Ideas for the Mambu Banking Engine

Ability to Apply a Manual Fee to a Past (already due) Instalment for Revolving Credits

What: To have the functionality to be able to apply a Manual Fee that has been set up on the Product level via API and UI on to a particular Instalment in the past which is not marked as "Paid". The Fee Application transaction should still have the present date as its Creation Date and Value Date i.e. the Fee is not being backdated only being allocated the instalment in the past on the loan schedule.

Possibly could be achieved via specifying the Instalment Number as an input parameter.

Why: Tenants in Denmark have a regulation to charge "Reminder Fees" (fees for being in arrears) only after a few days of the instalment being late, not as soon as it becomes late. Also, they need to have the Creation and Value Date to be the same date as this is mandatory information that needs to communicated to the client as well as debt collection agencies.

Currently, it is possible to backdate a fee via API to the date of the late instalment but that results in a separate value date as compared to the creation date.

  • Nishant Parikh
  • Jun 12 2019
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