ParaData Financial Systems has been providing complete systems solutions to the financial services marketplace for over 30 years. ParaData’s Loan Manager Software offers a comprehensive data processing package for all types of consumer leading operations.
The Loan Manager suite was initially designed for a group of independent consumer finance companies in Michigan. Several of these customers needed replacements for their older ledger card posting machines, and one multi-office company wanted to replace its online services bureau. Back in the late 70’s and early 80’s, automation for consumer finance companies was still new and primarily available to large finance companies, or through services bureaus owned by these large companies.
During the products’ initial development, a comprehensive analysis of the requirements was established. These requirements took into considering not only what was needed to replace what customers were using at this time, but also what was available from competitive service bureaus. An important aspect of this analysis was a complete understanding of the customers’ businesses and where data processing would automate and improve existing methods. There was also a review of possible future needs. Additional foresight was given to the rapidly expanding capabilities of non-mainframe hardware platforms.
The resulting Loan Manager product, in its original version, was designed to provide processing for multiple products, users, offices and states and, looking to the future, was capable of ledger cardless processing. The system also included many table options that allowed customers to pick and choose what they wished to use on a product, branch, or state level. These key features allowed ParaData to provide a flexible system that could be used by a variety of consumer loan companies offering many product types. This approach allows ParaData to have a single set of programs that can be used by all customers, regardless of size, state or types of products offered.
Loan Manager Evolution
Over the years, ParaData has made numerous enhancements to the system. Among these enhancements are changes in loan processing to include revolving accounts, notes and thrift, non-monthly payment accounts, automated collector queuing, online loan applications and report writers, not to mention the programming to accommodate laws for all 50 states and Mexico using the same software. The current system can process all consumer loan types, including:
ParaData is also designated as an IBM Business Partner and solution developer program member, having met the rigorous software integrity and quality requirements that IBM places upon a company. ParaData’s software operates under UNIX/Linux/AIX utilizing IBM xSeries/System X servers or the IBM POWER systems.
World Acceptance and ParaData
In April 1993, World Acceptance Corporation acquired ParaData. ParaData maintains its independence and ensure the confidentiality of its current and prospective customers. The reputation and stability of World Acceptance Corporation, both as a customer and a parent company, has helped ParaData grow.
Customers and Verticals
ParaData currently has been installed in over 150 customers with more than 1000 locations in 44 states and Mexico. These customers include companies like World Acceptance Corporation offering small consumer loans, large public consumer and automobile finance companies, mortgage loan and broker companies, automobile dealerships with their own finance companies, mobile home finance companies, and even commercial finance. Many customers have only one office and started fresh with the system. The largest customer, besides World Acceptance Corporation, has over 200 offices. Our customers’ branches are online, with a central processor, performing transactions in a real-time environment.
As in any organization, ParaData’s employees are the most important part of its success. All of our employees are dedicated to providing a quality product with quality support. All support personnel have had consumer lending experience. ParaData enjoys a reputation of having an excellent product with the best support in the industry.