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Post by chris on Mar 1, 2015 17:15:46 GMT
Does this need to be every hour? If I have correctly understood the requirement it is for a same day solution so one, or perhaps two runs a day would suffice provided the cut off times were publicized. I would hate to see any form of interim manual arrangement, this leaves too much scope for errors. Programatically it doesn't matter if it's twice a day or twice a minute, so that's just a discussion on costs. There's a high fixed fee for any access on top of the per download charges so there's still a balance to be found.
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Post by GSV3MIaC on Mar 1, 2015 17:54:40 GMT
I assume this must be a special deal for business customers? (All) my banks allow me to sit on-line and watch my account(s) 24/7 if I choose to. Screen scraping is a bit more of a challenge (yeah, the blighters keep changing the formats and refuse to deliver a nice machine readable .json object to my scripts), but not impossible (and detecting 'something happened' is much easier than figuring out exactly who deposited what, automagically), but they don't charge me for looking.
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Post by chris on Mar 1, 2015 18:18:32 GMT
I assume this must be a special deal for business customers? (All) my banks allow me to sit on-line and watch my account(s) 24/7 if I choose to. Screen scraping is a bit more of a challenge (yeah, the blighters keep changing the formats and refuse to deliver a nice machine readable .json object to my scripts), but not impossible (and detecting 'something happened' is much easier than figuring out exactly who deposited what, automagically), but they don't charge me for looking. They don't charge us for looking they charge us for accessing via a computer system (API). Screen scraping isn't really viable due to the two factor authentication and risks of format change and subequent error.
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am
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Post by am on Mar 1, 2015 19:56:01 GMT
Interesting thread. Is it worth mentioning that the time people experience the most stress is when a loan draws down and their cash is "stuck" somewhere so perhaps the only time we need a human to log in and frantically check and catchup on the deposits before the drawdown is entered in to the system? And after drawdown is entered into the system, as people scramble to fund their accounts before loan parts released to the secondary market by underwriters are exhausted. A workround would be for the underwriting terms to require release of parts to the secondary market to be spread over 2 weeks.
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bigfoot12
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Post by bigfoot12 on Mar 1, 2015 20:07:13 GMT
Interesting thread. Is it worth mentioning that the time people experience the most stress is when a loan draws down and their cash is "stuck" somewhere so perhaps the only time we need a human to log in and frantically check and catchup on the deposits before the drawdown is entered in to the system? My guess is that any change to deposit speed (which is needed) won't make much difference to the above problems. All that will happen is the period will shorten when it looks like there is available product which requires a deposit, but actually you are already too late. The same people (or perhaps different people) will be snapping it up. In any case two thirds of 3 different entities lending in February are still available now, many days later. What is needed is the promised significant increase in loan volume. Indicated February volume £8m (AH, this forum, 9th Feb), actual volume £2,345,000 (loans 147, 150, 152, and 154).
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mikes1531
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Post by mikes1531 on Mar 1, 2015 22:38:48 GMT
What is needed is the promised significant increase in loan volume. Indicated February volume £8m (AH, this forum, 9th Feb), actual volume £2,345,000 (loans 147, 150, 152, and 154). That's for sure. And thanks for finding that message from AH. I remembered that someone had said something like that at some time, but didn't have a clue how to find it. I also note that even if all the Upcoming Loans are added to the four loans noted above, the total still is well short of £8M. As I've said on another occasion... We'll believe this significant increase in deal flow when we see it -- and not a minute before!
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Post by chris on Mar 2, 2015 10:02:22 GMT
What is needed is the promised significant increase in loan volume. Indicated February volume £8m (AH, this forum, 9th Feb), actual volume £2,345,000 (loans 147, 150, 152, and 154). That's for sure. And thanks for finding that message from AH. I remembered that someone had said something like that at some time, but didn't have a clue how to find it. I also note that even if all the Upcoming Loans are added to the four loans noted above, the total still is well short of £8M. As I've said on another occasion... We'll believe this significant increase in deal flow when we see it -- and not a minute before! There's also £2m+ awaiting underwriting. Any shortfall in February will just be coming through in March rather than disappearing completely and the pipeline is shaping up for March easily being a record month.
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niceguy37
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Post by niceguy37 on Mar 2, 2015 10:35:16 GMT
It's good that AC have plans to sort out the funding speed issues.
