ScanBox Limited, a Jamaican technology company operated by Winston Henry, has launched a new lending app for which the target market is small to medium sized lenders who need to speed up loan processing.
The credit union sector is also operated for users.
Henry, managing director of ScanBox based on Waltham Park Road in Kingston, told Loop News that reducing loan processing times to 24 hours was based on built-in features, including a self-service portal for customers to request and to upload documents.
The Loan Factory application includes back-office workflows and approval management, as well as an algorithm to determine pre-qualification that matches business rules.
The app also offers automatic notification of clients regarding loan outcome and automatic composition of contracts and legal documents based on business rules.
The service will first be deployed at EduCom Credit Union, a ScanBox customer.
Loan Factory, Henry explained, is a version of OnBase, a modular product.
OnBase modules form the basis of the lending solution which includes modules for workflow, approval management, web forms, e-signature and data capture.
Loan Factory by ScanBox was developed over 12 months at a cost of USD 150,000.
ScanBox has partnered with OnBase developer Hyland Inc. US Partner (Fortune 100) Company to provide the solution.
Led by CEO Bill Priemer, Hyland has been a top ranked content services provider and technology leader for a decade, Henry said.
Based in Westlake, Ohio in the United States, Hyland has 30 offices and claims 30,000 customers worldwide.
The lending solution is available to lending institutions either through an outright purchase of $60,000 or through a subscription model of $2,000 per month.
Henry ranks the potential market in the Caribbean region at US$3 million.