Disbursement Bank Configuration

We recently introduced an update that enables merchants to specify a disbursement bank for a loan product.

This means that once a disbursement bank, such as XYZ Bank, is configured for a loan product, customers applying for that loan will need to have an account with XYZ Bank for the disbursement to be successful.

To configure a disbursement bank on a loan product:

• Log into the admin portal and go to the Loan Products tab
• Click on your preferred loan product and select Edit

• Click on the Loan Attributes Section and scroll down to Disbursement

• Click on the Select Banks field, and a list of banks will be displayed. From there, you can select your preferred bank(s) to be configured for that loan product. You can also type in the first few letters of your preferred bank(s) to filter the list. 

• Once done, click on Continue and Complete to save your changes. 

Please take a look at the video below for clarification. 

Note: 

Returning customers must add a new disbursement bank that matches the bank configured on the loan product. 

Please watch the videos below to see what this will look like.