About vision plus

VisionPLUS is a processing solution that handles retail, bankcard and consumer loans/credits all in one system. This integrated system handles all types of consumer lending products.

The key features of VisionPLUS are:

· Processes receivables quickly and efficiently.

· Retains customers through improved customer service and value-added programs.

· Processes authorizations more effectively by automating decision making and providing faster, more accurate responses.

· Helps track and prevent fraud.

· Targets and prioritizes collectable accounts.

Background

VisionPLUS was introduced in late 1995 by ‘Paysys International’ (Paysys has recently been bought over by a company called ‘First Data Corp’) incorporating the main features of 2 products called ‘CardPac’ and ‘Vision21’.

The first version to be released was Version 2.5. Since then several versions have been released and the latest version to be released is Version 8.14.

Technical Details of VisionPLUS

VisionPLUS is available on the following 3 platforms:

· AS 400

· UNIX

· Mainframes

ü Language – COBOL (Common Business Oriented Language), JCL (Job Control Language)

ü Database – VSAM (Virtual Storage Access Method)

ü Front End Interface – CICS (Customer Information Control System)

Various phases in the Consumer Credit process flow

Every organization that deals in consumer credit invariably follows a process flow in introducing and maintaining a product in the market. There are five major phases in any credit product lifecycle, viz., Product Planning, Credit Initiation, Account Maintenance, Collections and Write Offs.

Product Planning: This phase involves studying the target market and local conditions and deciding on the type of the product and the terms and conditions under which it will be offered to consumers.

Credit Initiation: This involves designing the application forms which will be used to screen consumers, and processing the filled-in forms received from the consumers. Decisions regarding which customers to accept/reject and the credit limit to be extended to individual consumers is taken in this phase.

Account Maintenance: This is the phase where the customer makes transactions using his credit product and activities like transaction authorization, transaction posting, billing and payment handling are undertaken. This is also the phase where the organization tries to maximize its relationship with the customer in terms of the additional products offered.

Collections: When a customer fails to make a payment, the account details are handed to the collections division to follow up with the customers for the outstanding balance. Collectors use different methods to contact customers depending on the amount and extent of delinquency.

Write-Offs: When a delinquent account can no longer be collected, due to reasons like non-payment by customer despite all efforts, death of the customer etc, the account is closed and the outstanding amount is written off as bad debts.