Go through our Frequently Asked Questions to acquire information regarding various aspects of our company, products and services. For questions not included here, please feel free to Contact Us.
NETSOL’s solutions (NFS Ascent and NFS Digital) cater to Asset Finance including Auto Finance, Equipment Finance, Big Ticket Financing and Banks for both retail and wholesale businesses.
Our solutions are highly adaptable and scalable, and therefore, can adjust to cater to businesses of any level and volume, as well as support multi-company, multi-brand, multi-currency and multi-language requirements. With our products, experience and expertise, we can promise growth to businesses of any tier.
NFS Ascent is built on layer-based architecture, which enables maximum performance, scalability, security and fault tolerance. A layer can be updated independently without affecting the other layers.
Service Oriented Architecture offers superior flexibility and reusability. Services are distributed to increase performance by efficiently using system resources. Resource-intensive tasks are managed across different nodes to increase system responsiveness. New services can be plugged in and existing services upgraded in a granular way – with minimum interruptions in daily business-critical functions. Tasks are distributed among different services – enabling reuse and parallel computing, and minimizing database hits.
Ascent offers back-end database independence and a uniform interface. You can leverage your current database or select a new database of your choice.
Fully web-enabled, Ascent can be accessed through a web browser or as an on-demand, cloud-based service. Its framework also enables streamlined third-party integration and mobile deployment.
Smart Client delivers maximum performance with minimal training through click-once functionality, a rich user interface and online/offline support. It makes data transfer from any device smooth and efficient while also providing a cache of valuable information.
Financial Products are terms and conditions for financing or leasing to a customer. NFS Ascent supports a lot of financial products through configuration including, but not limited to:
• Finance Lease
• Operating Lease
• Hire Purchase/Loan
• Contract Purchase
• Commercial Financing
• Invoice Financing
• Cash Loans
• Balloon Financing
• Equipment Financing
• Service Contracts ( Bundled and Individual)
NFS Ascent allows configuration of campaigns based on pre-defined templates that can be attached at Finance Company, Branch, Product Group and Campaign level. A template is a preconfigured set of variables (e.g. for subsidy, depreciation, charts etc.) that can be attached to multiple Financial Products. This gives users great flexibility in creating and managing financial products and campaigns while significantly reducing rework. These configurations are available for Contract Origination, Contract Management and Wholesale Financing.
NFS Ascent Workflow Manager is a powerful human workflow management tool for translating collaborative goals into real-world business applications with clear and measurable paybacks. This module eliminates redundant tasks (and the costs associated with the performance of those tasks) and streamlines the remaining tasks in a process through automation.
The workflow engine in NFS Ascent captures, manages, distributes information, tasks and requests and ensures that the defined business processes are followed as designated. It integrates various workflows with the Business Process Manager to activate each of them according to the rules assigned by the Business Rules Engine. Workflows can also be disabled against various processes through configurations. The system facilitates in reengineering workflows and adjusts itself seamlessly. The system also supports unlimited workflow models, tasks sharing and automatic escalations.
NFS Ascent architecture enables business units to decide how the system should work as per business needs. Business Process Management not only gives organizations the agility to respond to changing market requirements and business imperatives, but also provides a platform that enables continuous business process improvement.
NFS Ascent allows authorized users to define multiple business processes for a specific event and attach them to different financial campaigns. For example the organization can create different processes for Individual Contracts and Corporate Contracts. The scope of BPM will be defined after discussions with the client on agreed business processes which should be mapped onto BPM keeping the balance between performance, control and flexibility.
NFS Ascent has been designed by keeping flexibility as the core focus. One of the key benefits of the solution is unprecedented control for the business units. Business Rule Engine (BRE) helps incorporating the criteria, policies, conditions, matrices etc. in the form of business rules. These rules can be applied as needed throughout the contract lifecycle, from configuring financial charts, workflow routing, business processes, to making fast yet accurate automated process decisions and more.
NFS Ascent comes with a number of reports that cater to various business needs of the finance company. The report designer is used to create reports with the following options:
• System Information/Data
• Presentation Options
• Multi Layered
• Style Sheets
• Export Options
• Configurable Formatting
NFS Ascent has configurable reporting functionality available through configurable Reports Designer integrated with the system, which allows the user/system administrators to make changes in existing reports or create new reports.
System application security allows the system administrator to easily define users or groups, and allow rights of access to menus, screens and even columns throughout the application.
• The concept of history tables used in the system maintains a complete track of all modifications made by any application user.
• Administrators can create users and user groups. User groups serve as a logical grouping of users for the distribution of access rights. Administrator will have the privileges to provide access rights either at the user level or at user-group level.
• System administrator can restrict the access till field level.
