Lending Administration Solution

Tender description

*****This is a call for early market engagement/supplier engagement day****** Innovate UK and UKRI are looking to hold a supplier engagement day in order to explore the best options available to it's loan's business/Innovate UK Loans Limited (IUKL). A loan system & administration solution is required whereby one supplier could potentially cover some or all of the below processes:- - A loan management system that is able to: o Pay a loan in quarterly installments (Drawdown) o Handle different interest rates, interest holidays, deferred interest o Handle drawdowns (installments) that do not happen on the same date each quarter and variable terms of contracts. o Produce automated customer communications including statements of account, arrears letters etc. o Forecast interest & capital repayments based on actual and forecast drawdowns o Produce automated reports for IUKL for different needs i.e. daily, weekly, quarterly and Adhoc o A portal where a customer can check their loan balance, ask questions or make early repayments o The system must be API enabled to allow connection to IUKL's existing systems. - Know Your Customer (KYC), Anti-Money Laundering (AML) capability to run checks on directors of UK based businesses, with some directors potentially being based outside of the UK. These checks should have little burden to the end customer (company director) but should be robust enough to comply with the highest level of diligence for this activity. - This solution could potentially be cloud-based - A suitable level of security certification will be required i.e cyber essentials, ISO27001 - this will be determined at a later date There is also some element of managed service/administration that will need to be provided and as part of the engagement session IUKL are keen to understand the options available to the business who would be able to provide some loan administration support, including customer onboarding, doing KYC/AML checks both at onboarding but also ongoing monitoring throughout the term of the loan, registering security documentation at companies house, processing payments, producing reports, handling customer queries and sending out customer communications and repayment statements. Another option to discuss on the supplier day is the possibility of working with a supplier who can support IUKL to take over the administration of the loans, supporting IUKL with training and the platform to use going forward. The term for this contract is likely to be 3 years with a solution to be in place ideally by September 2022 however, a final decision on the contract length and structure will be made after the supplier day. The estimated budget for this requirement is £150,000.00 per annum excluding VAT.