Banking Product Factory 3.0

October 22nd, 2021

Apart from changes needed to support the Core Banking improvements just released, Banking Product Factory 3.0 was enriched with the FTOS_BP_GetBankingProductByCode API, allowing you to fetch the information of a banking product based on its code, the Commission Types menu item, and a restructured Product Factory menu.

This is part of the FintechOS 22 release. Please check the main release notes for more information.


Mass Penalty Interest

With the introduction of the Is General checkbox at the interest level for a banking product, you can define a penalty interest applied to all the loan contract's operation items that are overdue for payment, instead of having to define different penalty interests for each operation item that is subject to penalty interest calculation on a contract. This can be useful when you need to define one single penalty interest to be applied to all the overdue amounts subject to penalty interest calculation resulting from repayment schedule processing. As a side note, you can specify which operation items should be used by Core Banking for penalty interest calculation within the Add/ Edit Operation Item pages, selecting the Include In Penalty Calculation checkbox and then selecting an item from the Penalty Item list. Read more about operation items in the Core Banking user guide.

Enhanced Banking Products API Experience

Check out the new FTOS_BP_GetBankingProductByCode API, built to fetch the information of a banking product based on its code, and learn how to use it in your digital journeys.

Commission Types Menu Item

The Commission Types menu item is a new addition to the Product Factory -> Banking Product Dimensions menu. Use commission types to categorize commissions according to their intended usage. Read more about them on the dedicated page within the Banking product user guide.

Restructured Product Factory Menu

The menu items formerly available under the Banking Product Factory menu in Innovation Studio were moved under the more inclusive Product Factory menu, along with insurance-specific product factory items. Threat not, their features haven't changed and you can perform the same tasks as before.