A one-stop, end-to-end commissions processing system
Accurate, efficient processing and distribution of commission payments. Seamless import and validation of data.
An aggregator’s business is built on relationships. And commission payment is one of the most important interactions between you and your brokers. It needs to be a smooth, efficient, error-free process.
But it can be difficult to keep track of multiple brokers and lenders on different commission structures. Manipulating and validating data from various lender files, processing and distributing commission payments to various recipients – all of this is time consuming, expensive and open to error.
You need a solution that handles it all automatically, keeps up with the changing needs of your business, and doesn’t involve a massive investment in labour.
But it has to be built on intimate knowledge of the aggregator business model – not only the mechanics of payment, but also detailed, up-to-date knowledge of the ever-changing compliance environment.
A tried and tested solution
Loanworks’ end-to-end solution specifically targets the challenges experienced by aggregators. It’s a two-pronged solution, comprised of technology (Software as a Service, or SaaS) and people (Commissions as a Service, or CaaS), which:
- Seamlessly imports and validates loan data from various lender files/schedules
- Integrates with broker CRM to generate settlements data
- Provides strong batch exception handling to acknowledge and manage loan exceptions from lender files
- Supports a virtually unlimited array of calculation models
- Processes numerous commission runs with just a couple of clicks
- Generates and distributes payment invoices to recipients via e-mail, broker portal or shared network drive
- Generates ABA-compatible payment files for bulk payment processing
- Generates payment files compatible with multiple accounting software programs
- Is cost-effective, comprehensive, and scalable
Customised automation using best-of-breed technology
Loanworks has been providing technology to the financial services sector since 1998. We’ve partnered with many brand names over the years, designing, implementing and perfecting technology specifically to suit our clients’ business models.
Our Commissions Solutions include a Service as Software component – either in the cloud (Microsoft Azure) or on-premises (hosted) – that delivers precisely the right functionalities for your aggregator business.
Data import, validation and exception reporting
Our software has the ability to import data files and fully integrate with your internal platforms. The validation function possesses a suite of data quality rules and provides seamless exception handling (e.g. lender data mismatch).
Commission payment models
The Loanworks system supports various out-of-the-box commission payment models, including upfront, trail, clawback, fees, non mortgages (insurance, personal loan payments), utilisation clawback, sundry and manual adjustments. We also support offset account balance and drawn-down balance rules.
Invoicing, accounting export
We automatically generate and distribute customised RCTI invoices and commission statements (per channel) via e-mail or your specific portal. We can also export standard ABA files and GL accounting files (Sun, Technology 1, MYOB, Oracle).
Reporting suite
Out-of-the-box reporting suites are used to validate bank payments against commission payments (receivable vs payable), batch exceptions, proposed payments, trail variance and paid commissions. Your reports can be tailored according to your needs using our SQL reporting engine.
Trained, expert staff implementing a holistic solution
As part of your custom solution, we’ll provide you with support from our Commission Processing & Administration team, known as Commissions as a Service (CaaS). This includes:
- broker onboarding
- channel administration
- third-party payment reconciliation
- data manipulation & validation
- commission payment processing
- payment validation & approval
- invoice distribution
- direct payment processing
- general ledger integration
- and payment query support & correction
A tailored solution
Our people will configure the solution to support your unique payment types, payment rules, data models, channel hierarchies, payment frequencies, accounting structures, internal processes and core systems.
Industry experience
You’ll be backed by a team of technology and processing professionals with many years’ experience in commission processing and channel administration.
Maintain business critical service levels
The services solution encompasses the software solution, so you get the combined effect of our best-of-breed software system and business processing service to support your business-critical service levels.
Powerful, secure and simple
Our platform delivers an unprecedented level of processing power, payment modelling and systems integration, and is hosted within a certified, secure, managed SaaS environment located in Australia. A web-based interface gives you easy access to review, approve and report in real-time.
Full visibility and control
Our processing service links with your finance department to provide full insight into reconciliation, disbursements and financial commitments, giving you control and visibility over the entire life-cycle of a transaction.
Streamline and manage change
Loanworks will work with your business to structure a streamlined reconciliation, payment and invoicing process. We’ll design, plan, build and implement a future state process, document the changes, and support your organisational change management.
We deliver because we know the industry...
Having been in the lending industry for over 18 years, we understand your day-to-day pressures because we’ve faced them ourselves.
So we know – from first-hand experience – that commissions processing is a crucial part of the aggregation business. It’s also complex and time-consuming, and getting it wrong puts your carefully nurtured critical relationships at risk.
That’s why our solution delivers on accuracy and efficiency – to keep your brokers happy. Plus it enables you to view a comprehensive history of your interactions with specific brokers, so you always have all the relevant information at hand.
… and we take the time to get to know you
To achieve this level of service requires not only an intimate knowledge of the industry as a whole – something we’ve attained over our many years of working within the lending industry – but also a good understanding of the specifics of your business.
We tailor our solution to give you the benefit of its components in the precise combination to fit your business exactly. We bring to bear our long experience with many different business models to ask you questions that you may not have thought of yourself.
That’s what we’ve already done for many aggregators, originators and lenders across the country. Indeed, our experience, responsiveness and innovative approach have seen us become the chosen partner for hundreds of Australian companies in the lending industry.
Call us to find the right solution for your business
An efficient, accurate and cost-efficient commissions processing solution will free up resources that are better spent building your business. To discuss how Loanworks could help you achieve that goal, please call Urvesh Vibhakar, our Solutions Delivery Manager, on +61 433 186 482. Urvesh has played a key role in the design and delivery of solutions for many clients. He’ll ask questions, listen, and help you find your particular way forward.