Additionally, the system maintains all modifications and deletions that are made in a data table. Audit trails are maintained on any modifications made by a particular user with records of date and time of modification and values that are modified.
Audit trail is managed by maintaining duplicate tables of all data tables in the NFS application. All previous values are stored in the history tables and only current values are made available in the data tables.
NFS Ascent architecture enables effective interfacing with 3rd parties such as:
• Credit Rating Bureaus/Agencies
• Vehicle Standard Agencies (RedBook)
• Blacklist/Fraud Interface
• Dealer Management System
The system allows the interfacing formats to be configured through interfacing setups. The templates configured against an interface can be either an outbound file and/or in-bound file. The interfacing files are generated according to defined/configured templates.
The interfacing format configuration contains a number of fields which include the field name, record time, values, mapping table, mapping column, order etc. The order of these fields is also specified within each field.
NFS Ascent’s credit underwriting modules provide a powerful scoring engine that evaluates the customer on the basis of the predefined rules, and assigns a score to the applicant. Multiple score cards can be configured, with multiple rules. These score cards are selected by the system based on a set criterion, and score is assigned to the applicant on the basis of the profile of the applicant. Score cards are not limited to Point Score, but also encompass Behavioral Score Cards and Policy Score Cards. In addition to the internal point score system, the client also has the option of interfacing with third-party point-scoring systems.
NFS Ascent Customer Services module manages the a customer’s correspondence, contract modification, customer queries, etc. Customer service agents can assist the customers with their queries using the Customer Service Interface screen which contains all the information related to a specific contract or customer. The module also features customer notification functionality which can be used to send an SMS, Email etc.
A customer service agent can provide information such as repayment plan info, rental due, balance due, due dates etc. and can also register requests for financial and non-financial modifications like Restructuring, change of borrower name, change of address etc. Early termination quotes can also be generated for the contract. Any requests that are created are assigned to relevant users and become available in their work queue for further processing.
Moreover, through digital integration of self-service portal and mobile application, customers can be empowered to carry out several actions and can have their queries answered without the need to call a call center agent, reducing significant cost related to human resources and operations.
Insurance handling is available in the system whereby the user can enter insurance details of the asset. Users can select the insurance agent/company from the preconfigured Business Partners’ list and can enter the amounts for fees to be paid out for the first year and subsequent years separately. Users can generate payables for insurance premiums to an insurance company and fees to agents, and disburse them from the disbursement screen.
NFS Ascent has interface with Vertex as well as in-house, built in standard features available with comprehensive tax management, which facilitates in applying tax using highly-configurable templates.
• Early termination functionality is available in the system to accommodate the customer with early termination facility at any point of contract’s lifecycle to exit the contract before the actual contract end date. When the customer requests for early termination, the finance company will check the outstanding receivables from customer. Based on this, the finance company can impose early termination penalty.
• NFS Ascent allows for defining and configuring auction houses so that once the finance company has decided to remarket the asset through a third-party source, the user can simply select the auction house from a pre-configured list. Users can enter the bid amount for the repossessed asset in the system, against which the system will automatically calculate the net gain/loss by comparing the bid amount with the outstanding receivable computed at redemption expiry.
• NFS Ascent allows litigation to be performed through user-generated litigation requests. The litigation request can be generated based on Business Partner or contract. In case of Business Partner, the outstanding receivable for all the contracts of the Business Partner are shown, and total outstanding receivable from the Business Partner is calculated.
Loan Management covers the major lifecycle of the system, starting from capturing asset information, either through manual entry or an interface with the sales company/distributor/manufacturer, until the final settlement by the dealer. The system handles approval of loan, payment, sale and receipt. Powerful and flexible model/template-driven architecture provides the ability to make payment, repayment, interest charging, asset tax and Subsidy in accordance to Customer’s requirements. The models/financial product are then applied to the asset at the time of Loan Approval. This provides a powerful technique to automatically associate all relevant information with the asset at the time of loan approval.
Loan Management System can handle cancellation of loan, price variations, change of loan terms, asset transfer and re-categorization of asset.
NFS Ascent supports industry standard interfacing mechanisms such as Web Services, through API, file based (csv etc.) and database. The SOA architecture makes it easy to develop new interfaces with reduced cost implications while keeping the underlying architecture intact.
NFS Ascent is highly configurable and can be setup to match all of a client’s compliance practices. The business process manager allows quick mapping of all processes and provides an overview of the business activities. Compliance policies can be easily implemented around these processes.
Checklists can be created to ensure all practices are being followed. Checklists can be configured with the financial products and at various events in the contract lifecycle. At various events throughout the system, the configured checklist will appear and users will be able to view the list and select the status of individual items, marking them complete or incomplete or waived (if they have the rights to do so) before moving ahead in the process.