Streamline with a Custom Interface

Software interfaces typically don’t often cross people’s minds. Yet, these powerful tools that work behind-the-scenes day after day are some of the most valuable components in maintaining a highly efficient and accurate workflow.

Simply stated, interfaces are tools that allow data to be shared between two or more applications. The most common ones seamlessly integrate a financial institution’s core software with other automated systems such as host accounting systems, CRA and HMDA reporting systems, credit bureaus, relationship management software, on-line check ordering and other third-party software. These valuable
instruments are offered through FIPCO® and provide users with direct and timely access to correct information while virtually eliminating the potential for costly errors that can often result from duplicate data entry.

In addition to the many standard interfaces, FIPCO also develops custom interfaces to meet the specific needs of a financial institution. Loan Officers at Park Bank – Madison, recently worked with FIPCO’s Interface Department on a very unique assignment. They utilize a custom-made program called the “Consumer Loan Analyzer” which works as a risk-based pricing tool for their lending department. Factors such as bankruptcy, FICO, and credit scores, as well as debt-to-income, loan-to-value, and loan type are entered into the spreadsheet. After all factors are taken into consideration, the rate is calculated—a very smooth, but time-consuming process.

“The goal in creating Park Bank’s custom interface was to extract the application information from Financial Link® Loans software and insert it into the Consumer Loan Analyzer program,” said FIPCO Interface Analyst, Ann Robson. “We also wanted to be sure that it could send the data to a Microsoft® Word® document or Excel® spreadsheet for subsequent reporting.”

Park Bank’s underwriting process is now significantly streamlined by eliminating the need to re-key data already captured in the Financial Link Loans system. Now that the interface is in operation, loan officers are able to generate loan rates much faster, and duplicate data entry is altogether eliminated. With the standard and custom interfaces Park Bank uses, their overall lending process is nearly paperless

• Customers complete a loan application on Park Bank’s website.
• A custom interface brings that data into Financial Link Loans software.
• Another interface pulls the credit bureau reports, including bankruptcy and FICO scores, and assets & liabilities into Financial Link Loans. At the same time, flood and OFAC information can also be retrieved for this loan.
• The Consumer Loan Analyzer interface is then used to determine the rate for the loan.
• The information can be uploaded to the institution’s CRA and HMDA reporting programs.
• An additional interface is used to send all loan information to the institution’s host system, completing the loan process.

Whether it’s tweaking one of FIPCO’s many standard interfaces, or having an entirely new interface created just for your institution, FIPCO interfaces can help you complete your work processes faster, easier and better. To find out more, please contact the FIPCO Customer
Service Department at (800) 722-3498, or fipcosales@fipco.com.