Kuflink Group, a platform that connects borrowers with lenders, by providing a steady flow of accessible finance and competitive interest rates, notes that their tech team has worked hard to bring new features.
Kuflink‘s management writers in a blog post that together, with users’ feedback, they’re able to fulfil the company’s mission or purpose in “Connecting People to Financial Freedom.”
While sharing what’s new or on its way to the Kuflink platform and the Kuflink mobile app, the company reveals that they are currently working on a new feature that will “allow IF ISA Transfers In to enter into ISA eligible Select Invest Deals – this means clients can decide which ISA eligible Select Invest deals they want their ISA transfer to go into.”
Kuflink further reveals that a new segregated IF-ISA wallet, and SIPP wallet (which also comes with surprise features) – development have now begun.
The company adds they are now testing their payment facility using Open Banking on the investment platform in “closed beta mode.” This will allow the platform’s users to transfer money to their digital wallet instantly via bank transfer. The facility will be available to Kuflink’s investor community soon, the company confirmed.
The firm added that on the lending arm, they are developing the process, via Open Banking, in order to provide an extra layer of borrower verification in real-time and “building a process to ascertain income vs expenditure for a potential borrower across all accounts.”
As mentioned in the update, this is “a step forward in reducing paperwork and unnecessary communication thereby improving efficiency in the process.” The Kuflink team also noted that “all in all we should, in theory, gain access to all necessary information through a simplified online process as opposed to numerous phone calls, email chasers etc.”
Kuflink also mentioned that they are working on upgrading their proprietary deal risk / pricing tool in their CRM system “by connecting to live data feeds, and allowing new fields to better assess the risk and price on deals is continuing.” This is especially important “in light of economic events like Brexit, the COVID-19 pandemic, and price hikes on raw materials (which will affect development appraisals),” the company explained.
They added:
“We are working with a ‘Royal Institution of Chartered Surveyors’ (‘RICS’) valuer and a seasoned developer / builder (both in our Credit committee), to further enhance the tool’s sensitivity to such events. We envisage to connect this information to our live loans on our platform to provide a timeline of any given loans risk.”
Kuflink also mentioned that they’re working on upgrading their Dashboard. Live Charts, proprietary budget tools, links to other investments, accrued interest, etc. will be “on display in a singular view,” the firm revealed. It also noted that the portfolio page will be showing which Select Invest deals “have been put into the ISA wrapper – development underway.”
Kuflink responded to a Financial Conduct Authority (FCA) survey on High risk investments (submitted 1st July 2021) – FCA will update the rules at the end of 2021, the company added.
They further noted:
“We have taken the view that developments should not be treated as high risk, as all our development loan deals require a RICS approved valuer to produce a ‘Project monitoring Surveyors’ (PMS) report before each tranche of a loan is drawn. As an aside, we have started working on showing a ‘7 phases of Property Development’ bar which will move as the development continues per tranche. There will also be a guide to property development.”
For Kuflink’s most recent CTO thoughts for July 2021 and other details, check here.
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