Banking Product Factory 4.1

July 24th, 2023

This release of FintechOS Banking Product Factory comes with a simplified installation process thanks to the new package structure. Functional improvements include extended versioning and cloning for banking product-related entities, and a series of formula-related features to support interest rate calculation, filtering products, or leveraging underwriting rules at the product level. Banking Product Factory also brings changes needed to support the new Loan Management v4.1, such as write-off options at the product level or Actual/ 365 interest type calculation for schedules. The available APIs were enriched with new additions for retrieving more relevant information about banking products.

Banking Product Factory v4.1 is fully compatible with FintechOS Platform v22.1.8.

Improvements

Easier Installation Process

Starting with this release, the installation process was significantly simplified, thanks to the new package structure and the pipelines used for cloud deployment.

Performance Improvements

The performance is now better thanks to the cached dictionaries.

Product-Level Write-Off Options

The write-off functionality is intended for non-performing loans. Using the settings within the Write Off section, Loan Management can automatically write off non-performing loan contracts after their maturity day passes and the remaining value on the contract is under the specified threshold.

Actual/365 Interest Calculation Type

We've implemented the Actual/ 365 convention as an option for the Interest Calculation Type and we've implemented it in our schedule-building processes.

Formula-Based Calculation for Penalty Interest Rate

Starting now, you can define penalty interest rates using Banking Formulas. Read more details in the Banking Product Factory user guide.

Formula-Based Banking Product Filters

For even greater flexibility, you can now use business formulas to filter your products. To leverage this new capability, select the Rule filter type when defining your filter and select the desired formula.

You can further use the formula filter to define a filter on the Discount section of a banking product. In this case, you can select the desired formula mapping to be used or you can enter the needed formula input JSON expression.

Formulas Used in Underwriting Associated with Banking Products

You can now view the formulas that are used in the underwriting process for each banking product, as they were associated via API integration. The Banking Product Underwriting section in the Product Formula Engine tab of each product creation page lists such formulas.

Extended Versioning and Cloning for Banking Product Related Entities

Starting with this release, we've extended the versioning and cloning of banking products to their related entities. All the records of the entities linked to the product you select for versioning/ cloning are also cloned. For example, when versioning/ cloning a product, you are automatically cloning its interests and interest lists, commissions and commission lists, and so on.

API Improvements

We've enriched our Banking Product Factory API offering with the FTOS_BP_GetBankingProductTypeWithFilters endpoint, which allows you to retrieve all the banking product types with active products matching your desired criteria based on availability filters.

The newly added FTOS_BP_GetBankingProductCovenant allows you to retrieve a product's covenants' information, while the FTOS_BP_GetBankingProductByCodeExtended endpoint returns the banking product's extended information based on its product code.

Fixed Issues

• We fixed an issue that prevented the commission from being calculated in the repayment schedule when the commission was defined as a percentage applied to an amount and the schedule's commission calculation method was fixed value. Now the FTOS_BP_Simulate and FTOS_BP_CalculateRepaymentSchedule endpoints consider such commissions when calculating the schedules.

• The FTOS_BP_Simulate endpoint's jsonFilterCommission parameter now accepts number type for its value parameter.

• The Automatic Load On Contract field from the commission definition level appeared checked in Banking Product Factory v4.0 even if it was unchecked at the database level.

• The FTOS_BP_GetInterestListDetail endpoint's response used to throw an error if the interest list sent within the request contained a Collection type interest.