THIRD PARTY INTEGRATIONS
Mobiloan has partnered with some of South Africa's leading service providers...
Welcome to the third-party integrations page, where you can find information related to the service providers that Mobiloan integrates with.
Let's explore the different integrations that are available and see how they can benefit your business.
RISK MANAGEMENT (SACRRA)
SACRRA (South African Credit and Risk Reporting Association) is responsible for the oversight, collation and distribution of consumer credit information and risk management services to Credit Bureaus in South Africa.
About : Founded in 1989, the South African Credit and Risk Reporting Association (SACRRA), is a non-profit, voluntary industry association of qualifying companies who share credit and risk payment performance data about their customers with bureau members.
Consumer data collection and distribution : SACRRA provides Mobiloan with the necessary tools and facilities needed to upload consumer credit information to the data transmission hub for distribution to the credit bureaus on behalf of their clients.
Credit information collection and distribution : SACRRA collects and stores credit information on consumers and distributes the same to registered credit bureaus in South Africa.
Compliance : Mobiloan ensures continued compliance by ensuring that our clients consumer data is promptly uploaded to SACRRA both daily and monthly as required.
Review : Apart from continuous feedback from the various credit bureaus with regards to the integrity of the data uploaded to the data transmission hub, Mobiloan clients can also review their SACRRA submissions by way of the relevant advanced reporting tools within Mobiloan.
Credit Bureau Amendments and Timing
Mobiloan will submit the relevant files to SACRRA daily and monthly as appropriate, however that does not necessarily mean that the credit bureaus will action the updates promptly.
In cases where client records need to updated urgently or an update has not been processed a manual CBA adjustment can be done to correct a consumers profile linked to your business.
The amendment requires registration with the Credit Bureau Association (CBA) on https://www.cba.co.za/ which will in turn submit the manual adjustment to the member bureaus for correction.
INSURANCE INTEGRATION
Mobiloan is integrated with Groups-R Us and ASPIS who in turn offer insurance products including group and individual Credit Life as well as Voluntary Life Insurance and Funeral Policies.
Insurance integration can help improve loan collectability by incentivizing clients to keep up to date thereby retaining of their life and death benefits which in turn should lead to reduced default rates.
COMPULSORY CREDIT LIFE
Credit Life insurance is a type of insurance that covers the borrower's outstanding debt in case of their death, disability, or job loss.
Clients are able to register with ASPIS and Groups R US for purposes of securing a clients outstanding debt through a compulsory credit life policy :
The borrower is obliged to purchase coverage at the time of taking out the loan.
The cost of the insurance is added to the borrower's monthly payments as an insurance premium.
If the borrower passes away, becomes disabled, or loses their job, the insurance policy will pay off the outstanding balance of the loan or credit, up to the policy limit.
Credit life policies provide financial protection to the borrower and limits the overall exposure to their estate.
The coverage and benefits provided by ASPIS and Groups R Us Credit Life insurance may vary depending on the policy and the borrower's circumstances.
The above being said, it typically covers death, disability, and job loss, and may also include additional benefits such as hospitalization or medical expenses.
Overall, ASPIS and Groups R Us Credit Life insurance can be a valuable benefit for borrowers, providing them with additional financial protection and peace of mind in case of unforeseen events.
Some microlenders may choose to integrate insurance products into their lending operations to help manage credit and business risk and limit their overall exposure.
VOLUNTARY LIFE AND FUNERAL POLICIES
Voluntary life insurance and Funeral policies provided by ASPIS and Groups R Us is a type of term life insurance or funeral coverage that is purchased by the client on a voluntary basis and normally remains in place over the term of the loan.
The premiums for the policy are paid by the client with their loan installment.
With ASPIS and Groups R Us voluntary life insurance and funeral policies, your clients are able to choose whether they want the coverage or not.
If the insured person passes away while the policy is in effect, the beneficiary designated by the employee will receive a lump-sum payment.
