APPROVING NEW ACCOUNTS SIMPLIFIED WITH CoreAPPLICATION

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 processing system. 

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 XML messages. 

• Applications may come from merchants, merchant groups, owning partners, or any financial institution.

Data Verification

• 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 edit table.

• The system allows the creation of minor and major failures in this verification process.

• Similar rules can be established when duplicate entries are found in the database. 

Queue Assignments

• 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.

 Decisioning and Workflows

• 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 and decision.

• Adding notes or comments is streamlined with user-defined "Quick Keys". 

Duplicate Checking

• Fraudulent applications are easier to spot with definable duplicate checking routines that compare standard and user-defined data elements.

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.

 Automatic 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.