APPROVING NEW ACCOUNTS SIMPLIFIED
CoreCard's powerful and adaptable real-time credit
application processing program, CoreAPPLICATION is capable of handling credit or
debit cards, personal loans, nominal option leases, and other financial products.
With table-driven parameters, CoreAPPLICATION provides flexibility in defining the
work rules and decisioning processes for evaluating applications.
CoreAPPLICATION integrates seamlessly with CoreISSUE
and can be deployed as a standalone program integrating with an existing back office
Through the power of CoreENGINE, the platform that
supports all of CoreCard’s products, CoreAPPLICATION's message passing and
open dataflow architecture enable integration with third-party applications including
mainframe systems through standard APIs.
AUTOMATED PROCESSING SPEEDS RESPONSE TIME
New applications enter CoreAPPLICATION either via online panels
or through a web screen. Application information is stored in the CoreAPPLICATION
database so that it may be evaluated against predetermined criteria required to
establish an account. Once all required information is complied, the system
evaluates the application based on the rules established in CoreAPPLICATION and
sends the application to the appropriate queue based on the process result.
(Example of Application Flow)
Work steps guide the application to the next process along the
way. Two standard queues types, "pass", "fail", and one optional
queue type "review" are used to sort the applications for final processing.
These queues and the evaluation process associated with them may be interactive
or non-interactive depending how they have been setup.
When an application’s status is set to approved, the system
automatically adds a new account to CoreISSUE. CoreAPPLICATION uses an Account
Targeting table to determine the correct credit card products to add to the account.
If the request has come in from a merchant once the account is
approved and successfully added to CoreISSUE a number of things will normally happen:
A response record is sent from CoreAPPLICATION to the sending merchant
to respond to the applicant and facilitate completing the sale.
The initiating application stores the account number and last four
digits of the card number to facilitate reporting and cross-system navigation.
An embossing request is sent to the issuer’s embossing interface.
Appropriate notification letters or emails sent to the cardholder.
CoreAPPLICATION PROVIDES RICH FRONT OFFICE FUNCTIONALITY
Multiple Input Methods
New applications are submitted via online portals, web screens,
externally received files, APIs from a processor’s Website, or via individual
Applications may come from merchants, merchant groups, owning partners,
or any financial institution.
A series of user-defined edits to ensure the data submitted with
the application is handled according to the business model and rules.
Specific data elements are checked for validity and to determine
the sequence of work steps the application will follow as it moves through the system.
Data elements in the application can be compared to a variety of
items based on the rules including another data element, a fixed value, or to an
The system allows the creation of minor and major failures in this
Similar rules can be established when duplicate entries are found
in the database.
Upon completion of the automated workflow processing steps, applications
are sent to the appropriate queue based on the process result.
Queues can have a predetermined sequence of steps to follow based
on business rules.
Steps and the sequences in which they occur are completely user-defined
based on the data input, the driving process, and the results of decisioning at
a variety of steps throughout the entire sequence.
Applications may be assigned to manual review queues as needed.
Review queues may be assigned and grouped on a variety of parameters
that maximize the usage of the skill set of assigned personnel.
Scoring and Credit Bureau Interfaces
Supports auto decisioning based on credit scores or specific data
in the credit application combined with data retrieved from any credit bureau.
Parameters determine which applications require pulling information
from a credit bureau, as well as which report and what information to acquire.
All the application work steps, both automatic and manual are determined
by the business rules.
Every work step has at least one outcome and could easily have
more. One outcome will be the final disposition of the application.
When manual intervention is required information is conveniently
displayed in an "Application Monitor" panel designed for quick review
Adding notes or comments is streamlined with user-defined "Quick
User Security and Restrictions
Security permissions for users is a key part of CoreAPPLICATION.
A variety of permissions that enable the specialist to decision applications
within certain parameters can also restrict users regarding tasks they can perform.
“CRUDE” (Create, Read, Update, Delete, and Execute)
security feature enables point-and-click definition of system and account level
access by user and user group levels.
Creation of New Accounts
When an application’s status is changed to “Approved”,
the workflow process automatically adds the new account to CoreISSUE.
Account Numbers and Application Tracking Numbers are automatically
generated to simplify the set-up process.
Product type and credit limit can be automatically determined and
assigned via system tables and parameters.