Ideas for the Mambu Banking Engine

Option for Dynamic loans to not accrue late interest

What: Add a setting for Dynamic products which would not allow accounts to accrue or post late interest.

Why: Some organizations need to have no additional late interest on their accounts in arrears as in a Fixed product or need to manage late interest exclusively via penalties, while still having a Dynamic account behavior when pre-payments are made, so interest should be recalculated and adjusted to actual payment dates in that case.

  • Rodrigo Ocampo Uribe
  • May 24 2017
  • Shipped
  • Attach files
  • Aleksejs Gorbatihs commented
    July 31, 2018 12:51

    Definitely a good feature to have:

    1. We can retain flexibility in terms of product setup - have late interest + penalties, or just penalties.
    2. Having late interest always calculated disables clients to have penalty grace period, and contradicts with what penalties functionality offers.
  • Monica Branzan commented
    October 25, 2018 08:56

    Product Update:

    This functionality will be delivered in multiple phases, for specific product configs. If you are interested in this functionality, please clarify with your Account Executive which phase suits your needs, as documented for each Aha feature phase, in order to be kept up to date on the appropriate phase.