VeriLoan

VeriLoan, developed by VeriPark, is a loan origination, servicing, and collection solution designed for financial institutions of all sizes. This software is suitable for retail, corporate/SME, private banking, wealth management, and insurance industries. According to the vendor, VeriLoan offers a range of features that aim to streamline loan processes, enhance customer acquisition, and improve efficiency in loan servicing and collections.

Key Features

Rule Engine: VeriLoan includes a rule engine that allows financial institutions to configure the retail loan origination process according to their specific requirements.

Eligibility Calculator: VeriLoan provides a built-in eligibility calculator that enables institutions to check customer eligibility and reduce the risk of offering loans to ineligible applicants.

Application Scoring: VeriLoan offers an application scoring feature that aims to enhance consistency in the loan evaluation process and assist institutions in making accurate customer acquisition decisions.

KYC and AML Checks: VeriLoan facilitates compliance with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations by performing thorough checks to prevent fraudulent activities.

Document Management: VeriLoan provides a centralized repository for storing, accessing, and managing loan documents, aiming to enhance efficiency and reduce the risk of document loss.

Process Flow: VeriLoan automates loan processes with standardized process flows, mandatory fields, and efficient task management, aiming to ensure consistency and streamline the loan origination process.

Swift Process: VeriLoan aims to orchestrate the end-to-end loan origination process with speed and accuracy, minimizing manual errors and reducing processing time.

Audit Trail: VeriLoan maintains a comprehensive audit trail that records the entire history of a loan process, aiming to preserve data integrity and enable institutions to track and verify each step.

Loan Inquiries: VeriLoan provides easy access to customer loan details, repayment schedules, and loan documents, aiming to facilitate efficient management and response to customer inquiries.

Collection Management: VeriLoan offers modern and digitized collection processes, aiming to reduce collection costs and improve efficiency, enabling institutions to handle loan restructuring, early repayment, and other customer requests with flexibility.