Title: INFOMAN: Your Total Solution Provider – Savings and Loan Manager (SLM) Author: INFOMAN Developers Date: 2012 According to the website of INFOMAN (2012) which offers Savings and Loan Manager (SLM), SLM is an integrated and comprehensive online software system that mechanizes savings and loans activities. It is a software produced for the associations that have savings and loan services, credit unions, and cooperatives. The software caters transaction processing and information needs for such firms that make it a comprehensive one. The following items are the industry features of the said SLM system developed by the company: 1. Members Information System - Allows the monitoring of members’ profile, membership and employment status, number of times a member has co-made a loan, type and number of the member’s account, classification of such account, member statistics and monitoring of a NSSLA’s board of Directors. 2. Teller Information System - Designed to perform all transaction the teller received from the member such as, deposit, withdrawal and over-
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Title: INFOMAN: Your Total Solution Provider – Savings and Loan Manager (SLM)
Author: INFOMAN Developers
Date: 2012
According to the website of INFOMAN (2012) which offers Savings and Loan Manager
(SLM), SLM is an integrated and comprehensive online software system that mechanizes
savings and loans activities. It is a software produced for the associations that have savings and
loan services, credit unions, and cooperatives. The software caters transaction processing and
information needs for such firms that make it a comprehensive one.
The following items are the industry features of the said SLM system developed by the
company:
1. Members Information System
- Allows the monitoring of members’ profile, membership and employment status,
number of times a member has co-made a loan, type and number of the member’s
account, classification of such account, member statistics and monitoring of a
NSSLA’s board of Directors.
2. Teller Information System
- Designed to perform all transaction the teller received from the member such as,
deposit, withdrawal and over-the-counter loan payments. With this feature, the user is
allowed to do individual cheque down floating, printing of unclear cheques, reversing
cleared cheques, interest computation and posting, dividend computation and posting,
monitoring the accounts payable, and a summary of the member’s lowest/average
daily balance.
3. Loan Information System
- Can be used to process loan transactions and monitoring of current loan, past due
loans and loans on litigation.
4. Collection and Remittance System
- This feature permits a certain association to collect deposits and loan payments via
company remittances. It enables the association to review the members’ loan
negligence status, past due loans, and loan litigation. Also, permits a user to collect
advisement, download, upload, distribute and post remittance, print demand letters,
and many more.
5. Accounting Module
- This feature includes general ledger, accounts receivable and accounts payable. The
general ledger included will summarize all the transaction in other modules. Also, this
module will be updated whenever adjustments have been made.
6. Election and Canvassing System
- Speeds up the election and canvassing of board of directors that held every two or
three years.
7. Short Message Services (SMS)
- The association has the choice to use SMS to send loan payment information to
irresponsible members.
The information about the Savings and Loan Manager gathered by the proponents is
somewhat similar to the project being proposed in the sense that the project includes financial
transaction and processes as the presented features on the system discussed before may be
included to the project to be developed. Features such as the Member Information System may
become one of the modules of the entire system which will allow the administrator to view the
members’ profile which contains information needed to be considered in the financial processes.
Furthermore, the project proposed may adopt the Teller and Loan Information System to provide
functionalities needed by the members and the teller in transacting loan operations. The
Accounting Module will also be implemented since the whole process pertains to financial
concerns. A general ledger will be produced to easily record the transactions being processed.
regular savings withdrawals, time deposits, regular savings passbook printing, share capital
passbook printing, and void savings transactions.
Loans Module – has the capabilities of having new loan, automatic computation of interests,
service fees and other charges, automatic computation of fines of overdue amortization, loan
payments, loan passbook printing, and unlimited types of loans.
Members Module – allows the administrator to manage member profiles, capture their pictures
live using cheap web cams, easy to use search tool to find particular member from your tens of
thousands of members, filter member list according to member type, and gender or account
status.
