Overview:
Kroll Advisory Ltd approached us with a request to assist in the platform migration and execution of a wind-down plan for a peer-to-peer lender under administration, Business Loan Network (BLN). Our prior experience with BLN, dating back to 2015, positioned us as a natural partner for this critical task.
Challenge:
Upon initial consultation, it became evident that BLN’s legacy system presented significant challenges. The system was hosted on infrastructure over seven years old, with minimal maintenance in recent years, rendering it both costly and difficult to maintain. Additionally, the cybersecurity risks associated with keeping this outdated platform operational were of major concern. The platform’s reliance on Rackspace and its proprietary nature further exacerbated the situation, contributing to high operational expenses.
Solution:
Our approach began with a thorough scoping of requirements, followed by the migration of over 10GB of transaction history and the accounts of thousands of users. The objective was to ensure a precise transfer of cash balances and assets to the new system. Leveraging our extensive expertise in lending systems, we completed the migration on August 28, 2024, transitioning BLN’s operations to our robust infrastructure.
To streamline customer support, we implemented an eTicketing system. This system effectively routed inquiries to the appropriate departments, each equipped with specialised knowledge to handle specific issues. Our team managed system access-related queries, resolving most within a 24-hour timeframe.
Kroll emphasised the importance of maintaining an intuitive and familiar User Experience (UX) for lenders. We meticulously designed a UX and lender dashboard that mirrored the original system, ensuring a seamless transition for users.
In addition, Kroll required a robust weekly reconciliation process for client accounts. To meet this need, we enlisted the expertise of Huw Dyne from rebuildingsociety, who brought valuable experience in CASS client money management. His contribution was instrumental in establishing a reliable reconciliation process.
Outcome:
Our database management skills, deep understanding of lending systems, and ongoing support services made us an ideal partner for the continuation of the Wind Down Plan. After a parallel run of both systems for four weeks, Kroll expressed confidence in our ability to manage reconciliations and provide ongoing support.
The newly implemented system also empowered lenders to establish ongoing withdrawal mandates. This feature ensured that repayments from the 44 remaining loans were automatically transferred to lenders’ bank accounts the day after receipt, eliminating the need for manual withdrawal requests.
Client Testimonial:
“Working with the WLCF team has been straightforward. They understood the challenges and delivered the project on time and within budget. Their professionalism throughout the process provided us with the solution needed to support the loan book wind-down.”
— Brian Lee, Kroll Advisory Ltd
