FairShare is a web-based Off-the-shelf (OTS) product developed by Virinchi for implementation of state regulated deferred presentment database solution in North America. The product is aimed at providing a comprehensive functionality to verify and record deferred presentment service provider transactions made by Licensees into a secure web-based, centralized state-database systems. The state mandated databases are operated under the state regulations governing the deferred presentment business in North America and are aimed preventing violations of the aggregate limit and/or limit of deferred presentment transactions.
The core functionality of FairShare product offering a web-based database solution is
- Avoid reliance of customer’s representation for a new deferred presentment loan and ascertaining a customer’s eligibility by searching for his record based on his unique identification to check for his eligibility for a deferred presentment transaction and ascertain his eligibility.
- To enable licensees to record the transaction performed for a customer including customer’s personal details, check details and loan term etc.
- Interfaces for Licensee users, regulators and borrowers with each interface providing a unique set of features that enable efficient communication between all of them and transparency in lending operations and reducing risk component of the business.
- Integration of the system with transaction processing system and Point of Sale systems of licensees for a seamless flow of information and effectible and efficient customer service.
Virinchi has developed FairShare product on Java - Oracle technology with a 3 tier J2EE architecture best suited for a web-based system providing robust transactional capabilities and using sophisticated database technology for high availability and security. The solution is provided in a vendor hosted model with multiple services like data archiving. The system is configured with multiple security features at the application, network and server level.
- Customization & Implementation – Virinchi provides customization services of its FairShare product to state regulators by configuring the regulations within the application that govern the business model of the licensees and also the functionality that is aimed by the state mandated database. Virinchi also provides data migration & integration services for the product and implements the product for state regulators.
- Maintenance – Virinchi manages the entire application in a Vendor-hosted model and provides the maintenance and support services to the regulatory users and the licensee users. Virinchi also provides data backups and archiving services.
- Help Desk & Support – Virinchi provides help desk support to the regulators & licensee users for the database solution and provides customer support services to the deferred presentment borrowers.
- Training – Virinchi provides training to the regulatory users, Licensees on the usage and functionality of the product.
- Project Management – Virinchi provides entire project management services to the state regulators and works with them to customize the product, configure regulations, integrate with external applications and deploy the product and support it with help desk and customer services.