This payment can be used to help cover expenses such as funeral costs, outstanding debts, and living expenses for the insured person's family.
Overall, ASPIS and Groups R Us voluntary life insurance and funeral policies can be a real value add to your clients.
GROUPS R US AND ASPIS
We recommend that on signing up with Mobiloan that you approach Groups R Us or ASPIS independently to see what service offerings they can provide to you and your business.
CREDIT BUREAUS
Mobiloan has direct integrations with Experian and XDS providing access to consumer credit information by accessing their individual credit reports.
Some of the credit information available is:
Credit reports : Credit reports contain detailed information about a person's credit history, including their accounts, repayment history, outstanding balances, and more.
Credit scores : Credit scores are based on a client's credit history and help businesses and lenders assess their creditworthiness.
Fraud prevention services : Fraud prevention services help businesses identify and prevent fraudulent activity, such as identity theft and account takeover.
Credit monitoring : Credit monitoring services alert businesses and individuals when there are changes to their credit reports, such as new accounts or inquiries.
CREDIT BUREAU SELECTION
While the credit reports generated by Experian and XDS are similar they each have their own unique layouts and service offerings and in turn cost structures.
Mobiloan does not advocate the use of any particular credit bureau, but should you choose to make use of our application you will need an active account with either Experian or XDS.
TELECOMMUNICATIONS
Sudonum and Click-a-tell are 3rd party services responsible for allowing telecommunication to take place within Mobiloan. These include :
Creating Voice Calls. (Sudonum only)
Sending SMS's including OTP's for authentication.
VOICE CALLING
Sudonum allows the user to place calls in real-time within Mobiloan.
Sudonum acts as an external link that connects two numbers together using a masked Sudonum number i.e., the Sudonum Number will contact the caller first, thereafter connect the caller to the desired person's cellphone number.
SMS
Sudonum and Click-a-tell allows users to send SMS's from within Mobiloan.
This is a very useful feature for a first attempt of contacting a client, or to promote your company via SMS marketing campaigns.
OTP
Sudonum and Click-a-tell allows for OTP authentication, or One-Time Password authentication, which is mainly used for confirming the client's cellphone number in real time.
Other use cases would be to confirm the client's identity and physical presence, as well as to provide consent via OTP Signature.
OTP NOT RECEIVED?
Though not often, sometimes a client doesn't receive their OTP.
In very rare cases the service provider might be down but usually there is then an issue with the client's cellphone effecting delivery, or possibly an issue with their network, the most common cause we have found however is that clients get their numbers wrong.
PAYMENT TECHNOLOGIES (AMPLIFIN)
Amplifin, (formerly Allps), is the third party integration service which allows Mobiloan to effect loan payout transactions as well as the creation and modification of debicheck mandates.
AMPLIFIN OFFERS THE FOLLOWING SERVICES (AMONGST OTHERS) :
Debi Check creations, authentications and amendments;
EFT payments & collections;
POS (Point of Sale) facilities;
FNB e-wallet payments;
Account Verification Services (AVSR); and
Upload and storage of signed electronic promissory contracts.
CLIENT BANK STATEMENT RETRIEVAL
We are incredibly proud of our most recent integration with Finch Technologies.
Finch Technologies endeavours to build better Financial Technologies ecosystems across Africa. Technology has the ability to transform the way business is done for the benefit of the end-user. We want to make a difference by building products to benefit the entire ecosystem.
Finch Technologies provides access to client bank statements using rigorous control and authentication mechanisms.
Client's are required to authenticate a credit providers access to the financial information contained within their bank statements.
Finch Technologies seeks to bridge the gap between the credit provider and the relevant financial institution whilst protecting the rights of the consumer.
From the perspective of the credit provider, your have peace of mind that the financial information in front of you is relevant and accurate and that of the client.
From the clients perspective, it is one less queue to stand in before applying for a loan with you but more importantly they have the assurance that their financial information is not simply available on demand by credit providers making use of the Finch Technologies system.
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