Winston Henry, managing director at ScanBox, the company that has developed Loan Factory.
ScanBox Limited, a Jamaican tech company operated by Winston Henry, has launched a new loan app for which the target market is small and medium-sized lenders who need to speed up loan processing.
The credit union sector is also being tapped for users.
Henry, who is Managing Director at ScanBox based on Waltham Park Road in Kingston, told Loop News that the reduction in loan processing time to 24 hours relied on integrated features including a self-service portal for customers to apply for and upload documents.
Featured on the Loan Factory app are back-office workflows and approval management, as well as an algorithm to determine pre-qualification that matches against the business rules.
The app also features auto notification of customers regarding the outcome of the loan, and auto-composition of contracts and legal documents based on business rules.
The service will first roll out at EduCom Credit Union which is a client of ScanBox.
Loan Factory, Henry explained, is a version of OnBase, a modular product.
OnBase modules are the basis of the loan solution that includes workflow, approval management, web forms, electronic signature and data capture modules.
Loan Factory by ScanBox was developed over 12 months at a cost of US$150,000.
ScanBox has partnered with OnBase developer Hyland Inc. US Partner (Fortune 100) Company to deliver the solution.
Headed by CEO Bill Priemer, Hyland is a content services provider and a leading ranked Technology leader for a decade, Henry said.
Headquartered in Westlake, Ohio in the US, Hyland has 30 office locations and claims 30,000 customers worldwide.
The lending solution is available to lending institutions either through outright purchase US$60,000 or subscription model of US$2,000 per month.
Henry ranks the potential market in the Caribbean region at US$3 million.
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