Core Banking 3.3

August 5th, 2022

This major release of FintechOS Core Banking brings you lots of features and improvements, such as working with multiple interest rates on contracts, automated settlement of repayment notifications at the contract and at the customer level, manual repayment notifications, a specialized dashboard for loan admin officers, a report for contracts that can be closed, automated processing of clawback-generating events for third-party entities, and much more. We've also concentrated on the Core Banking APIs, creating endpoints for the newly introduced features and reworking all the existing ones to be compatible with the OpenAPI 3.0 standard. Note that you have to tweak your existing API integrations as described in the Breaking Changes section of this page.

Core Banking v3.3 is fully compatible with HPFI v22.1.1.

New Features

Multiple Interest Rates on Contract Definition

You can now work with interest collections in Core Banking. Thus, you can manage contracts with fixed to variable interest rates, assisting you mainly in the mortgage lending area. This is possible because the loan contract repayment schedule and collection processes now support working with Collection type interest rates when creating a contract. Read more information in the Product Interest Rate section on the Term Loans page.

Manually Capturing Repayment Notifications

Core Banking now helps you reconcile wrongly processed cases and other situations resulting from delayed processing or wrong updates. Thus, depending on your user rights, you can manually add notifications for an active contract based on term loans or mortgages, or add notifications for amounts to be recovered even if there is no active contract. Core Banking automatically includes all such manual notifications in the recovery processes.

We've also adjusted the penalty calculation processes to include all the repayment notifications, either generated by Core Banking or captured through your manual intervention, linked or not to an active contract. All the repayment notifications that are not paid in full after their maturity dates are subject to automated penalty calculation processes performed by Core Banking. Thus, for repayment notifications linked to a contract, Core Banking uses the penalty interests defined within the interests list attached at the banking product level, and for repayment notifications not linked to a contract, it uses the penalty interest list specified in a system parameter. Read more information in the Core Banking User Guide.

You can manage manual repayment notifications either through the user interface or through API integration, using the newly added third-party management endpoints, documented in the Core Banking Developer Guide.

Automated Settlement of Repayment Notifications at Contract and Customer Level

Starting now, you can manage the contracts in case of blocked accounts and control the allocation of funds to outstanding Installment type notifications in case of the need to impose a block on the settlement account, or manage the settlement of multiple loans from the same settlement account when short on funds and exceptional rules might apply. Turn on or off the automated settlement of Installment type repayment notifications functionality (the payment allocation) at the contract level using the Direct Debit Settlement Account checkbox. You can also manage the Direct Debit Settlement Account setting at the customer level. The customer-level setting takes precedence over the setting at the contract level when creating new contracts. For existing contracts, Core Banking applies the setting configured within the CustomerToContractDirectDebitSettlementAcc system parameter.

The FTOS_CB_AddUpdateIndividualCustomer and FTOS_CB_AddUpdateLegalEntityCustomer endpoints were updated to accommodate the new settings.

Loan Admin Officer Dashboard

The newly added Loan Admin Officer Dashboard aims to be the main overview page for users with the associated role of Loan Admin Officer in their day-to-day tasks. It offers a glimpse of the important notices, overview information about contracts, customers, collateral evaluations, credit facilities, third-party agreements, the user's upcoming tasks, calendar, as well as an integrated chat with colleagues, while also enabling users to access record creation or viewing pages without having to navigate to the corresponding menu items. While some configurations can be performed using the Core Banking system parameters, some features depend on the actual implementation process. Read more information on the Dashboards and Reports page.

Enriched API Experience

Endpoint for Updating an Approved Contract

The FTOS_CB_UpdateContractAfterApproval endpoint was introduced to allow the updating of already approved contracts regarding the behavior of the automated settlement functionality.

Customer Role Management Endpoints

The newly introduced FTOS_CB_AddCustomerRole, FTOS_CB_DeleteCustomerRole, and FTOS_CB_GetCustomerRole endpoints allow you to easily manage the roles associated with a customer through API integration.

Deposit Liquidation Contract Events Endpoints

Now you can manage Deposit Liquidation contract events through API integration, using the new FTOS_CB_AddUpdateDepositLiquidation and FTOS_CB_ApproveDepositLiquidation endpoints.

