Iris LAPP is a robust, secure, infinitely configurable, multi-faceted, and cloud-hosted multi-tenant platform that fully digitizes all the operational aspects and processes for microfinance companies (MFI). Iris LAPP is built on a keen understanding of the need for hyper-efficiency, tight credit control, and quick lending turnaround, in the processing of mostly micro-sized loans that characterize MFIs. Iris LAPP is a flagship product of QATCTECH, a Zimbabwean company inspired by the lived experiences of Zimbabwean MFI practitioners and perfected best practice patterns of the local market. Iris LAPP automates the loan application process for microfinance institutions and other finance companies that seek to digitize their loan processing. The flexibility offered on Iris LAPP allows capturing different workflows and rules any company might have for determining the creditworthiness and for capturing key data points required to not only help in decision-making but also to memorialize those key data points to suit and meet the stakeholder and regulatory requirements.
Key features of Iris LAPP
MFIs operational features on Iris LAPP
Secure and robust self-registration.
Paperless online loan application and tracking, with digital signatures.
Digitally generated loan contracts.
It has both system-provided and custom loan products.
Iris LAPP supports multi-currency.
Multi-level approval workflows.
Support for different loan tenure units e.g. daily loans, weekly loans, bi-weekly loans, and monthly loans, quarterly and yearly loans.
Online balance inquiries.
Infinitely configurable including fee types.
Iris LAPP security features: Protecting your data
Iris LAPP takes data security seriously. We employ a robust security architecture to safeguard your information:
Role-based access control (RBAC): Only authorized users can access specific data within Iris LAPP. This ensures that users only see the information they need to perform their tasks.
Multi-factor authentication (MFA): An extra layer of security is added by requiring a second verification step beyond just your password to log in. This significantly reduces the risk of unauthorized access
Data encryption: Your data is encrypted both at rest (when stored) and in transit (when being transferred). This encryption scrambles the data, making it unreadable to anyone who shouldn’t see it.
Audit trails and logging: Iris Lapp offers comprehensive audit trails thus tracking user activities and system changes. These logs capture details such as data modifications, and their respective modifier. Regularly reviewing audit logs helps detect anomalies and ensures accountability within our system.
With these security measures in place, you can be confident that your data is protected within Iris LAPP.
Integration with related and third-party software
Iris LAPP is directly linked to Iris CAMEL, our Stop Order Deduction Submission Platform.
Supports employer integration e.g SSB, Private Corporations etc.
Integrated with payment processors e.g EcoCash, OneMoney, TeleCash, ZimSwitch.
Integrated with messaging gateways for bulk messages delivery.
Credit scoring functionality
Iris LAPP has robust, flexible and scalable, rule based credit scoring functionality.
A daily useful tool that helps your MFI to make lending decisions by giving a statistical analysis that determines the creditworthiness of a client applying for a loan.
Helps credit controllers decide whether to approve, or deny a loan application, or set a loan application to pending for further examination.
Rule-based credit scores are used to estimate with very close and evolving accuracy, the likelihood of a loan applicant to pay back on time based on the information derived from credit scoring configurations.
Finance and administration modules
Financial health pulse report – aiding daily cash flow tracking.
Daily traced income recognition reports.
Daily adjusted debtors balances (debtors report) to match daily income recognition.
Other custom income recognition reports.
RBZ schedules.
Key benefits of Iris LAPP
Fully digitized loan application process.
Rapid loan workflow automation
Secure and robust self-registration process, online loan applications and tracking, online balance inquiries, and self-service online loan payments using payment gateways.
Multi-stage workflow with circularity to enable multiple decision-making or approval points for the loan application.
Cloud hosting obviates the need for companies to purchase your typical on-premise infrastructure such as servers, networking equipment and security.
Iris LAPP platform can be accessed through a simple but robust user interface with an option for licensed onsite implementation or private cloud.
Makes it easy to mix and match both brick-and-mortar offices and virtual branches all over the country through Iris LAPP.
Native integration with Iris CAMEL platform allows loan pre-approvals through deductions sent to Salary Services Bureau and Pensions Services Bureau with a push of the button.
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Pricing
Iris LAPP is a transaction-based system. It allows low cost and fast growth. This allows small companies and startups to pay close to nothing and grow with the system. The sliding scale pricing model also allows bigger companies to benefit from lower transaction charge rates for huge loan volumes.
