The Solution: SOA Components

Due to the service-oriented architecture of the solution, all FlexFinance functional components can be provided individually or as part of an overall solution.

Hence, FERNBACH can provide fully automated processes to replace those that had no technical support in the past or can deliver components missing in existing technical process solutions so that regulatory requirements can be satisfied.

FERNBACH provides the following SOA components for the regulatory requirements in the Consumer Rights Directive.

Calculation of the effective interest rate

The calculation kernel, FlexFinance FinCore, delivers diverse ratios for lending operations including the effective interest rate. This has been adjusted to accommodate the new regulations.

FlexFinance FinCore provides a calculation service based on SOA which fulfils the above-mentioned regulatory requirements entirely.

Contractural information

The obligation to provide pre-contractual and contractual information places depends primarily on the way existing data is to be prepared and documented.

FlexFinance Lending provides a component for compiling and submitting all lending data in all the standard technical formats (MS Office, PDF,…), thus allowing documents to be prepared directly at the workplace.

FlexFinance ensures that all mandatory information is set out in standardised data sheets.

Repayment plan

One key piece of information that has to be provided is the repayment plan. Banks must be able to submit this for both new and existing deals without relying on previous accounting procedure. 

A functional component has been integrated into FlexFinance FinCore to allow a repayment plan to be drawn up for the current deal end date without reference to the previous accounting procedure for the deal.

Performance and stability

All the services satisfy the highest demands for stability and performance that can be placed on central calculation services of this kind and that can be found frequently in SOA solutions. Particularly noteworthy is the cluster capability of the solution.