21 July 2005
Macquarie Bank has introduced 'two-way feed' functionality into its Premium Funding quoting system to assist principals and front line brokers improve financial management and debtor collection.
The new functionality, an industry first, will interface with leading software provider EBIX Australia Pty Ltd. It is expected to be available to Macquarie clients in August 2005.
The move comes just weeks after Macquarie Bank unveiled its new web-based quoting system, Macquarie Premium Funding Encore, which features Evergreen Loan Contracts, streamlined endorsement procedures and the ability to perform online quotes up to $500,000.
"A 'two-way feed' between funders' quoting systems and broking platforms has been talked about for years so we're pleased to have helped deliver a solution to this industry need," head of Macquarie Premium Funding, Paul Cilia, said.
"In a nutshell, the function enables Macquarie's online quoting system to 'talk to' EBIX-based broking platforms. So when a client is premium funded a flag will automatically appear on the broker's system noting the transaction has been funded.
"This means front line brokers do not have to manually update their systems, and principals can generate debtors reports - net of premium funded clients - providing improved cash flow information. Additionally, brokers can identify real debtors so they can use their time to pursue these people instead of chasing clients who are premium funded."
Adds managing director of EBIX Australia, Leon d'Apice: "Macquarie Bank is the latest supplier of premium funding solutions to support the industry standard interface developed by EBIX and Red Planet Software.
"Importantly, Macquarie is the first company to deliver phase two of the funding interface, which provides additional functionality and reduces back office processing for brokers. We look forward to working with Macquarie Bank on other initiatives for the broking market."
Mr Cilia said reduced incomes from a softening market and increased compliance costs are impacting the bottom line of many brokers so business efficiency is imperative.
"Improving business efficiency is one strategy we suggest clients pursue to help protect their bottom line thereby maximising opportunities open to them - whether they be acquisition or business sale," he said.
Macquarie Bank is investing in additional industry initiatives designed to boost business efficiency that will be unveiled in coming months, Mr Cilia said.
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