Endpoints for Contract Repayment Schedule

The Print Schedule functionality from the Contract Repayment Schedule level can now be accessed through API integration via the new FTOS_CB_GetContractRepaymentSchedulePrintFile endpoint. We've also added the FTOS_CB_GetContractScheduleDetailInfo endpoint to help you retrieve the details about a specific contract installment.

Improvements

Transaction Types for Clawback Commissions

For third-party management invoicing activities, you can mark transaction types as generating a clawback commission. Select the Is Clawback Transaction checkbox for the desired transaction types and allow the system to perform the automated invoicing activities whenever such a transaction is registered.

Automated Processing of Clawback-Generating Events for Third-Party Entities

Core Banking automatically identifies the contract events that determine the clawback (for example, Early Repayment events). To make use of the clawback settings, make sure that you mark the desired transaction types with Is Clawback Transaction = True, and when you define your agreement pricing, those transaction types are selected at the banking product type level or the banking product level. The system calculates the clawback commission for each contract and inserts a corresponding invoice detail for the invoice generated for the third-party entity. See details on the Third-Party Invoices page.

Sales Channel Dictionary

Contracts now store information about the channel through which the contract was created. You can now manage the channels via the Sales Channel menu item.

Closure of Contracts Report

To find out quickly which contracts are ready to be closed, view the Closure of Contracts report, or use the new FTOS_CB_GetClosureOfContracts endpoint to fetch the same information within your API integration.

Maximum Disburse Date Calculation

If not filled in at the contract creation time, the Maximum Disburse Date is now calculated based on the Maximum Period Disburse After Activation (Months) from the banking product level, and Maximum Disburse Date = Maturity Date - 1. We've also implemented a validation that prevents the approval of Disbursement contract events after either the Maximum Disburse Date or the Maturity Date - 1 has passed.

Fixed Issues

  • The repayment schedule had some issues when being calculated for Early Repayment transactions that were performed after a partial disbursement.

  • The repayment schedule for periodicity type different than Monthly, or for grace period applied to the principal, had some issues, which are now corrected.

  • To prevent situations where a contract could be approved before saving all its details, extra validations were added at the contract approval level.

  • The calculation process for repayment schedules used to save values with more than 2 decimals into the installment's json file.

  • The error preventing you to approve a term loan contract for a customer belonging to a group, even if the group already had approved limits, is now fixed.

  • We fixed an issue regarding the Country Exposure limit not being updated after contract approval for customers belonging to groups.

  • The error on defining a Product Exposure limit through the FTOS_CB_AddUpdateCustomerLimit endpoint was resolved.

  • The AddUpdateContract endpoint used to have an error that caused the contract to be incorrectly marked with auto disbursement, if the request contained advanceAmountValue = 0 and autoDisbursement = false.

  • We solved a bug that prevented the approval of Early Repayment transactions when the affected current account's balance was zero.

  • We fixed an issue that allowed you to create third-party commission values with the starting validity date larger than the ending validity date.

Breaking Changes

All our Core Banking endpoints were reworked and are now compatible with the OpenAPI 3.0 standard. Make sure you update your integrations accordingly, changing the authentication request, placing the received bearer token into the Authentication header of each request, and updating the endpoint request syntax as described in the new Core Banking Developer Guide.

Please note that the following endpoints' output variables were changed to comply with the upper camel case naming convention:

  • FTOS_CB_AddUpdateIndividualCustomer

  • FTOS_CB_AddUpdateLegalEntityCustomer

  • FTOS_CB_AddUpdateCustomerBankAccount

  • FTOS_CB_AddUpdateCustomerCollateral

  • FTOS_CB_AddUpdateCustomerLimit

  • FTOS_CB_ApproveCustomerLimit

  • FTOS_CB_ApproveCustomerCollateral

  • FTOS_CB_AddUpdateEarlyRepayment

  • FTOS_CB_ApproveEarlyRepayment

  • FTOS_CB_ApproveReturnedAmountOrGoods

  • FTOS_CB_AddUpdateReturnedAmountOrGoods

  • FTOS_CB_AddUpdateContractDocument

  • FTOS_CB_ApproveContractDocument

  • FTOS_CB_GetRescheduleOverduesNotifcations

  • FTOS_CB_GetCustomerLimitVersion

  • FTOS_CB_GetContractRepaymentSchedule

  • FTOS_CB_GetContractData

The input variables for FTOS_CB_AddUpdateContractDocument and FTOS_CB_ApproveContractDocument were also changed to comply with the camel case naming convention.