Loan Management System - project with a Growing Fintech Startup customer in the US

Overview
Industry: Finance
Some figures

·       This is a long-term project with dedicated team full-time: 1 project manager, 1 tech lead, 2 developers, 1 functional consultant

·       Project first go-live in July 2020

·       The project involved members from the distributed Management and Tech team, located in various countries:  US, UK, France, India, Vietnam

Introduction: The project’s customer - a Growing Fintech startup - is a famous financial service company in the United States which provides nice and convenient loans to pet owners. Let’s imagine one day your beloved pet needs to go to the pet clinic and you have bills for his/her treatment. You may worry about the treatment amounts; however, the Growing Fintech company can bring a very good help by offering you a loan and a very reasonable payment schedule which you can be more relieved to bring the best healthcare to your pet.

It is not about the service but also about the technology that the Growing Fintech company applies in their operation. They were using NLS - an available product from a third party - as a core back-end tool - to process the loans, follow-up with their customer, check the payment, integrate with the website and other mediate tools. However, as the nature of the available product, NLS is not flexible and lacks features / functionalities which can adapt well to the business operation. Sometimes, this disadvantage even causes the botheration to the business of the company. Then the Fintech company decided to build its own Loan Management System (LMS) from scratch, and choose Odoo as the framework given its track record in the business applications field; also Trobz is the best vendor who can bring the best implementation of Odoo.

 

The project

The top purpose in Odoo development for the project is the flexibility. Then most of the features developed are new objects and workflows designed specially to meet the customer's operation process. Can say that this project focuses to a tailor-made system with the emphasis on the goals:

·       Providing a powerful platform as Loan Management System;

·       Bringing the best daily support for the customer’s operation teams to follow-up with the loans and borrowers, connect continuously with the pet clinics. As well as to reduce the paper works and supervision efforts;

·       Integrating all the business information into one core system to save time for the business departments while they retrieving the information in supporting to customers and management purpose;

·    Being open and very flexible in integrating with the other back-end platforms to ensure the business data is transferred in real-time and proficiently 

Also aimed at fast and instant development to adapt well with the business growing, the project implementation is using Agile methodology. The Agile is not only to provide the weekly deliveries but also to bring the frequent reassessment and adaption of the project planning. Agile is a super method for the flexibility of everything in the project.

         
Main features and customizations

The project includes the following key features & customizations:

·       Designed Loan products, Portfolio, Loan Group

·       Loan Borrower management

·       Clinic/Merchant management 

·       Proper calculated Payment Schedules for each Loan product type  (Amortization and Accruals)

·       Loan Payments Allocation 

·       Loan Payments operations such as Down Payment, Refund, Dispute, Discounts, etc.

·       Accounting Management towards loans: Transaction Code, GL Accounts, PlaceHolder Accounts, Journal Entries

·       Wide API integration with other back-end systems: PS, FA, LMSS

·       Accounting and Management reporting