Ideas for the Mambu Banking Engine

Store Value Date for transactions

What

Currently in Mambu we store the Time Stamp of a transaction entry, as well as the Booking Date, ie the date of booking in accounting, based on which interest calculations are performed as well as accounting booking/reporting. In the financial world, it is a standard however to store and choose from 3 dates for transactions, as detailed below.
 
Time Stamp
The time when the entry was recorded. 
 
Booking Date
Date and time when an entry is posted to an account on the account servicer's accounting books.
 
Value Date
Date and time at which assets become available to the account owner in case of a credit
entry, or cease to be available to the account owner in case of a debit entry. Interest calculation should be based on this date. 

Mambu should allow selecting for transactions a different booking date vs value date. 
 

Why

It is a standard in the financial industry, needed for reconciliation and support different flows, for example a check can be submitted today, but the value date based on which calculations are performed is the date when the value is realised and the money comes into the account. 

  • Monica Branzan
  • Aug 16 2017
  • Shipped