Version Control

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This is the baseline version.

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Version Control

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This endpoint can contain multiple brands owned by a particular banking group. Each brand can own multiple SME Unsecured Loan products.

Loan

This section covers SME Unsecured Loan attributes that will change only under rare circumstances (see CoreProduct section for additional attributes that will be updated regularly). 

The following information can be provided:-

• Product Name i.e. the name marketed to the consumers.
• Identification is the unique id created by the financial institution to internally define the product
• Segment - allows specification of the type of product e.g. basic, regular, premium

MarketingState

Within our design, we have a concept of a "marketing state" for the product. This concept is required because for any "On Sale" SME Unsecured Loan product:-

1. The loan may provide a different offering to the SME loan holder the longer that they hold the product - covered by StateTenureLength & StateTenurePeriod in the example below.
2. The financial institution can change any of the Loan attributes that are marketed over time - covered by FirstMarketedDate and LastMarketedDate in the example below.

We'll illustrate this with the following example. 

CMA9Bank has an SME Unsecured Loan product that was first advertised and marketed on 1/1/2017 and has the following features currently:-

1. If the accountholder takes the product, they are offered a promotional interest rate of 3% for 1st 9 months, then 5% for next 12 months and then it reverts back to the standard variable rate (e.g. 14.9%).

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This sections includes information that can change relatively often. Information to be provided includes:-

• Product URL allows a link to the financial institution's website where more detail about the product can be found
• URL to the product's terms & conditions
• Sales Access Channels cover all of the channels by which a customer can be sold a BCA 
• Servicing Access Channels cover all of the channels by which a customer can receive service for their BCA. Note: This covers servicing of all aspects of the BCA. Some aspects may not be serviceable via certain channels.
• MonthlyCharge covers any monthly servicing charge that a financial institution may make to a BCA accountholder

Loan Interest

In this section, information about the interest rates that are payable by the SME to the Lender are listed. This section contains headline Representative APR info to be used on comparison websites.

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Message Implementation Guide

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Purpose

The message implementation guide (MIG) is designed to assist the implementers of the messaging specification by providing worked examples as to how the message fields should be completed in different scenarios.

The intention is that this will better ensure consistency. This guide should be read alongside the data dictionary which provides fuller information about the rules, constraints and guidelines that should be adhered to when populating the fields.

We are choosing different accounts based on how fully they test each section of the design.

OtherFeesAndCharges isn’t covered by the use cases due to these currently being bank proprietary fees/charged and not standardised currently. Key standardised Fees and Charges covering overdraft and benefits are covered in the relevant examples stated above, however.

Format Notation

The format that we use in this document for field value assignment is:-

[] enclose a set of field values.

Where there are multiple records for a particular field, we depict this as [<record 1 value1>,< record 1 value2>…<recordn valuen>], whilst where we are showing that there is 1 field value in 1 record, and another field value in a 2nd record, I depict this as [<record1 value1>],[<record 2 value 1>],[<record 3 value 3>]

, seperates individual field values within a field value set.

“ surrounds a text or date field value.

Implementation Notes

Before implementing the message standard, it is very useful browsing the current market leading price comparison websites (e.g. https://www.moneysupermarket.com/business-finance/business-lending/medium-to-long-term-business-loans/, http://www.knowyourmoney.co.uk/business-loans/  to understand how implementation of our standard by the CMA9 banks would help to more easily facilitate provision of information used on those sites.

Currently, price comparison websites have to obtain their  SME Loan product data either via bank proprietary APIs, via information collected by dedicated data capture agencies or via "screen scraping" (i.e. capturing product web page information and writing scripts to extract relevant data). This work is complex and prone to error, so having a standard API would make the data capture side much easier and allow more third party providers to provide applications that could target particular consumer markets.