Banking Product Factory 3.2

May 6th, 2022

Apart from changes needed to support Core Banking v3.2, such as contract closure settings, Banking Product Factory v3.2 comes with a plethora of features and improvements to make your product creation process smoother. The package comes with a new predefined security role, settings to define products that allow customers to return amounts or goods, configurable reconciliation account treatment for negative balance, and much more. The restructured forms offer a more intuitive experience while creating or editing records, and the banking product dictionaries exposed via new menu items provide eased access to all the configurations you might have to perform. This version is also fully compatible with FintechOS Platform v22.1.

New Features

Predefined Security Role

Banking Product Factory comes with a predefined security role specific for banking-related business needs. Users with the 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.

Return of Goods

The Return of Goods feature allows you to return all or some of the claimed front-end fee commissions in case of returned amounts or goods. The return fee is associated with a dedicated Returned Amounts or Goods transaction type to be used when the funds are returned. For term loans or mortgage products, 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, calculated as the sum of all Front-End Fee type commissions with Is Returnable = True)*[(Returned amount)/(Loan amount)], are paid back to the borrower if a Returned Amount or Goods transaction is performed for contracts based on banking products that have a filled-in Return of Goods section within the Lean Core Settings tab. See the Commission Definition Best Practices page for more details.

Contract Closure Settings At Banking Product Level

At the banking product definition level, you can specify the specific conditions for contract closure, such as whether the contract should be closed automatically or manually at maturity when the balance reaches zero, along with a number of days during which the contract should be kept in its previous status, whether it should be closed in real-time or during the end of day processes, or whether these closing conditions can be negotiated at the contract level or not. The related fields are configured through the Closing Contract Settings section within the Lean Core Settings tab, for Term Loan and Mortgage product types.

Configurable Transaction Types

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

Mandatory Roles Improvements

For a better definition of the mandatory roles at the banking product level, we've made the Search Limit field read-only and unselected for roles not associated with a customer limit type in Core Banking. We've also updated the FTOS_BP_GetProductByCode endpoint. Thus, it can return a product's mandatory roles information, based on its new displayMandatoryRoles parameter's value.

Improvements

Configurable Reconciliation Account Treatment For Negative Balance At Banking Product Level

Starting with this release, you can configure how to treat situations when the funds of the reconciliation account associated with the banking product used in the contract go below zero if a disbursement event is approved. The new Negative Value Treatment field at the banking product level's Lean Core Settings tab allows you to specify whether the balance can become negative or not.

Banking Product Dictionaries Menu

The new Banking Product Dictionaries menu, found under the Product Factory menu within FintechOS Studio, 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.

Improved Product Definition & Tabs

With an intuitive user experience in mind, we've 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. We've also simplified the banking product definition process to automatically set the bank account type information based on the product's type.

Warning Added At Commission Definition

For commission values defined as percentages, the system displays a warning if the commission percentage value is larger than 100.

Aligned Collection Interest Types

For a more intuitive experience, we've aligned the creation of interests of Collection type. Thus, starting now, banded interests for current accounts with overdraft banking products can be created if you select the Interest Type = Collection and you select the Is for Overdraft checkbox. The values of the banded interests can be added by selecting already created Fixed or Variable interests rates. Learn more on the dedicated Interests page.

Enhanced API Experience

New Parameters Added for the Repayment Plan Calculation

The FTOS_BP_Simulate API was enriched with new attributes that allow you to send the desired values for the installment or the principal.

Fixed Issues

No.	Summary	Module
FAB-2949	We've improved the response for the FTOS_BP_GetInterestDetail API, which now returns the base rates for variable interest rates.	Banking Product
FAB-2924	We solved issues regarding the configuration data deployment for Banking Product.	Banking Product
FAB-3020	Solved an issue that prevented you to change the interest and commission items when versioning the banking product.	Banking Product
FAB-2939	We solved an issue that prevented you to define filters with the type Option Set.	Banking Product