freeing up your valuable time.