Core Banking 3.1
February 10th, 2022
This major release of FintechOS Core Banking brings a series of new features. Custom repayment plans can now be added to contracts for cases when the existing Core Banking logic is not compatible with the desired schedule. Role-based limit capabilities were developed and implemented, allowing you to manage limits for different customer roles, such as merchants. With a multitude of improvements and newly added parametrization capabilities, this release improves the contract creation process and payment schedule calculation. The existing Core Banking APIs were also improved, now returning more diverse information, and endpoints were added to support new features.
This is part of the FintechOS 22.w release. Please check the main release notes for more information.
New Features
Import Custom Repayment Plans on Contracts
To accommodate cases when a contract's repayment plan cannot be built using any of the existing Core Banking automated logic, starting with this release you can import a custom-built schedule on a contract. You can either perform the import of a customized repayment plan at a contract event level, or at a contract level within the Contract Repayment Schedule page while versioning a contract.
After importing a custom repayment plan on a contract through a .xlsx
file whose template must be first exported, the system runs a list of validations. The notification process is the same as in other contracts with automatically generated schedules. Read more about importing custom schedules on the dedicated page.
The newly introduced
and FTOS_CB_ImportContractRepaymentPlan
FTOS_CB_ImportContractEventRepaymentPlan
APIs support this new feature, allowing you to import the custom repayment plans at the contract, respectively at the contract event level.
Role-Based Limits
From now on, you can define new limit types that are based on roles associated with contract participants specific to your business, and use them throughout Core Banking with all the functionality of any other default limit type. For example, you can configure a Merchant limit type, to enable the creation of limits for customers who have the Merchant role associated at a customer level.
Core Banking allows you to associate multiple roles to a customer, thanks to the new Role
field added to the page accessible through the Customer Core menu. You can select as many roles as you wish for a customer to be able to have within contracts. Limits defined for roles at a customer level are treated as system limits and they are affected by contracts where that specific customer plays that role. For example, if the customer has a Merchant role, you can define a Merchant type limit.
A new configuration can be performed at limit level, where the user can select whether a limit is mandatory or not.
Along with the Mandatory Roles section added at the banking product level and the limits validations put in place in Core Banking, you can manage role-based limits to suit your business needs.
Improvements
Customer Payments Menu Item
Up until now, all the payments information was displayed at the contract level, within the Payments tab. For convenience, we've introduced the Customer Payments page, accessible through the FintechOS Portal's Core Banking Operational menu > Customer Payments menu item, where you can view each payment processed by the system. Select any record to see its payment details, along with its allocation details. Note that Core Banking processes payments automatically, so you can't insert payment records manually, or perform any changes on existing payment and payment allocation records. More details can be found in the Customer Payments topic.
Contract Penalty Detail Enriched with Description Field
For more clarity on the calculation of a contract penalty detail, we've added a new field to the Contract Penalty Details section of the Contract Penalty page, and to the Edit Contract Penalty Detail page. Thus, the Description field displays information about the total penalty value, the penalty percent or value applied to the number of overdue, and the delay days for calculation.
Improvement On Early Repayment Event
With the introduction of the Collect accrued interest checkbox in the Event page, you can specify at an Early Repayment
type contract event level whether the value of the interest accrued up to the event date (displayed in the Accrued Interest field) should be collected or not.
Enhanced Core Banking APIs
Starting with this Core Banking release, the FTOS_CB_GetContractData
and FTOS_CB_GetContractRepaymentSchedule
APIs results also indicate each installment's unpaid amount after a partial allocation. The answer contains now the UnpaidInstallment
value.
The FTOS_CB_AddUpdateContract
API was enriched with the autoDisbursement
parameter, whose boolean value, sent via a request, specifies whether a contract is with automatic disbursement (for True
value) or not (for False
value). We've also enriched the same API with product filtering capabilities by adding the interestCommissionItem
parameter to the call. This parameter represents the interests & commissions item's name attached to the banking product within the Dimensions tab's > Interests & Commissions section. Read more information in the Core Banking developer guide's FTOS_CB_AddUpdateContract page.
Enhancement On Loan Classification
The newly introduced UseContaminationForDPDCategory
Core Banking system parameter allows you to switch on or off the risk contamination for contracts with delays in the repayment process.
Enhancement On Blocking New Contract Approval
Until now, if a customer had overdue payments on an existing contract, a validation prevented the approval of a new lending contract for that customer. With the introduction of the new DelayDaysForBlockNewContractApproval
Core Banking system parameter, you can configure a default number of delay days for this validation. Thus, any new lending contract approval is blocked by Core Banking only if the customer has a number of overdue days larger or equal to the value of the DelayDaysForBlockNewContractApproval
parameter.
Enhancement On Contract Interface For Manual Values
With the addition of the Is Manual Value
checkbox at the term loan contract level, Core Banking allows you to edit the values for the Initial Royalty
or Initial Principal Value
fields. If you select the checkbox, then you can manually enter the value for royalty or principal, thus overriding the values automatically calculated by Core Banking.