Banking Product Factory 4.0

November 28th, 2022

This release of FintechOS Banking Product Factory comes with major updates aimed at greatly simplifying the product creation processes. Other components, such as banking product types, commission types, product hierarchy elements, or the newly introduced banking product system parameters, were also rethought for easier management and come with predefined values. Banking Product Factory also brings changes needed to support the new Core Banking v4.0, such as storing snapshots of interest at the contract level.

Banking Product Factory v4.0 is fully compatible with FintechOS Platform v22.1.4.

Improvements

Simplified Banking Product Creation Process

We've made a series of changes to help you create banking products faster and easier. For example, a series of fields are automatically filled when creating a product, based either on default system parameters' values or on the values configured within the underlying banking product type. The predefined banking product types that come with the Banking Product Factory packages were improved and enriched with default values, so your product definition journey should be a breeze. For example, you can configure a default currency to be filled in each new banking product you create, or you can skip entering a product code because the system automatically generates one based on the banking product type and in increment number. You can also use the predefined product hierarchy to categorize your products. You're welcome!

Easier Commission Creation

We've defined a series of out-of-the-box commission types that you should use within the Banking Product Factory and Core Banking processes. We've also added a series of new attributes to the commission type records, defaulting their values for the new commissions you create based on these types.

Faster Insurance Addition

The newly added attributes at the schedule element class level allow Banking Product Factory to default a series of values when you create an insurance record.

Centralized Banking Formulas Management

The newly added Formula menu item within Banking Product Dictionaries allows you to manage the formulas used in conjunction with banking products.

Sealed Digital Assets

Digital assets are exported as sealed, with dependency on the 22.1.4 version of FintechOS Platform, for compatibility reasons. This means that you cannot make any changes to assets on the environment in which they are deployed.

API Improvements

We've enriched the response of the FTOS_BP_GetBankingProductByCode endpoint with the BankingProductType parameter.

Fixed Issues

• Any combination of the FTOS_BP_GetBankingProductByCode endpoint parameters now leads to a successful response.

• Banking Product Factory can now be used without Third Party Management packages because we moved the IsThirdParty attribute within the Commission entity to the Banking Product Factory solution.

Breaking Changes

Due to the changes we implemented at the commissions level, starting from this release the Is Included Into Repayment Schedule Installment checkbox is automatically set to False when the Periodicity Type = Once or is not set, otherwise it is set to True, and you can't change it.

Also, the functionality of other checkboxes like Mandatory For Applicant, Automatic Load On Contract, Is For Contract Version, Is For Unusage, Is Returnable, and Is Return moved to the commission type level to be defined there, simplifying the commission definition.