Mambu Banking Engine

Ideas aimed to improve the current experience provided by the Mambu Banking Engine.

Remove instalment state from 'Paid' to 'Pending' when applying fees before due date

What

A way of returning pre-paid instalments to the 'Pending' state when a fee is applied before the due date.


Why

Even though the originally-expected principal and interest may have been paid, some organisations may still wish to claim fees on the same due date.

For instance, an instalment due on 15.04.2021 may have $500 principal expected and $200 interest accrued on 10.04.2021. If a customer pays $700 on 10.04.2021, the instalment will be marked as paid. Any fees applied between 10.04 and 15.04 will then be carried over to the next instalment, rather than 'reopen' the instalment.

Being able to reopen paid instalments would therefore enable the collection of fees on the original due dates. This may also be desired with revolving credit accounts if there is no principal to be repaid, but the organisation still wishes to charge an 'account usage' fee.

  • James Anderson
  • Apr 1 2021
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