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What's New in Real-time Release 1.5 Update?

Further to the progress already made in the real-time repayments project, Release 1.5 is now available to those customers currently utilising the real-time balances system.


Users who are only just becoming aware of this project are requested to view previous release information found here.


Release Summary


Release 1.5 sees the introduction of the following features:


  • Drawdown Updates (updates to Bank Reconciliations)

  • Sale of Collateral Repayment Types:

    • Sale of Collateral (Borrower Payment)

    • Sale of Collateral (3rd Party Payment)


Drawdown Updates

Release 1.4 included the addition of real-time drawdown calculations into the system, allowing customers to immediately see an updated capital balance, start and expiry date and updated facility balance.  However, release 1.4 was limited in allowing for changes to these drawdowns such as if someone had selected the incorrect loan etc. Release 1.5 sees updates moved into real-time.  This change will allow edits to an existing drawdown when fields such as the date, loan or amount are required to be changed on the bank reconciliation.  Based on the field changed users will automatically see all associated data change in line with the edit made, for example moving a start date back by a day will also update the (term based) loan expiry date.


Sale of Collateral Repayments

Release 1.5 also introduces real-time calculation of repayments for a Sale of Collateral repayment record type.  This addition will allow customers who utilise the Sale of Collateral feature to immediately calculate repayment amounts for collateral sold, and to instantly view balance updates for repayments processed through the system, even those on the same day.  This feature also updates the number of units held and monitors percentage sold to ensure minimum collateral requirements are maintained. 


Unfortunately, at this time, this feature is not available for Sale of Collateral Repayments that are processed via the Bulk System Generated Repayments process. For repayments included in the Bulk Repayments process the process remains unchanged, with the batch system calculating and updating the data in due course.


  

Known Issues and notes:

  • Fees are currently not processed in real-time and will be handled by the batch

  • Drawdowns processed via Manual Transaction (aka from Reserve) are currently not included

  • Drawdown deletion functionality is for single drawdown loans only, loans with multiple drawdowns will be handled via batch.  

  • 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 time frame, a transaction may get out of sync, we are working to solve this and have processes in place to accommodate this. The time frame 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.



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