Manage commissions effortlessly with a solution designed for lenders, by a lender
Process commissions seamlessly, using a solution that imports, validates, processes and distributes payments.
Trying to keep track of all of your commission payments becomes more difficult as your enterprise grows. Spreadsheets are unwieldy, and systems that weren’t specifically designed for commission processing always involve endless work-arounds. Both lead to inconsistencies and multiple opportunities for error.
There's definitely a better way
With Loanworks, commission payments are easy. You can reduce your error margin and troubleshooting time with a commission management solution that’s tailored to the unique needs of your lending business. So you can spend more time improving your relationships with aggregators and brokers and writing more loans along the way.
Loanworks’ end-to-end solution is specifically designed for lenders and covers the entire process:
- Maintaining broker information & channel relationships
- Managing payment rules
- Importing loans data
- Reconciling, validating & matching information
- Processing payment calculations
- Distributing invoices
- Integrating with core systems
- Processing payment queries
Our solution is scalable – it will work at any and all points of your operation’s business trajectory, supporting you at every stage.
What do you need from a commissions processing solution?
Commission payment is not the same across all industries. So you need more than just the right software; you need the right people. Loanworks has been in the lending business for 18 years, specialising in mortgages, so we know exactly how to design you a solution that meets your needs precisely.
Commissions processing software - the right technology
The Loanworks Enterprise Commission Solution is available as a Software as a Service (SaaS) model in the cloud (Microsoft Azure) or an on-premises (hosted) model - whatever you prefer. Both models perform the following tasks:
Data import, validation and
exception reporting
Our software has the ability to import data files and fully integrate with your core banking platform. 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 are then tailored according to your needs using our SQL reporting engine.
Commissions processing service - the right people
The Loanworks Commissions as a Service (CaaS) solution delivers a holistic business process to support you in delivering commission-based remuneration to internal and external channels. That means we cover all the bases.
What can you expect from our people? A lot.
Our holistic solution encompasses:
- 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.
It's all about you
Loanworks has the resources to turn your commissions processing into an efficient part of your business. The key word there is “your”. We know that a solution works best when it’s specifically tailored to the individual needs of an organisation. And because we’ve done it so often, we know what questions to ask. They might even be questions you’ve never asked yourself.
Our analysis can help you understand your needs – for instance, loan variation scenarios where internal refinance and loan increases may impact your upfront, trail and clawback commissions – and the solutions that will address them.
Experienced, responsive, innovative
Established in 1998, Loanworks is a market-leading technology provider specialising in proven turnkey solutions for lead management, loan origination, credit decisioning, CRM, commission processing, business process outsourcing (BPO) and B2B integration within the financial services industry.
Our approach means that we’re the trusted solutions partner of choice for some of the premier brand names in the financial services industry.
We have a broad customer base, servicing franchise, branch and aggregation business models, such as National Mortgage Corporation, Aussie Home Loans, VOW Financial, RAMS, Beyond Bank, Bank Australia, Queensland Country Credit Union, Teacher’s Mutual Bank, Australian Military Bank, P&N Bank, Gateway Credit Union, plus many more lending originators.
Start processing your commissions more efficiently
Commissions processing doesn’t have to be time-consuming, involved, convoluted, and susceptible to error. The Loanworks Enterprise Commissions solution has all your bases covered. To learn more about how we can help, please call Urvesh Vibhakar, our Solutions Delivery Manager on +61 433 186 482. Urvesh will work with you to see how our solutions can address your particular needs.
