TAO Solutions, a leading global provider of software solutions for structured finance and credit asset processing is delighted to announce some exciting new features for LeaseSpark customers.
The following are just some of the latest available features that LeaseSpark users can access:
Spark Workflow 2.0
The LeaseSpark workflow automation engine allows our customers to integrate a seamless process of creation, collaboration, and approval. Unlimited deal workflows can be configured to process all actionable items, strengthening end-to-end processing, efficiency, and audit, for all tasks relating to CRM / Origination through to Servicing Administration. In the first major update to workflow, new events and triggers have been added to expand on the already available list. In addition, a new workflow summary sheet that updates in real time is available on the Deal screen where users can review upcoming actions and due dates, along with a full history of past completed tasks.
When we say end-to-end, we mean end-to-end— with the first phase of the Securitization module now available in LeaseSpark, users are further empowered with a new set of analysis and reporting tools, advancing the ability to dynamically search for a set of deals, or construct specific portfolios seamlessly using selection criteria, coupled with an advanced valuation methodology for NBV generation.
Payment Processing Prioritization
Additive to the payment processor in LeaseSpark, is the ability to set automatic prioritization for transaction pay. There are several simple configurable steps that emphasize the workflow priority order, and these sequenced actions can be customized per product.
Funding and Booking Workflow
A Funding tab has been added to the Deal screen to reflect the activities between the leasing company and the vendor or manufacturer from whom collateral is purchased. The transactions on the Funding tab involve those that are related to the purchase of collateral included in the deal.
The Deal screen now has a Booking tab designed to reflect the activities between the leasing company and the obligor — specifically transactions that occur when closing the deal, and any monthly remittance amounts that follow.
Lease Accounting Enhancements
In addition to the already comprehensive event-based accounting automation triggers, are accounting posting events and schedules that have been enhanced to include ASPE as well as IFRS Standards.
LeaseSpark now supports Deal pricing and contractual amendments including the ability to change the obligor on a deal, amend payment instructions, amend the payment schedule of a deal, as well as add more collateral. To enable our customers to make these amendments, a new Amend button has been added on the Pricing tab of a deal.
API Connectivity Expansion
To complement LeaseSpark’s growing list of external connections, PPSA has been integrated into the application enabling our customers to register liens, perform a search on debtors — both business and individual, conduct a corporate search, as well as a Motor Vehicle VIN search. These actions further empower customers to utilize LeaseSpark as a central hub and instantly have access to lien information concerning individuals or corporations.
Ryan Pereira, President and Head of Business Development commented, “The LeaseSpark summer release feature set allows our customers to improve the efficiency of their daily tasks, simplifying the operational and analytical steps necessary to secure and manage deals throughout their lifecycle.
When we first developed LeaseSpark, our goal was to make a product that simplifies and reduces the cost burden associated with installing and maintaining multiple pieces of software. In an ever-changing world with some uncertainty, and a greater confidence placed on a digital automated solution, the least TAO Solutions can do is to provide our customers with the greatest feature set that realizes our goal for a true end-to-end system. We couldn’t be more thankful to our existing clients and are thoroughly excited at the prospect of new partnerships this fall.”
To find out more about LeaseSpark and any of the other products in TAO Solutions portfolio please contact firstname.lastname@example.org or visit our website for more information.