Banking Product Factory 21.1.8001

September 30th, 2021

This minor version of FintechOS Banking Product Factory comes with a few tweaks and improvements that support the many changes released with the Core Banking 21.1.1001 version.

Improvements

Penalty Interest Calculation Including Grace Period

The Details tab > Payment Schedule Types section for the Term Loan banking products was enriched with a new field, Penalty for grace period, which specifies the behavior of Core Banking regarding the calculation of penalty interest during the grace period for contracts. Thus, if the field is selected, the penalty interest is applied on the loan contract without taking into consideration the grace period defined at contract level. If the grace period passed and the customer didn't pay the due amounts, the penalty for grace period is calculated as the difference between the system date and the due date.

If the field is unselected, the penalty interest is applied on the loan contract taking into consideration the grace period defined at contract level, and calculated as system date - due date + grace days for repayment.

Revolving Limits

Make sure you select or deselect the Is Revolving checkbox within the Term Loans page's Details tab considering the following: if a term loan is revolving, the limits attached to a contract based on the term loan must also be revolving. This means that the available amount of the limit is replenished either on each repayment of the principal or on loan contract closure.

Read more about revolving limits in the Core Banking 21.1.1001 Release Notes.

Payment Schedule For Any Number of Days

The payment schedules became more flexible and permissive, allowing you to create such schedules for any number of days, with a linear calculation method. For example, you can now create payment schedules with the due date at exactly 10, 15 or 30 days.

For this purpose, when defining the banking product, make sure that the measurement unit for the Periodicity Type field in the Details tab matches the Period Type's value in the Availability tab and both match the Measurement Unit's value at the used payment schedule level.

The schedule type and periodicity type are filtered on measurement unit: days, weeks, months, and this also applies to contracts. At the contract level, for payment schedules with periodicity type Days, the holiday shift is automatically False and cannot be changed, and the first due date is calculated with Days measurement type.

The FTOS_CB_AddUpdateContract endpoint was also updated to accommodate the First Due Date value.

Repayment Schedule and PMT Calculation Endpoints

The Banking Product Factory package contains two new endpoints which can be further used in your customized digital journeys:

• FTOS_BP_CalculatePMT - it returns the value for the calculated PMT.

• FTOS_BP_CalculateRepaymentSchedule - it returns an array of json files representing the installments of a repayment schedule.

Read more details on their parameters and usage in the Banking Product Factory user guide.