Continuing on with our efforts to bring real-time balances to fruition, we have now released the next stage of development to selected customers.
Release Summary
This second stage of development focuses on three main points:
The ability for reconciliations to be deleted and have balances immediately update
Bringing in real-time balances for Manual Transactions where there is a Capital Repayment (this will only affect customers who utilise the Reserve capabilities in Agrolending)
Deleting Manual Transactions for Capital Repayments and having balances immediately update (this will only affect customers who utilise the Reserve capabilities in Agrolending)
As advised in previous correspondence, these changes currently only apply to Capital Repayments. It is by keeping the updates limited to one repayment type that we are able to release more frequent changes. Additional repayment types and features are planned for inclusion in the coming months. Further information on the three additions to the system can be found below and information on the previous releases can be found on the Agrolending website here.
Delete Reconciliations
While customers have always had the ability to delete reconciliations, they have traditionally had to wait until the system runs for the balances to update. With the latest release customers who accidentally incorrectly reconcile a capital repayment will be able to delete that reconciliation and have the balance update immediately.
In the image below we have a loan with a capital balance of $450,000.
After receiving funds we have reconciled a $50,000 capital repayment to the loan. We can see that the internal real-time balance system has processed this transaction by looking for the “completed” under the System Process Message. The loan balance has also immediately reduced by $50,000 and is now sitting at $400,000.
In this scenario the customer has realised that they have accidentally reconciled this repayment to the incorrect loan. Using the delate function the $50,000 reconciliation has been removed. Upon deleting the reconciliation the balance has again increased by $50,000.
Again, this function is only currently available for capital repayments.
Manual Transactions - Transfer between Reserve and Loan (For customers utilising the Reserve Capabilities)
Customers utilising the Reserve capabilities on their system can now access real-time balances for Capital Repayments when using the Manual Transactions function to transfer the funds from the Reserve to the Loan.
In the scenario below a repayment has come in for a loan, these customers utilise the Reserve function and have reconciled all of the funds to the Reserve. We then create a Capital Repayment and utilising Manual Transactions we transfer the capital repayment amount from the Reserve to the Loan to reduce the loan capital balance. As this is a capital repayment the real-time repayments system will pick up the transaction and, providing it fits all the requirements, will complete the transaction.
Once you have created and saved the Manual transaction the real-time transactions function will process the capital repayment manual transaction, this will take between 2 and 5 seconds. Simply open the Manual Transaction and look for the “Completed” remark at the bottom of the screen.
Upon reviewing the loan you will note that the balance of the Loan has now reduced by $200,000.00, the capital repayment amount.
Deletion of Manual Transactions
As per the first scenario above, the system will now also handle the deletion of manual transactions for capital repayments the same way. In the scenario below, the user has realised that they have completed the Reserve to Loan Manual Transaction for the incorrect loan and has deleted the Manual Transaction, the balance for this loan has automatically updated to take this deletion into account.
Known Issues and notes
Reserve balances are not yet included in the real-time balances and will be updated via the batch when your batch process runs
Updates to reconciliations and repayments will see the process handled by the batch, if you have made an error on a reconciliation or repayment and want to trigger the real-time balances system, users will need to delete the reconciliation and repayment (depending on where the error is – if only with the rec then just deleting the rec will be sufficient) and put it through again.
To enable this process to work, the real time transaction system needs to work in sync with the standard batch process system. On the very rare occasion where there may be a conflict between the real-time processing and the standard batch processing, where two transactions have been processed for the same loan within a very brief timeframe, a transaction may get out of sync, we are working to solve this and have processes in place to accommodate this. The timeframe at the moment for this potential conflict window is a matter of minutes during the standard batch processing, we ask users to be mindful (in the short term) of what time the standard batch process runs on your system (generally on the hour) and be aware of multiple transactions taking place for the same loan during this time.
Feedback
As we continue to introduce new features, customer communication and feedback is paramount. If you experience any difficulties with the real-time capital repayments process outlined above or in previous correspondence, if you receive an error that you should not be experiencing, or if it simply doesn’t function as it should per the description above, we request customers to raise a support ticket immediately. It is only with actual real-time use of the system that we are going to be able to iron out any of the creases. Please rest assured that we have also enabled additional background monitoring to catch issues as they may arise.
We look forward to your feedback.