What is Foundation Data?
Ryznware™ Loan or Lease core software comprises all of the core data elements data which is the foundation for all financial businesses. Since 1995, we have been helping financial businesses grow and transform into better versions of themselves. Whether you’re a startup or an already established business, Ryzn has the right software to help you and your business improve, all while ensuring that your unique business model is never compromised. Our work with you is a collaboration as we work together to bring technology and business knowledge and experience to a towards a successful software implementation.
Overview on Foundation Data
Foundation data is key and crucial to the operational and transactional areas of your financial business. It represents all of your company’s rules, policies, and procedures that drive and govern the day-to-day lending activities. Essentially, foundation data can be seen as common data tables which are shared between multiple applications or processes which are supposed to create a sturdy foundation for good service automation and management. An organization will run more efficiently and smoothly if there is a solid foundation within their system, so selecting a company, such as Ryzn to assist you will ensure we work towards achieving that goal.
Here is an example of how foundational data impacts the organization and supports all operational activities of the finance business model
The above diagram shows foundation data is at the center of the system and flows through to all areas of the organization .
Below is a more detailed list of the global and contract rules that can make up the foundation data structure and which will affect your financial processes:
● Geographic Locations
● Addressing Data
● Sales Taxes
● Asset Categories (Equipment)
● Makes/Models (Automotive)
● Fiscal Calendars
● Legal Address
● Multiple Bill-To Addresses
● Future and Address History
● Identification Data
● Credit Score Data
● Employer References (Consumer)
● Bank and Credit Card References
● Personal/Trade References
● Originating Entities (brokers, dealers, vendors, affiliated)
● Funding Sources (self, affiliated, investors, banks)
● Sales reps (internal and external)
● Other external entities: insurance carriers,