Financial Services & Products (make as child pages)
Loan Products
Savings secured loans – this feature looks as though it is well fleshed out in the jira and is in development. It is expected to ship in xx release.
Loan Product Configuration
Amortization
Repayment Types/Schedules
Repayment Frequency
Interest Rate Calculation Methods
- Flat
- Declining Balance
- Declining Balance - Interest Recalculation (Daily, Weekly, Monthly)
Interest Calculation Frequency
Payment Year
Payment Processing Strategy
Grace Period Support
Savings Products
Passbook Savings
COMPLETE
blah blah blah
Pensions
FUTURE ENHANCEMENTS
Shares Management
SCHEDULED IN ROADMAP
Recurring Deposits
IN DEVELOPMENT
Dividend Calculation and Payment. This topic needs significate data collection from cooperatives. The existing core system properly handles regular recurring interest (dividend) payment. For example, savings account earns 3% dividends (interest) per month calculated on average daily balance. What we need to learn is how financial co-ops desire to payout "bonus" dividends. This may fall into custom reports.
- Recurring Deposits
- Current Account
- Term Deposits
- Savings Account Management
Mobile Payments and Transfers
Penalties, Fees, and Charges
Membership Fees. Nearly every cooperative collects a membership fee and/or requires a minimum balance to remain an active member of the cooperative. To date, an awkward method of opening a “dummy” account is being used. For good internal control, this method is not recommended. The system must be able to collect fees at the client level before any sort of account is opened. Accounts may be not opened until the individual is approved for membership. If the applicant is not approved for membership, the fee may be returned. By having fee collection at the client level, fees can be tracked, properly credited to the potential member then held in a suspense general ledger account until the member is approved where the funds would then transfer into a fee income account, or if denied, returned to the applicant.
Insurance
Client Management
Client Identification (KYC)
Client Relationship Management
Client Risk Analysis
Client Education
Client Protection
Social Performance Management
- institutional Management (Office Hiearchy)
Mobile Delivery & Enablement
- Mobile Field Tools & Processes
- Mobile Financial Services and Products (Micro-savings)
- Mobile Payments, Transfers, and Remittances (M-Pesa)
- Mobile Delivery Channels (Agents & Correspondents)
Business Management
Reporting & Business Intelligence
Accounting & Financial Control
Cash Management. The system must be able to track teller cash, vault cash, branch cash and organization cash. Cash must be able to be balanced (reconciled) every working day and be assigned to individual system users. The organization’s cash must be reconciled to the monthly bank statement. This enhancement is currently in development and is expected to ship in xxx release.
- Reconciliation will still be a gap – Dayna has communicated these gaps and features into the feature spec.
Loan Collections
Off Balance Sheet Collateral tracking has been requested as a system feature. This is useful to those organizations that use gold or investment instruments as collateral for loans.
Business Process and Rules
Entity Management
Security
Data Scoping
Audit
Usability & Navigation
Deployment