First National Bank's (FNB's) home loans division has automated the management of its commissions payable system in a multimillion-rand deal with IQ Software Engineering, a division of The IQ Business Group.
FNB previously managed the commissions process manually. Mark Sclanders, head of FNB's home loan products, says the payout of commissions to mortgage originators and estate agents was always vulnerable to human error as well as time-consuming.
"The development of the FNB home loan commissions system has enabled us to streamline and improve our overall process efficiency and enable us to improve our relationships with external parties," Sclanders adds.
IQ Software Engineering project manager Biase de Gregorio says the bespoke smart client-based system developed for FNB has streamlined the process for commission payments and allows for traceable and audited calculation of all payments. It also identifies possible duplicate payments and allows for the recovery of past over-payments.
In addition, it provides outputs that can be used as inputs into other systems, while giving FNB a competitive turnaround time for processing commissions, De Gregorio says.
De Gregorio explains that the bespoke system was given an Office 2007 look and feel. In line with FNB's corporate policy, it utilises a Microsoft SQL Server 2000 database.
"The system - which FNB says has already paid for itself - has been able to increase business volumes significantly, freeing up staff to focus on exception handling," De Gregorio says.
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