cloud-banking-solution

Jisort’s integrated Cloud Banking Solution can independently cater to all the function of a Sacco from loans applications to the point of disbursement.

Its modules are efficient in the management of Savings accounts, financial accounting and reporting, shares/deposits and so much more .

It provides the quality needed to manage member records, track member benefits and navigate through an organisation’s information.

Customer Registration

Allow capture of member KYC or bio data. The scope of the KYC depends on the specific organization.

Some of the data captured through Jisort Core Banking Platform include:

Title
3 Names
Date of Birth
ID/Passport number
Phone Number
Home and Office Address
Home Location on Google Map
Email Address
Next of Kin/Beneficiaries
Income Levels
Bank Account Details
Level of Education
And so much more...

Customer Personal Account

This module manages all customer transactions related to Accounting, Payments and Receipts.

It provides a means of processing and extraction of the information relating to Members transactions in a precise, accurate and effective manner of extracting and displaying or printing the same for analysis and decision making process.

Members payments can be received in the against:

Deposits
Interest
Loan principal
Share capital
Lump sum charges
Loan clearance charges
Loan application charges
Insurance fee
Entrance fee
Loan scheduling fees
And so much more...

Loan Management

Loan Management System is very important for any Lending Software System. It allows loan product set up and configuration, loan application process, loan appraisal process, loan approval process, loan disbursement and loan repayment process.

Some features on Jisort Loan Management System include:

Loan product set up
Loan application
Loan appraisal
Loan guarantorship
Loan collateral security features
Loan Approval
Loan Disbursement
Loan Repayment
Loan Calculator
Loan amortization and rescheduling
Loan freeze, write-off

Risk Management

This include a collateral & guarantor security management module. Features include:

Tracking of guarantors, the loaned and the amount they have guaranteed is as critical as approving the loans.
The system allows a Client to guarantee a specified maximum number of loans.
The system allows for release and replacement of a loan guarantee.
System can utilize an algorithm of managing liability a Client can have as stipulated by the Microfinance to avoid over guaranteeing.
The system can be set to only allow a subsequent guarantee if the guarantor loan account or any of the previous accounts guaranteed are not in arrears.
The system can notify the guarantors any moment their shares are tied to guaranteeing a loan via email/sms.
The System can provide a method of calculating defaulted loans charges, offsetting from loanee account and apportioning any balance to guarantors in ratio of their guarantee and recover.
System can generate demand notices in the following order
1st demand notice when an account falls in arrears of over 30 days (1 month)
2nd demand notice when an account falls due for over 60 days (2 months) and copied to guarantors. A notice to offset an overdue account from the loanee deposits account copied to guarantors.
3rd notice offsetting own deposits account and giving guarantors notice of offset from their own accounts of any loan balance after 21 days.
4th notice offsetting guarantors and notice to sue for the outstanding balance.
System can generate Special notice to management when an existing loan secured by guarantors becomes exposed due to reasons such as Death of the guarantor, Guarantor losing his/her deposits, Guarantor deposits become attached, The system keeps records and gives reminders when notices given on accounts in arrears expire.

Securities & Collateral

This module manages securities. Features include:

The system automatically alerts on expiry of insurance policy for motor vehicles.
The system provides a way of the Microfinance paying insurance premiums on expired and non-renewed policies and debiting the Client loan account.
The system can have a provision for renewing land rates and rent as applicable on loans secured with title deeds.
The system can prompt for a biannual census of all securities held and confirm their applicability on a taker-confirmer basis. System allows for release of security on loan completion. The system can generate a report of all loans secured by securities, their performance, the value of the securities and relevant journal notes/memos.

Loan Processing

This module integrates seamlessly with other modules in the system. Features include:

It is possible through this module to receive, apply, appraise, endorse, track, monitor and evaluate Client’s transactions, and connect to the DMS source of documents.
It’s able to generate loans guaranteed by the applicant and their statuses.
It also generates number of loans guaranteed by guarantors and their statuses.
The system also generates a loan application number in a specified format
The module can generate an automated electable SMS/email alert as the loan is processed.
When an application is received inform the borrower and the timelines expected.
Inform the guarantors to a loan of the extent of their guarantee.
Inform the borrower when the loan is approved and any fees payable before disbursement.
Inform the borrower when funds are disbursed.
The system provides for a maker, checker and approver in all loan processes. The person who appraises may not approve. – Committee approval where a loan has to be approved by specified persons.
The system allow for a full loan approval up to payment through the system. Once a loan is fully approved the system notifies accounts department of pending payments from loans department.
The system allows for an online approval (by loans committee) and disbursement of funds (by authorized signatories).

