MIP has launched its new lending system, Integrated Lending Solutions, after acquiring it from a local bank and significantly updating it.
The lending system broadens MIP`s existing software suite of medical, pension fund, life, unit trust, asset finance and motor warranty administration applications.
Richard Firth, CEO of MIP, says: "The ILS enhances the MIP financial services offering in terms of rounding off our strategy to be the leading ERP supplier of financial service systems in the South African market with a global reach."
"It is an entirely new system based on the proven flexibility of the underlying database design," says Tyrone Gower, MD of Integrated Lending Solutions, an MIP company.
Gower says the design is modular so as to enhance system flexibility. "Many organisations want to know what the system can do for them right now, but experience has shown that what the system can do in the future is as important. This lending system makes it easier for companies to develop new products and bring them to market more quickly than their competitors, and it has an extensive track record."
Development was commissioned in 1993 by a local bank to replace its commercial and industrial lending systems. The product was successful enough to spread throughout the organisation, administering and managing corporate loans where products sourced from abroad were found wanting. It has since administered billions of rand of finance. System audit reports prepared by major audit firms have been complimentary, indicating that ILS meets all security, functional and legislative requirements.
ILS is effective from a technical and business perspective and features:
* Web-based functionality for worldwide access to capability and information for administrators, managers and lenders;
* A complete risk management solution;
* Flexibility to administer every type of loan product, from personal loans to complex property and structured finance;
* Quick and efficient configuration capability to enable business to make rapid enhancements to products and processes;
* A system with highly versatile integration capabilities for sharing data with third-party applications;
* Reliability and "easy-to-use" processing, for high-volume, low-cost operations; and
* Lender satisfaction from clear information delivery and rapid query results.
In addition, the flexibility afforded by the modular design of the product provides the capability and capacity to administer a wide range of loan structures secured against most collateral classes, which include:
* Personal loans;
* Group scheme loans;
* Development finance;
* Home loans;
* Industrial and commercial finance;
* Structured finance;
* Securitisation; and
* Motor vehicle and other moveable asset finance.
ILS operates on Progress and Oracle databases, on Unix and Microsoft Windows platforms. Its open technology allows easy integration to other third-party applications.
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