Credit Application Processing System

The customer is a US financial company, with lending being one of its core businesses. Its customer numbers had been constantly increasing, and a point came when an effective system was needed to process loan applications. This would remove a significant part of the burden from the company staff and reduce costs. The system had to be able to automatically find mistakes in the applications in order to accelerate internal processes, reduce risks and eliminate financial losses. Third party software solutions could not be used for security reasons. The customer came to our company with a request for such a system.

The customer already had a well-adjusted loan application collection mechanism in place, and we were to integrate the document error check system into it. For this purpose, we had to thoroughly analyse the existing architecture and the technical details. For instance, we had to study the special-purpose ACH protocol for financial transactions. We created a module which automatically finds mistakes in files submitted and then passes them over to the credit department where the final decision is made to approve or reject the application. The application responses are then sent back over secure communication channels. We used the REST API, SMTP, Serilog, Seq, SFTP, ASP.NET and .NET Core technologies in the project.

Although the project required much preparatory work from us, the system was implemented in time and successfully put into operation. It took two months to implement and deploy it. Process automation allowed us to reduce the labour required to manually process vast amounts of data. The software solution effectively collects and analyses applications, and identifies any errors in them, thus reducing the risks for the customer. The application processing times significantly improved, resulting in an increase of the number of loans issued by the company and ultimately in its financial growth.