Industry software-as-a-service (SaaS) provider Escientia had released the Assist Commission software in 2019, expanding it out in 2020 to the wider marker with the aim of improving business processes, increasing accuracy, avoiding duplication and automating tasks.
The software aims to help organisations streamline the commissions processing function by validating, processing and distributing commission payments to brokers, third-party distributors (such as aggregators and mortgage managers) and referrers without relying on spreadsheets or in-house on-premise bound databases.
Assist Commission has now launched a SaaS platform that connects lenders, mortgage managers and broker payments on a single cloud platform.
Commenting on the launch, Escientia principal consultant and director Nick Nicolaou said that the launch underpins the platform’s proposition as the “engine” behind reconciling broker commission payments throughout the whole process.
“The latest release of Assist Commission now positions Escientia as a unique and powerful SaaS platform for the payment of commissions to mortgage brokers from any source,” he said.
Mr Nicolaou added that the service provider has planned to have thousands of brokers and their referring partners connected and engaged over the coming years.
“With lenders, mortgage managers and aggregators joining the platform, the flow of commissions between lender, mortgage manager, aggregator and brokers is much more fluid, simpler and less time consuming,” he said.
He continued: “Our vision is to remove the need for the myriad of complex commission files produced daily in spreadsheet format.”
“Keeping accounts departments engaged with the platform and within the same ecosystem is a huge enabler for better efficiencies without changing the time-proven processes for issuing RCTIs (recipient-created tax invoice) to brokers via the system.”
The Assist Commission platform has over 60 lender commission file processors in place, and it recognises the lenders’ format and automatically transfer this into the system, and matches against the designated broker.
It uses a wizard-driven interface to manage commission exceptions via a propriety method of aligning commissions with brokers.
The service provider has created a portal for brokers that they can log into to track their loan book value, manage their portfolio and download their RCTI for tax purposes, Mr Nicolaou said.
[Related: New broker commission software launches]
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Malavika Santhebennur is the features editor on the mortgages titles at Momentum Media.
Before joining the team in 2019, Malavika held roles with Money Management and Benchmark Media. She has been writing about financial services for the past six years.