Banking Product Factory 21.1.8000

August 6th, 2021

This release introduces new features and improvements to FintechOS FintechOS Platform such as the classification item view, the implementation of different periodicity for interest and principal calculation, the addition of deposits and current accounts with overdraft, and so on. The improvements and features that come with this release are detailed below.

What's New

Classification Items View

The Product Classification section has been added to the Main Info tab of the FintechOS Platform. This functionality allows users to insert or remove existing product classification items. For more details, see Bank Accounts.

Current Accounts with Overdraft

A current account with overdraft functionality has been implemented, giving financial institutions the possibility to allow customers to withdraw funds even if the account balance drops below zero. In order to set such an account, the customer has to have a prior agreement for an overdraft with the account provider, and an overdraft limit has to be approved. The overdraft can be added on top of existing current accounts. For more details on creating current accounts with overdraft, the interest rate and the fees that apply to it, see Current Accounts with Overdraft.

Deposits

In addition to the FintechOS banking products list, the deposit account functionality has been added. For more details, see Deposits.

Banded Interest Type

To better define interest types in FintechOS Platform, the banded interest rate has been implemented to represent a collection of values that is applied depending on the amount. The banded interest rate type can be used only for Current Account with Overdraft banking products. For more details on how to calculate this interest rate, see Interests.