Ideas for the Mambu Banking Engine

Apply penalties on loan accounts via UI

What: A possibility to Apply Penalties on all loans accounts from the UI, regardless of the Loan Product Type and Penalty calculation method.

Why: This is often needed in order to process corrections on an account, e.g. when a Penalty Applied transaction is reversed (which reduces the Penalty Balance and "moves" it to Penalty Accrued amount), it might need to be manually re-applied to an account in order to reduce it's balance (i.e. waive it off). This can result from multiple scenarios, e.g. in case a backdated repayment is processed, or a past repayment is corrected triggering bulk corrections resulting in penalties reversals. A possibility to apply a penalty accrual into an account manually allows to reflect the penalty balance due from the client at any point in time.

  • Sreejith Varma
  • Sep 3 2019
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