Digital loan origination now available through Phoenix International Loop Jamaica

Black Immigrant Daily News

Phoenix International, a cloud banking platform used by financial institutions – has been expanded to offer loan origination through an end-to-end digital loan application and disbursement system.

The banking platform is the product of MC Systems – the technology member company of Jamaica National (JN) Group and was made possible through a partnership with automated lending company Loan Cirrus.

The new loan origination platform is designed to allow banks to offer a smoother digital loan application process to their customers. It is also aimed at financial service providers in Latin America and the Caribbean, MC Systems said in a recent media release.

Financial service providers will now have the benefit of reducing loan processing delays and eliminating the need for customers to visit a branch, the company said.

Speaking with Loop News on the benefits of the new software to the financial services industry, Commercial Director for Phoenix International, Dmitri Dawkins, said the advantage is convenience which should redound to an overall improvement in customer experience.

“We have a mission to be the catalyst for financial inclusion and fintech adoption in the market. What the product itself will do is allow people to better access these [financial] products,” he said.

He continued: “It is inconvenient going to a bank to apply for a loan…so the platform will allow customers to go on their phones or laptops [and] complete the application process themselves without the emailing back and forth, calling into a call centre or visiting branch and have a shorter turn-around time for getting feedback.”

“Loan origination also allows us to help institutions to immediately improve their digital customer experience while we help implement a long-term digital transformation strategy,” the company said.

Loan Cirrus CEO Michael Claire lauded the push to automate the services of local financial companies.

“We are thrilled to integrate our modern, API-based capabilities with Phoenix International’s core banking solution. Together, these powerful technologies stand ready to help accelerate digital collaboration and transformation for our clients,” Claire said

Loan Cirrus CEO Michael Claire

MC Systems boasts an impressive line-up of banking solutions such as Mobile Wallets, Remittance Integrations, ATM and Point of Sale Solutions. The company currently serves customers in the UK, North America, Caribbean, Latin America, and Continental Africa.

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