FintechOS 22.R2

May 6th, 2022

IMPORTANT!  
FintechOS 22.R2 is cloud based only. Starting with FintechOS 22.S, only public cloud deployments are supported.

The FintechOS 22.R2 release is out with a plethora of new features for the High Productivity Fintech Infrastructure, Lighthouse, and Northstar. We’ve worked intensely on the new FintechOS Identity Provider, Digital Journey APIs, and many more features on FintechOS Platform.

On Lighthouse, the new Buy Now Pay Later accelerator for e-commerce is available, together with other new solutions.

Northstar comes with the new Agency Management solution, improvements to the Term Life Quote & Apply accelerator, and other solutions. Read more about them below.

High Productivity Fintech Infrastructure

New Innovation Studio UI

The Innovation Studio comes with a new and improved UI, a fresh look for the whole interface with the purpose of improving the user experience and making the screens easier on the eyes. Check out the new look in the video below.

FintechOS Identity Provider

The FintechOS Platform now uses the FintechOS Identity Provider as the default authentication layer for the FintechOS applications and services. The FintechOS Identity Provider is an OpenID compliant identity and access management solution.

All FintechOS Platform components, such as Innovation Studio, FintechOS Portal, or FintechOS APIs, are represented in the FintechOS Identity Provider as different clients of the same FintechOS realm.

Cloud Configuration Manager

System configurations are now stored in a secure and controlled environment based on a secrets management system. This protects sensitive data, such as system parameters, environment variables, services credentials, or API keys and simplifies user access and environment management.

Observability

Observability allows the FintechOS Platform to generate log events and push those logs to various destinations such as system consoles, files, log servers, or Application Performance Management (APM) services.

Digital Journey APIs

You can now expose digital journeys via APIs, allowing you to access digital journeys via custom applications, web applications, frontends, etc. This functionality applies to existing digital journeys as well.

Digital Journey Built-in Analytics

The analytics functionality has been added as a set of built-in indicators that offer insight into the performance and statistics of your digital journey such as rate of completion, the average time spent on steps, completion time, so that you can tweak and make changes to improve the success ratio.

For more information on FintechOS Platform updates see the dedicated release notes.

Remote Customer Interaction

Onfido

With this release, the Onfido automation processor offers, apart from document validation, face similarity checks. Read more about this in the Onfido User Guide.

AriadNext

The AriaNext automation processor has been improved and now offers document and biometric liveness when performing indentity checks. Read more about this in the AriadNext User Guide.

Products & Services Factory

Banking Product Factory

You can specify the conditions for contract closure directly at the banking product level using the configurations within the Closing Contract Settings section. The values set here are used at the contract level, and they can be altered if the banking product is defined with flexible closure.

You can specify during banking product definition whether the product accepts Returned Amounts or Goods transaction types or not, along with specific conditions, such as the number of days during which this transaction type can be created at the contract level. The Return Fee type commissions are paid back to the borrower if a Returned Amount or Goods transaction is performed for contracts based on term loan or mortgage banking products that have a filled in Return of Goods section.

Users associated with the new Banking Product Admin security role can access and update all the entities related to the definition of banking products within their organization, and they can access all the banking menu items within the Product Factory menu.

The new Banking Product Dictionaries menu facilitates your access to a series of dictionaries used by banking products. You can manage records such as covenants, commission types, commission schemas, operation items, and so on.

With an intuitive user experience in mind, we have restructured the banking product definition tabs, grouping fields according to their role and usage. For example, the new Lean Core Settings tab contains all the information needed for Core Banking to manage contracts based on a specific banking product. Read more in the dedicated release notes.

Insurance Product Factory

The solution now lets you build your own LOBs nomenclature, by using the new Lines of Businesses management functionality.

The new configurations available - Tariff Type and Underwriting Type, allow you to attach price and scoring formulas at the product level, and on each of the product coverages, too. You can also test your Tariff Type and Underwriting Type formulas, without leaving the context of your insurance product inside the Test Calculations tab.

The data mapping functionality has been extended in order to manage more than one single mapping for a product. The Map Policy Data and Map Quote&Bind Data buttons now allow you to choose the source from where to bring the data for the formulas to run.

The Data Import Templates feature allows you to add multiple types of bulk product data to a destination environment. You can import formula data, also.

The Insurance Product Factory UI is refined, as part of a bigger improvement effort which resulted in a new look for Innovation Studio.

Product Interrogation History offers a single point of reference for all the interactions with the product formulas (rating engine or underwriting rules). The user is now able to see the history of the tariffs, calculated at a specific time, for a product or coverage.

Read more in the dedicated release notes.

Lighthouse

This release is focused on launching our vertical Buy Now Pay Later solution allowing companies to launch new embedded lending products with rapid time to market, a checkout experience that can be easily integrated into e-commerce platforms, as well as coverage of full lifecycle processes supported by our core banking solution.

Buy Now Pay Later

The Buy Now, Pay Later is an end-to-end solution for launching a new product in the market at speed, allowing consumers to finance their acquisitions and pay later in multiple installments. In addition, merchants can increase their average cart value and conversion rate and lenders can increase their customers portfolio by launching a new channel. The FintechOS BNPL solution allows you to easily define products, soft or hard credit check rules within the embedded Product & Services Factory, and provides a seamless customer check out journey powered by a powerful accelerator and the complete servicing processes (i.e. contract admin, billing & collection, etc.) using FintechOS Core Banking solution.