Tools Module – this module has cash voucher, journal voucher, cash receipt journal, manage
your chart of accounts, pre-loaded with chart of accounts endorsed by CDA, compute patronage
refunds, and compute annual dividends
Reports Module – this module includes schedule of savings deposit, quarter interest, time
deposit, share capital, average share capital, dividends and patronage refunds, and loans
receivable. Also, this module will have loan collection list, aging of loans, general ledger report,
BCSAS Integrated Credit Coop System will serve as a guide for developing the sales and
credit system. Since it is similar to the system the researchers are working, it would lessen the
complexity through some ideas that the website is giving us. Furthermore, like the BCSAS
Integrated Credit Coop System, the system that will also use PHP scripts, database system and
other scripting language that will serve as the backbone for the system. This is to keep history for
all the transactions within the system for future purposes.
Title: Customer Financing: Turning today’s declines into tomorrow’s approvals
Author: Anonymous
Date: 2011
Creative Credit Systems online merchant center includes easy-to-use application and fast
credit modules which require less work on your part. No hand-written forms, no faxing, no
waiting to receive the decision. Get your customers approved within minutes in most cases and
close your sale right on the spot. We offer merchants small, medium, large, multi-locations &
franchise’s a revolutionary finance system never before advertised. This new system has the
ability to explode your income streams with one of the most lucrative and financially rewarding
web-based lending solutions that has ever been released to Merchants Nationwide.
The said system offers a lending platform designed to connect businesses with private
capital using equity based lenders who desire to offer fair and affordable consumer financing that
complies with our strict guidelines. To participate, the lender must offer only flat, simple interest,
unsecured installment loans with no unfair terms to include escalating interest rates, hidden fees,
recurring charges or early payment penalties.
Generic sales and credit system is a computer based system. Like the creative credit
system, the system that the developers aim to develop is an easy-to use application so that it
would be easier for the clients to use the system. Retrieving and updating the information about
every member’s loan and saving would much easier. Furthermore, since the system is connected
to lending money, interests and other charges for members that plan to have loans have to abide
rules. Every transaction will be secured and confidential. Creative Credit Systems will serve as a
guide in the system flow and computations like interest rates for members who loan to the system
and increase their savings.
Title: Rotating Savings and Credit Association or ROSCA
Author: Anonymous
Date: 2011
A Rotating Savings and Credit Association or ROSCA is a group of individuals who
agree to meet for a defined period in order to save and borrow together. "ROSCAs are the poor
man's bank, where money is not idle for long but changes hands rapidly, satisfying both
consumption and production needs.
Meetings can be regular or tied to seasonal cash flow cycles in rural communities. Each
member contributes the same amount at each meeting, and one member takes the whole sum
once. As a result, each member is able to access a larger sum of money during the life of the
ROSCA, and use it for whatever purpose she or he wishes. This method of saving is a popular
alternative to the risks of saving at home, where family and relatives may demand access to
savings.
Savings and credit system involves cash flow within the system. Money revolves around
the organization. Like the ROSCA’s concept on their system, only the person-in-charge or
administrator will be the one responsible for the system. Likewise, each member can loan in the
organization and use it for their own purpose. Once they lend money, there would be
corresponding interest rates and charges if they did not pay on or before the due date . There
would be meet ups whenever a transaction between the members and the treasurer of the
organization lends cash.
Title: Savings-and-Credit as a Regional
Author: United Nations
Date: 2008
United Nations (2008) maintains that savings-and-credit initiatives have become a trend
both at the regional and global level. The issue of "mainstreaming" savings-and-credit has been
actively discussed among development agencies. The key in expanding savings-and-credit to a
large scale operation can be summarized in the following points (a) There is no need for a
sophisticated system; (b) Experience of dealing with money helps communities to develop skills
in dealing with other issues in their daily lives such as slum eviction and housing. In addition,
savings-and-credit schemes nowadays help the urban poor to alleviate the need for money
lenders and provide access to credit. The essence of the online community-based savings-and-
credit schemes is community participation. The systems have been developed to fit the lifestyle
of the urban poor. They are designed by a small group, for the community and managed by the
cooperative. Community based schemes develop incrementally. The system grows and evolves
with the process. It grows out of the daily life in communities. In other words, the initiatives
revolve around the common issues and needs of the communities.
