See more projectsA System for Issuing Short-Term Loans

A System for Issuing Short-Term Loans

Financial Services
Janis Staseluns
Janis Staseluns

Group Head of IT Service Management

"Andersen is quick to respond to business requests and has a deep talent bench"

A System for Issuing Short-Term Loans

About the client

Based in Riga, Latvia, the customer operates in 14 countries. It has already issued over €585 million and is running a net loan portfolio that exceeds €192 million. The strategic focus of Mogo is consistent profitable growth. This is attained thanks to over 1,000 talented staff members and over 100,000 loyal clients, as well as investments in advanced technologies to provide the best-in-class financial services.

Location:Latvia
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About the project

As a tech partner of an investment company that specializes in providing short-term loans to individuals across multiple countries, we were entrusted with a software development project of utmost importance.

Namely, our team was requested to develop a compliant, protected, business effective system for issuing various short-term loans based on reliable calculations. The customer wanted the resulting product to be integrated with credit bureaus and establishments to get access to credit records, with SMS and email providers to send notifications, and with a range of other third-party services.

The system was expected to cover the entire loan lifecycle – from filing applications, both online and offline, to payments via debt collection.

Duration15 months
Technologies
PHP
jQuery
Docker
Elastic Beanstalk
Redis
GitLab CI

App functionality

The solution requested by the customer was expected to encompass the entire process – from submitting offline and online applications to payments via debt collection. It was delivered as a web app adaptable to different devices, including a CMS system and an ERP system (for back office needs). On top of that, we also resolved such tech challenges as:

  • Integration with the Credit Bureau to get access to a client's credit history for loan scoring purposes;
  • SMS termination capabilities;
  • Advanced loan contract settings;
  • Implementation of a loan scoring model;
  • Full control over of all applications and loans;
  • Integration with an adoptive WEB system (responsible for client profiles and available loan applications);
  • Customization of pages in that WEB system via an appropriate CMS;
  • Customization of various entities within the resulting system (agreement templates, invoices, commissions, notifications, discounts, and so on);
  • User group administration (with a wide range of access rights within the system);
  • Debt collection division;
  • Export of relevant information as XLS files, as well as import in appropriate formats;
  • Reporting functionality.

Integration with Mintos to get info concerning new and already existing loans. Mintos functions as a global space for investing in loans. As such, it is a go-to investment platform where retail market players can invest in a diversified portfolio of income-generating assets to accumulate wealth in the long run. In tech terms, we used special APIs to get connected to Mintos and exchange loan-related data between the platform and lending companies.

Solution

To engineer a flexible and adaptable web-based solution, we proposed the following approach.  First, this solution with great loan origination system automation potential was delivered on the basis of a monolithic architecture, as it promised the customer swift and streamlined development, deployment, and testing. The main technology stack included PHP and JavaScript (JQuery). PostgreSQL was selected for the database aspect. Finally, the engineering and deployment processes were implemented via Docker, Beanstalk Redis, and GitLab CI.

Project results

  • Any new localization project takes only 3–4 months to implement, with all fee adaptation issues, process setup, content generation, and other locally defined elements;
  • Andersen engineered a modern, user-friendly, and highly versatile business IT solution. The implemented features – including the task manager, financial calculator, and payment scheduler – have significantly improved the customer's general operational performance;
  • As a result of our contribution, operational performance has increased by 35%.

Customer review

Person
Janis Staseluns

Group Head of IT Service Management

LatviaLatvia

Review verified by clutch and matches the customer’s words

Andersen, having huge experience in lending solutions, provides a cross-functional team that created the solution needed from scratch and customized it for use in more than 11 different regions. Andersen is quick to respond to business requests, and they have a deep talent bench to pull from. Customers can expect a professional and timely partner.