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What's New in Real-time Release 1.6 Update?

Updated: Jul 31

Agrolending are happy to be able to release to customers the two latest updates to the real-time repayments project.  Release 1.6 has now been rolled out and includes some very exciting introductions:

 

  • Real-time scheduled repayments

  • Real-time cash repayments

 

If you are unfamiliar with the real-time balances project we suggest that you begin by reviewing the previous release documents here.

 

Release Summary


Scheduled Repayments

 

Formerly, customers would need to wait for the batch system to run for the repayment to generate, with the real-time balances project, the schedule will populate immediately for schedules based on the information input at the start of loan creation (only for PMT and Interest Only PMT Schedule Repayment Types).  This information will update according to the information input into the system up until the Loan reaches an Approved status.  Additionally, created repayment schedules will update based on changes to the following criteria up until the Loan reaches an Approved Status:

 

  • Repayment Frequency

  • Loan Term months

  • Delayed first repayment

  • Residual Balance

  • Initial Loan Amount

  • Initial Loan Amount (Ex GST)

  • Expected Loan Start Date

  • Schedule Repayment Types (PMT/ IPMT only)

  • Facility

 

Cash Repayments

 

The latest update to Cash Repayments is exciting as it is the first of the repayment types that also includes interest calculations.  From today, reconciling a repayment with the record type of “cash repayment” will process the reconciliation and update the balances immediately via the real-time balances system.

 

However, the biggest change to Cash Repayments is in addition to the real-time balances system, and has been made based on customer feedback.  From the roll out of Release 1.6 the amount that is entered onto the Cash Repayment when the repayment itself is created is the amount that will be receipted regardless if the amount paid is in excess of the Cash Repayment and the client margin function will come into effect.

 

Previously, if you had created a cash repayment for $20.00 and then received and reconciled $100.00, the entire $100.00 would be received and reduce from the loan, even though the cash repayment was created for $20.00, the entire reconciled amount would be utilised.  Additionally, in the above circumstance, if a less amount was reconciled then that amount would be receipted and the cash repayment would just sit as a partially paid repayment.


With the latest changes the above circumstance will process as follows:

 

  1. Cash Repayment created for $20.00

  2. $100.00 Payment received

  3. Bank Reconciliation created for $100.00 with the $20.00 Cash Repayment linked

  4. $20.00 will be received against the loan per the created cash repayment.  Additional $80.00 will appear as a client margin (overpayment) and the customer will be able to use the client margin to allocate the additional funds as required. 


Alternatively, if the payment received is less than the cash repayment amount then the margin/ shortfall created will be in the negative:


Note: Short paid repayments will appear on a report for customers to review.

 

Known Issues and notes:

  • Short paid repayments will still note a payment status of Paid.  Partial payments are scheduled to be addressed in Release 1.8, however short paid Cash repayments will appear on a report available for customers to review.  Alternatively, this information could be made available on your Dashboard.  

  • 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 any of the real-time repayments processes 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 in the release notes, 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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