The BNPL checkout accelerator allows customers to complete their shopping experience by selecting BNPL as a payment option to finance their purchases in a seamless manner. They are guided through a simple application given their own profile accessing tailored products. Simple or complex risk rules can be applied to any available data. Read more about this accelerator here.

DIP For Mortgage, Mortgage Simulators and Front-Office Dashboard

Additionally, our DIP For Mortgage solution is out now with a streamlined journey to apply for mortgage in a few minutes without having to visit a bank. For this release we have implemented the Decision in Principle, the first phase of a mortgage process. Read more about this here.

In addition, we are delivering a standalone help module to be used in various FintechOS solutions. This module comes with an administration panel where questions and answers can be moderated or modified. Read more about this here.

Moreover, we are launching two mortgage simulators, Property budget and Mortgage cost, that can be integrated in various FintechOS solutions such as mobile banking, front-office dashboards and even in an iframe on a bank’s official website as a starting point for both self-service mortgages or branch mortgage initiations done by the lender’ employees or brokers. Read more about these here.

The Front-Office Dashboard focuses on improving users’ experience and productivity and comes as a great help to Relationship Manager in day-to-day tasks of a branch to support customers with information about products, exchange rates and onboarding processes. Read more about this here.

Core Banking

The Third-Party Management functionality of Core Banking refers to third-party entities such as agents, brokers, insurers, and merchants who are registered with the bank to intermediate the selling of various banking products to customers. Core Banking facilitates the management of fees and commissions for these contracts. Invoicing and automatic payments are also available.

Using the new Returned Amount or Goods contract event added to Core Banking it is now possible to return all or some of the claimed front-end fee commissions in case of returned amounts or goods. You can manage merchandise return in a contract based on a BNPL- type financial product or even return funds in a different type of loan.

Building upon the settings defined at the banking product definition level, for term loans and mortgages defined with flexible closure, Core Banking allows you to further customize the conditions for contract closure such as whether a contract should be closed manually or automatically at maturity, when the balance reaches 0, or whether it should be closed in real-time or during the end-of-day processes.

A new set of validations is in place for documents added to contracts and for managing them. This improves traceability throughout the process from origination to loan administration.

Improved control for Financial Institutions over funds enabled for a certain product through new parameters regarding limits thus displaying warning messages, blocking, or passing the contract. Read more in the dedicated release notes.

Operational Ledger

Transaction types became more configurable starting with this release. The Process Type is associated with the transaction operation type, making the connection with the automatic transaction motor of bank accounts through the event process type dictionary. Read more in the dedicated release notes.

Single Customer View

Single Customer View comes with improved structure of customer’s data for both modules: private individual and legal entity. With this release new data is displayed at the customer’s account level such as groups, complaints, financial indicators, overdue installments, garnishments, debt to the state budget, payment incidents, insolvency, internal or external campaign activities, agreements, interaction history, and so on. Read more in the dedicated release notes.

Omnichannel Campaigns

Starting with this release campaign managers have the possibility of creating campaign multi-stage execution plans (execution trees where stages can be scheduled to run in parallel or one after the other) that can be started manually, set to run automatically at a certain date and time, or with a defined recurrence. Read more in the dedicated release notes.

Online and Mobile Banking

This new package is compatible with the FintechOS Platform 22.R2 version.

Northstar

Agency Management

The new Agency Management allows you to configure a multiple level Agency structure that is specific to the requirements of the Business operation and the Line of Business rules that apply at each level. Read more in the dedicated release notes.

Core Policy Admin

Users can make various changes to active master policies, using Masterpolicy Cancellation and Mid Term Adjustments features.

With the 3.3.0 version of Core Policy Admin, users can configure the automatic renewal of the policy or based on the product configuration, and the system generates renewal offers for those due to expire.

The solution is enhanced with the ability to capture and store excesses for coverages, sub-coverages, and perils.

The solution also retrieves claim data from an external source. The Policy Claim Data API is called each time an update is made at reserve or payment level. After a claim, the system calculates the indemnity limit update.

The Policy Claims Data API is improved to update the available indemnity limit in a policy.

With the latest version, users can make various alterations to the active master policies, request a cancellation for a masterpolicy, and configure the cancellation reason types.

Read more in the dedicated release notes.

Proposal Configurator

The Proposal Configurator was extended by including the versioning capability on proposal cards level, but also by offering the possibility to be called by other systems exposing the specific API. With the 1.3.0 version, the user can also configure the card dimensions for single product cards with the tariff being set as being per product. Read more in the dedicated release notes.

Billing and Collection

The UK Direct Debit functionality was completed with features like processing AUDDIS files, adding, editing or manually canceling Direct Debit Mandates. Read more in the dedicated release notes.

Reinsurance Admin

The Reinsurance solution comes with a new dashboard, displayed in your portal. The dashboard provides the link to the reinsurance contract registration flow and, also, displays a view of the Reinsurance Contracts List. The Security Roles for the solution were updated. Read more in the dedicated release notes.

Term Life Quote & Apply Accelerator

With the latest version of the Term Life Quote & Apply accelerator, formerly known as Life & Health, the maximum possible coverage for term life has been increased to 1 million EUR. For Quotations that are automatically identified as qualifying for Guaranteed Issue, Generation of an Application form and Payment mandate, the signing and submission is now enabled. The Term Life Policy is then issued via the Issue Policy API. Read more in the dedicated release notes.