Our new brand ICO-RRM simulator and processor softwareis a comprehensive solution that allows banks to efficiently manage all phases of the ICO-RRM credit process granting, from the initial simulation to the final formalization. Our system has already been implemented in some of the top financial companies of the country, standing out for its agility, precision and complete alignment with the ICO guidelines.

The recently launched ICO RRM (Recovery and Resilience Mechanism) credits are intended to finance projects that promote the green and digital transition of companies and self-employed workers. These credits are part of the European Union’s Recovery, Transformation and Resilience Plan and are managed through the Instituto de Crédito Oficial (ICO) in collaboration with the country’s main financial compànies.

One of the key objectives of these lines of financing is to support sustainability projects that contribute to energy efficiency, renewable energy, the circular economy, and decarbonization. Furthermore, the conditions of these loans are particularly favourable, with long repayment periods and competitive interest rates, facilitating companies’ access to the resources necessary to improve their competitiveness and sustainability.

Key features of the solution

Integration with the ICO for pricing tables: Our simulator automatically incorporates the price maintenance lists provided by the ICO every two weeks, ensuring that simulations are carried out using up to date interest, rates and adjusted to current market conditions. This includes updating variables such as loan duration, interest rate (fixed or variable) and grace periods.

Generation of XML for validation with the ICO: Upon completion of the simulation and preparation of the loan, our system generates XML files that are sent to the ICO for automatic validation. The ICO responds with the status of each request: OK RRM (pre-accepted), KO RRM (rejected), or requests for data correction.

Simplified functional flow:

• • • • Simulation: An integrated template allows bank managers to enter customer data and perform loan simulations in a simple and automated way.
      • Document generation: After the simulation, key PDF documents are generated for both internal use and for the client, facilitating the presentation of the bid.
      • Loading processes for management: The data is loaded into the database to create the official application form, including key information about the client and the status of the simulation.
      • Formalization and certification: After validation by the ICO, our system generates the final PDF for formalization and subsequent sending to the notary. Finally, a traceability file is created to certify the correct formalization of the ICO-RRM loan.
      • Rapid implementation: With an agile approach, this solution allows implementation in a short period of a few weeks, integrating smoothly with the core banking systems through APIs. This agility not only minimizes deployment times, but also guarantees a process without interruptions for the bank’s daily operations.

By using this new tool, banks can significantly reduce operational times and improve the user  experience of credit applicants, while ensuring strict compliance with ICO requirements.