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
Release 1.2 of the Real Time Balances project will see additional users introduced to the user pool. Users who are only just becoming aware of this project are requested to view previous release information found here.
Release 1.2 of Real Time Balances expands on the features already provided and incorporates the following new features:
Updates – The ability for the Real Time Balance system to track and handle updates to:
Capital Repayments
Reconciliations
Manual Transactions
Cash Repayments – those made on the first day of the loan only at this stage.
What does this mean?
Updates:
Updates means that the Real-time balances system is now capable of handling updates made to Capital Repayments, Reconciliations for Capital Repayments and Manual Transactions linked to Capital Repayments. Previously, the system could handle newly created transactions (types listed above) and deletions of the same, and would maintain live balances for these actions, however, if an error was made and any edit occurred to any of these three transaction types, the batch system would take over the processing of the payment. With release 1.2 edits to the three transaction types above can be accounted for by the Real Time Balances system and live balances can be maintained.
Cash Repayments – First Day of Loan Only:
The Real-time balances system will now also handle cash repayments when made on the first day of the loan. The reason that this has been included is that Cash Repayments put through on the first day of the loan will not include any interest, hence only Capital balances will be affected. Therefore, Cash Repayments put through on the first day of the loan will be handled by the Real-time balances system and will see live updates to loan and facility balances.
Limitations:
At this point we are aware that this process includes transactions that directly affect capital balances only, the inclusion of repayment types that include interest is a much larger scale project, however it is our hope to start to see volume through the system prior to this inclusion to enable us to ensure that the Real-time balances system is ready to take on the next phase of release.
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.
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, and will be moving forward with continued releases over the coming weeks/ months.