Madiston’s digital lending software supports institutional (balance sheet) and retail (Peer-to-Peer) lending models in the Caribbean for Carilend Barbados, Carilend Jamaica, Caribbean Lending Trinidad & Tobago including their partners Massy Finance, Victoria Mutual, Promotech and the Barbadian Government.
Using the Madiston Platform, Carilend became the first Peer to Peer Lender in the Caribbean.
In the seven years since launch they have processed:
“The Madiston system helped us achieve early profitability because the level of automation meant we could operate with fewer people.”
“SDL is a win-win arrangement for all participants, and, with Madiston’s software, it is easy to operate with full automation of the process.”
Salary Deducted Loans (SDL) were introduced to enable employers of all sizes to participate, from the smallest to the largest employer on the island, the Government of Barbados.
Benefits to employees:
SDL became a mainstream method of lending in Barbados:
Tech hardware company, Promotech, wanted to offer a BNPL option to its customers to help finance their purchases.
Madiston’s API enabled Promotech’s customers to access the Carilend platform and took them, step-by-step through:
…all within minutes whilst standing in the Promotech stores.
Madiston’s technology meant the borrowers followed all Carilend’s compliance steps, dictated by their answers at login, and were guided through the system thereafter based upon the rules associated with their profile.
“The Point of Sale lending process was fully automated which meant that Promotech and Carilend staff only had to deal with any exceptions flagged up by the system”
“The Madiston Platform has served us well…it gives us the confidence to add many more regions over the next few years, in other Caribbean countries and beyond.”
Having successfully built its lending in Barbados, Carilend looked to expand first into Jamaica, then Trinidad & Tobago. To keep costs low, the core lending processes were centralised on their already proven Madiston digital lending platform.
Key benefits:
Madiston’s lending software enabled each country to operate with different:
…all seamless to the user.
The central processing team in Barbados could oversee the system for all countries with minimum headcount, managing only the exceptions flagged by the system for attention. Standard controls like dual authorisations, automated reconciliations including client money and audit trails, all ensured that managing multiple geographic locations would be practical and profitable.
“Madiston again showed the strength of their development team, responding quickly, as ever, to our requests and delivering the result we needed.”
“Madiston’s customer service is probably the best that I have experienced.”
“The Madiston platform gives us “future-proofing” in a rapidly evolving sector.”