REVOLVING

The revolving product line enables the management of permanently renewable or revolving credit lines for end customers.

Opening a credit line

This process corresponds to the creation of revolving accounts:

• Credit limit, financial terms and conditions of the service provided, with or without discounts, fees, insurance services etc.
• Arrangements for the use of the credit line may be personalised for each customer.

ProFinance supports the capability to open accounts through a system of acquisition in an Internet environment (FAMOS Revolving) with new account details input remotely by business partners if necessary.

ProFinance is also able to import new files from an external application.

On opening the account, ProFinance handles the following:

• Automated application of the pre-determined conditions of the product sold to the client and the scale of refunding, fixing the conditions of prices and of management of the account
• The period of validity of the facility granted to the client 
• The conditions of use of the credit line: simple or multiple use, planned or free use
• The fees charged to the customer at first use, or charged for every use
• The insurances (illnesses, unemployment, disability,...) or other possible services chosen by the customer

On opening of a credit line, it is possible to customise the default fixed conditions during the choice of the product and of the scale sold to the client.

Management of revolving accounts 

This function allows the recording, in real time, of the operations of current management of revolving accounts granted to customers:

• Request for draw-down against the account. At each request, ProFinance automatically controls the position of the account and refuses the request in cases where the credit line will be exceeded (subject to user authorised override)
• Request of intermediary refunding on the account. The requests of refunding can come from adjustments or up-dates of the on-going financing conditions (credit reserve, rate, time, mode of payment, associated services)
• Management of the changes related to the customer (change of address, of bank account etc.)
• End of the facility on expiry or by anticipation, renewal of the facility.
• Manual or automated renewal of the accounts at their periodic term

Automated processing of revolving accounts

Certain processes are carried out automatically by batch according to a user defined schedule, allowing revolving accounts to generate interest and payments, to generate periodic refunding terms and to produce statements: 

The periodic processing of the accounts order calculates and validates:

• The amount of the monthly payment according to the rules of calculation defined at the financial product level
• The interest, services and costs applicable at the term
• The capital called in refund according to the situation of the account
• Generation of the orders of financing and production of cheques or transfer according to the conditions of negotiated rules.
• Generation of the income linked to the terms.