Nayan Ambali, Ed Cable
Because of regulatory reasons or to do background check of a client (risk management), MFIs depend on credit bureaus. As part of it, MFI must submit client details to credit bureau and also need to pull client information from credit bureau before approving any new loans to a client. Apache Fineract can be integrated with a popular CBs in India and from other regions (based on the demand).
Building off the work that was kicked off in 2016, during the 2020 Google Summer of Code, Rahul Pawar, completed the credit bureau integration module with integrations for the credit bureau in Myanmar, MCIX. This project will continue extending the functionality of the module and work on integrations with the major credit bureaus in Latin America and Sub-Saharan Africa.
The major functionality will be sending the data to CBs on regular intervals in the format CB expects. And option to pull the client’s information from CB whenever loan officer/branch manager/ user wants to view the information for a particular client.
The credit report shows account information such as repayment record, defaults, type of loan, amount of loan, etc. of the customer. This information facilitates prudent decision-making when the credit underwriter processes the loan application. This help MFI to reduce the risk of bad loans and reduces the multiple lendings to same person from different MFIs.
For the scope of this project , see https://jira.apache.org/jira/browse/FINERACT-734
Detailed requirements: https://goo.gl/aZWMZa