Similar to identity theft, this type of fraud happens when an unauthorized individual gain access through online banking applications, capturing the account information to create and write bad checks.
An adverse action notice is a document sent to a loan applicant stating a bank’s rationale for denying a loan. It may also contain a counteroffer, such as a lesser amount or a request for an approved co-borrower.
The term “aging exceptions” refers to a group of critical exceptions that have not been resolved within a reasonable amount of time.
Altered check fraud occurs when a fraudster changes the amounts and Payee from a stolen check.
Audit and exam prep is a process that financial institutions go through in order to adequately prepare for upcoming audits and exams.
An authorized signer form is a document that allows an account holder to grant a range of clearance levels to individuals to perform certain functions within a bank account.

Core Integration

Financial institutions rely on core banking systems to perform a variety of transactional functions and store important account and general ledger information, including customer or member data, loan balances, payment due dates, and much more. Enabling a “core integration” typically involves connecting an additional application that enhances or complements the core system’s standard functionality. 

Potential Benefits of Core Integration

Integrating an application to a financial institution’s core banking system can lead to additional efficiencies.

Automating manual processes: Software developers commonly design their systems to automate the flow of data. Integrated applications may be able to receive and, in some cases, send data to the bank or credit union’s core. For example, some document preparation systems rely on bi-directional data flows to support the lending process.

Reducing administrative work: Automatically passing data from the core to integrated applications reduces reliance on manual data entry and enables staff to focus on other priorities at the financial institution.

Avoiding data entry errors: Less manual data entry can mean fewer oversights and greater trust in the data that resides in connected operational systems.

Ensuring data is kept up to date: Some core-integrated applications support nightly data updates, while others rely on closer to real-time processes. Regular data refreshes help to mitigate discrepancies between the core and integrated systems, ultimately helping staff confidently perform their jobs.

Technologies Used to Support Core Integration

Core integration techniques vary among software vendors. One common approach involves the use of APIs (application programming interfaces), which can streamline application integration while balancing the need for control. Natively integrated applications to the core often rely on API technology.

Another approach involves interfacing via report writers that generate data extracts, which are loaded into other systems. For example, AccuAccount ingests nightly batch file data from core report writers to keep things up to date. Yesterday’s booked loan data in the core would appear today in AccuAccount, opening up opportunities to automate document statuses and exception workflows.

Additional Technology Resources for Financial Institutions

Browse Alogent’s Innovation Hub for links to dozens of helpful banking definitions, industry papers, blog posts, videos, and much more. 
 

Explore more resources

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Track and manage every loan document in one system and streamline loan management from application through servicing with our core-integrated software platform. From loan application automation, to drag-and-drop document imaging, to document tracking, and five...
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