IIRC there was talk around the end of 2014 about AC introducing email notifications. If we had email notification of the arrival of funds in our accounts, that would be very useful. Also, if possible, 48 hours notification of estimated loan drawdown. I think this would greatly help reduce lenders' frustrations. And it doesn't depend on co-operation from a bank, or interpretation of FCA rules.
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Post by chris on Mar 2, 2015 11:02:12 GMT
It's good that AC have plans to sort out the funding speed issues. IIRC there was talk around the end of 2014 about AC introducing email notifications. If we had email notification of the arrival of funds in our accounts, that would be very useful. Also, if possible, 48 hours notification of estimated loan drawdown. I think this would greatly help reduce lenders' frustrations. And it doesn't depend on co-operation from a bank, or interpretation of FCA rules. I've managed to pass this over to another developer within the team as it was just never reaching the top of my to do list despite being mostly built. He's working on another project this week and away next week but presuming nothing changes in the interim it's his highest priority the week after.
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jjc
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Post by jjc on Mar 2, 2015 15:53:32 GMT
What is needed is the promised significant increase in loan volume. Indicated February volume £8m (AH, this forum, 9th Feb), actual volume £2,345,000 (loans 147, 150, 152, and 154).
There's also £2m+ awaiting underwriting. Any shortfall in February will just be coming through in March rather than disappearing completely and the pipeline is shaping up for March easily being a record month.
Both above comments illuminating. I personally had AC’s current chances of executing to plan at 25% (50% 2014 track record halved again for larger ambition & yet to be seen improvements in delivering on their promises). I think (& hope!) it will get better but Feb closed not far off this mark, hmmm.
On rising targets shortfalls can add up quickly. Just an example – full text of 9th Feb guidance: February will see us looking to fund £8m and March could be our first £10m+ month. April's pipeline is looking very strong. The hiatus has been troubling for many but I was always confident it was down to a number of reasons that have now passed.
Hiatus passed or not issues aside, are AC now saying they will reach >15.655m in March? (10m target +5.655 Feb shortfall). Not sure what AC’s record month to date would be (5-6m?) but if AC are climbing down now (just a couple of weeks in) on their goal for March that’s not a good sign.
Investors like realistic, credible projections. They also like delivery that matches these (or thereabouts). Quick maths: AC have publicly stated their 300m target for 2015. If they hit 20m in Q1 that’s over 30m/month they need to make from Apr onwards. It won’t take much more shortfall before they need to hit 2014’s full year funded loan volumes every month till Dec. Eek.
Believe or not this is actually just a comment from a supportive (& to date enthusiastic) lender. Quite another story in the cruel world of capital markets. Miss your guidance & your share price gets truly clobbered. Miss it wildly (or too many times) & no analyst will have you on their Buy (or any) list.
Just as well we have some time to get prepared.
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bigfoot12
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Post by bigfoot12 on Mar 2, 2015 17:32:22 GMT
jjc said "Miss your guidance ... wildly (or too many times) & no analyst will have you on their Buy (or any) list." Unless they are pitching for your business! Edit: Somehow lost jjc's quote and I can't add it back in.
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Post by andrewholgate on Mar 3, 2015 9:03:34 GMT
OK. I have asked for specific data as I am currently travelling, but the difference is between what is drawn and what has been funded and waiting to draw.
I will respond later and more fully.
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merlin
Minor shareholder in Assetz and many other companies.
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Post by merlin on Mar 3, 2015 9:17:14 GMT
A few promises of jam tomorrow which are not delivered leads to disbelief. Compound it further with promises that you know you cannot deliver leads to total disenchantment and people just going elsewhere. AC's promises tank must now be very close to running dry and when it does the engine driving the enterprise will stop.
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sqh
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Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on Mar 3, 2015 12:11:00 GMT
AC appear to be reacting very positively to this thread.
I sent money via faster payment after 17:30 yesterday evening and the money was in my account when I looked at 10:15 today.
Well Done AC !
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jjc
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Post by jjc on Mar 13, 2015 12:28:15 GMT
OK. I have asked for specific data as I am currently travelling, but the difference is between what is drawn and what has been funded and waiting to draw. I will respond later and more fully. Good to see the pick-up in deal flow. andrewholgate can you please update as promised last week. Your expectations for April would also be welcome.
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