Savings-and-credit activities are used as a penetration point for mobilization of
communities for broader development issues. Proponents designed and limited the system to fit
the capability of those who used the system traditionally. Since it is designed for the urban
people, proponents need not installed sophisticated process but ensures fast, secured and easy to
access online transaction. Proponents also used an approach to the system that suits urban
cooperatives to maintain their trust and strong relationships with each other. In the process, the
activities showcased by the system provide a platform to share and discuss the issues perceived
as important in the communities.
Title: A Generic System Architecture for Strategy-Based Software Development
Author: Heisel, Maritta; Santen, Thomas ; Zimmermann, Dominik
Date: 2009
IOSS (Integrated Open Synthesis System) is an instantiation of the described architecture that
supports synthesis of provably correct imperative programs by application of strategies. Heissel
et al. consider the following properties as crucial for a generic system that supports the
development of correct software:
The system should be interactive, i.e. the user must be able to control the development
process. This requirement holds at least as long as it is not possible to replace human
creativity.
When the users control the development process, they will be confronted with system
generated intermediate states of a development. In this situation, they must be able to
make sensible decisions. Therefore, all information that is important for the development
process must be represented explicitly and not in encoded form.
A system that imposes severe restrictions on the procedure to be followed in the
development process will not be accepted. Hence, the system should be flexible and
support different ways of developing a program.
Openness is one more requirement to guarantee flexibility. It should be possible to add
new development methods in a routine way, and the evolution of the system should take
place gradually, without invalidation of former work.
The system should visualize the development process in an appropriate way and provide
an overview of the progress of development. It should be easy to use, making program
synthesis feasible for users who did not invent the formalisms used, and enabling the
programmers to concentrate on the task at hand.
Since the proposed system is generic, it should apply flexibility and based on the standard
given by the client. Microfinance institutions nowadays developed using standard principles,
guidelines and frameworks for the cooperative movements. These guidelines are being
considered by the proponents for the system’s capability. Proponents based and considered at
least three clients to produce a generic system and to apply processes and transactions involve
therein. Standardization of processes also is being featured by the proposed system since it
encompasses financial aspects.
Title: Microfinance in the Philippines
Author: Country Analysis Unit, Federal Reserve Bank in San Francisco
Date: 2010
The Philippines central bank, Bangko Sentral ng Pilipinas (BSP), defines microfinance as
the provision of a broad range of financial services such as deposits, loans, payment services,
money transfers and insurance products to the poor and low-income households and their
microenterprises. Roman (2004) maintains that the microfinance is provided in the Philippines
by three types of institutions, the banks, non-governmental organizations (NGOs) and
cooperatives. With the increase in the number as well in the types of institutions involved in
microfinance, an appropriate regulatory framework is of paramount importance. The regulatory
framework aims to see the further development of the microfinance sector by ensuring the
soundness of the financial system, by protecting the clients of microfinance and by establishing
an accurate, reliable and transparent set of financial information for all types of microfinance
institutions.
With the three types of institutions in the field of microfinance, proposed system is only
limited with cooperatives and non-government organizations (NGOs) and is purely subjected to
a small group of people. The banks as it have already a large-scaled system of financing, are
catering people who are in middle and upper class. The system is for community run by a small
group whom they trust. With a “Paluwagan”-like system, it can form an online microfinancing
environment which all investors, creditors and other members can cooperate and make
transactions in a convenient way.
References
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Department of Computer Science, University of Copenhagen: Copenhagen, Denmark.
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BCSAS Developers (2009). BCSAS Integrated Credit Coop System. Retrieved on June 13, 2012 from http://www.bcsas.com/default.aspx?pg=69ba5056-ab18-48c5-bd81-789d04cc881b.
Country Analysis Unit, Federal Reserve Bank in San Francisco (2010). Microfinance in the Philippines. Retrieved June 12, 2002 from http://www.frbsf.org/publications/banking /asiafocus/2010/january.pdf.
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Rotating Savings and Credit Association or ROSCA (2011). In Wikipedia. Retrieve on June 15,
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