Payment Disbursement

Some features include:

The system can automatically lock the appraisal report for further modification once the loan is disbursed.
The system supports direct loan fund transfer to recipient bank once the loan has been approved.
The System supports early repayment and lump sum loan repayment.
The system calculates interest charged on loans products on either daily or monthly basis and allow for user to select a particular method. – reducing balance, straight-line/flatline, microfinance, custom methods as well
The system supports loan rescheduling based on Credit policy.
The system can generate an appraisal report clearly summarizing the entire appraisal requirement and their statuses for ease of approval.
The system allow for adjustments on loans balances such as Transfers, Write-offs, Offset, Waiver of partial/full interest, Discontinue loading of interest./interest freeze

Loan Recovery

This module manages laons. Features include:

The system has a loan recovery management method.
It indicates the due dates for all loans.
The system has a memo of indicating all actions taken on due loan accounts and by who on individual loan accounts and en mass.
The system allow for select of preferred mode of payment and date for a Client loan.
It can link to DMS with loan repayment details and other correspondence with the Client on his/her loan account.
A journal of actions taken can be there and visible.
It can link to the loanee Client physical addressees.
It can generate and send alerts to individual or bulk or selected Clients with available templates for Due accounts, Overdue accounts & Defaulted accounts

Transactions Reports

The system generates the following reports:

Total loans collected in a period.
The loans projected/actual report.
The system generates defaulters report in periods/ days/ months.
Loan ageing Report
Loan portfolio at Risk
Loans cleared report.
Loan repayment schedule.
Loans due for payment on a given date.
Loans balances as per Client and per loan at a given date.
Relevant reports can bear makers/checkers/approvers/authorisers/signatories, times and dates.
The system generates an appraisal report.
Loans rejected/deferred citing reason for such.
Loans issued/pending (full/partial) in a particular period.
Loans approved in a particular period and the amount approved.
Loans applied in a particular period.
The system allows addition/modification of new loan products/parameters.
The system allows an authorized user to make exemptions on some loan parameter using marker checker principle

Payments

This module allow capture of expenses and payments made by the financial institution. The module as well allow capture of incomes generated by the financial institution. Kindly note on Jisort Core Banking Platform some incomes like interests, loan fees, penalties are captured automatically by the system during loan application and disbursement process.

Features supported on Jisort Core Banking Platform include:

Payee
Amount
Currency
Payment mode
Account affected
Bank account affected

General Ledger

This a very important module in any Banking Software System, it performs all the financial book keeping and generate financial book of accounts.

Features include:

Chart accounts with level of account hierarchy collapsible and expandable.
Ability to add, modify by an authorized user.
General Ledger settings allows linking of default account to regulatory reports, standard operation procedure as per the organization
Integrate seamlessly with other modules and capture details of all transactions, making it possible to drill to sub ledgers and source documents.
Account codes make it easy to identify account group, sub ledger account e.t.c

Reporting

After the period transactions are carried out various reports are then available from the system.

Reports include:

Financial related reports
Registry – Client data/ Accounts
File management system
Tellering Reports
Loan Reports

Support & Enhancement

Features include:

System is customizable to clients’ preference
System supports client driven enhancement and customization of the system
Provides ability of client to create applications and integrate with the core.
A well-documented API to be provided for customer driven system customization.
System is integral-able with other systems, Mobile Money, SMS gateway, e.t.c
System is integrated with international SMS gateways, mobile money services, banking platforms, CRM, DMS
Advance Customization and System enhancement may be billed separately.

Service Level Agreement

It's features include:

System includes a SLA on the hours of support and detailing how support department operate.
SLA details channel of support including online support, ability to provide support via Skype, team viewer, email, chat, phone lines

Customer Apps

At this age every financial software need a mobile app to allow members access their accounts and perform transactions.

Checkout Jisort mobile Apps for various use at your financial institution. Some features include:

Member/Customer Login
Account Balances
Account Statements
Loan Application
Integrated with Mpesa C2B
Pay for Loans and Savings
Chat with Office
Custom Mobile Banking App for your Customers

User Manual

It's features include:

System has an in built user manual with sufficient depth.
System supports online forum or platform where users can get help for their queries.
System has an online training, examining and certification service.

360 solution for Microfinance, SACCOs, Lending Institutions, Credit Unions, Cooperatives,
MFIs and Banks.

Cloud Banking Solution

Digital Banking Solution