Loan Management 24.3

February 7th, 2025

This release brings several improvements, including internal transfers for current accounts, enhanced handling of early repayments, categorized system parameters for better organization, support for custom transactions in contracts APIs, and various enhancements to the transaction system.

What's New

Improvements

  • We've added a new transaction type, Internal Transfers for current accounts, for moving funds from one account to another.
  • For one type payments, you can now select the Once payment schedule type on the contract form if the selected product and its Admin Config have a Once Payment schedule defined. However, the variable interest will not be included in products with periodicity payment Once. This use case is available for short term loans only.
  • There are now categories for system parameters. When creating a new parameter, make sure to assign a category to it from the list of available ones. Such categories are Analytics, Arrears, Calendar, Dashboard, Facility, Invoice, etc.
  • The Early settlement figure, the amount to be paid for the loan to be cleared in full is added in the Contract Event form for Full Early Repayment transactions.
  • You can now add the date when the customer informed the financial institution that they would like to perform a loan transactions, such as full or early repayment. This notification date is now available in the Contract Event form.

Implemented enhancements to the transaction system to improve the handling of repayment schedules, early repayment transactions, and product configuration settings:

  • Renamed the current Early Repayment Transaction to Partial Early Repayment to distinguish it from a new transaction type.
  • Added a new transaction type for Full Early Repayment to the system.
  • Ensured that all products using the current repayment transaction type are updated to include both the new Partial Early Repayment and Full Early Repayment transaction types.
  • Modified the Product Admin Configuration form to include a new grid allowing administrators to view and manage product transaction settings from the form.
  • The initial EventDate for transactions will be set to CurrentDate + minimumDaysApproval.
  • When simulating the repayment schedule for a transaction based on the event date, the system leaves any installments with a due date earlier than the event date unchanged, and calculates interest accrual from the last installment to the new event date.
  • The new status Registered is automatically set when a transaction moves from the Draft to Approved status but the event date is later than the current date. All forms become Read Only when the transaction status is set to Registered, preventing any further edits. However, at the moment, when transitioning from Draft to Approved, the system switches to Registered if the event is in the future. but in the transition history, the transition recorded is from Draft to Approved (not Registered).
  • Created a new form for handling Full Early Repayment. In this form:
    • The Principal Amount field will be read-only and set to the Remaining Amount.
    • The Collect Accrued Interest option will also be read-only and set to true.
  • Implemented validation to ensure that for Partial Early Repayment, the Principal Amount is less than the Remaining Amount.

Support for Custom Transactions in Contracts

Some of the contracts backoffice APIs have been enhanced with an optional transactionName parameter, which allows you to specify a custom transaction, overriding the default transaction associated with the endpoint (as long as it has the same event process type). For instance, the FTOS_CB_AddContractTransfer endpoint, which is typically associated with the "Transfer between my bank accounts" transaction, can now be customized to meet specific requirements by changing its transaction.

The following endpoints have been enhanced with the new parameter: