Use cases / Finance and lending
The account
Account records, from the application to the day they can go
An agreement, a direct debit mandate and the checks you ran when the account opened may all have to be produced on request, sometimes years after the account has closed. folio will keep them together under the account, and dispose of them when you’re allowed to.
Where it goes wrong today
Lending and payments teams answer to auditors and to the regulator, and both want the document as it was on the day, not a copy someone tidied up later.
Records also have to go once you no longer need them, and doing that by hand across several systems is slow and easy to get wrong.
What folio will do
Retain
Agreements, mandates and onboarding checks will be kept for each account until the period you set ends.
Find
You’ll be able to search by account number, customer name or the words inside the documents.
Hold
If a complaint or a dispute is open, you’ll be able to place a hold on the account, and nothing in it will be disposed of until two people release it.
Account
Every view, change and disposal will go in your ledger, and you’ll be able to export it for your auditors.
What you’ll set up
- Make a retention class for each kind of account record, and decide which of them should be Locked, so nobody will be able to delete them early.
- Create a folder for each account, named by your account number.
- File agreements and mandates from your own systems through the API as each account opens, with the account number as the matter.
- Point a webhook at your systems, so you’ll hear when a record is filed or disposed of.
A day with folio
- Overnight, the day’s new agreements will have been filed from your own systems, each with its receipt.
- A customer complains about a payment taken under a mandate. You’ll search the account number and have the signed mandate in seconds.
- The complaint is escalated, so you’ll place a hold on the account until it’s closed.
- Accounts that closed long enough ago will reach the end of their class, and folio will dispose of their records, with each disposal in the ledger.
Where your periods come from
The Money Laundering Regulations 2017 set the period for customer due diligence records, and UK GDPR asks you not to keep personal data for longer than you need it.
This page is general information, not legal advice. How long each kind of record should stay is your professional judgement, and folio will hold to whatever you set.
Read next
Tell us what you have to keep
folio is in private beta. If it sounds like it would help, get in touch and we’ll set it up with you.