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.
Variable rate loans. This may be somewhat tied to the above Automatic Rate Adjustments. Specifications for this need to be written.
Loan Product Configuration
Amortization
Repayment Types/Schedules
Repayment Frequency
Interest Rate Calculation Methods
- Flat
- Declining Balance
- Declining Balance - Interest Recalculation (Daily, Weekly, Monthly)
- Automatic Rate Adjustments. e.g. savings = 6%, loan is 5% higher. Savings dividend changes to 7%, loan rates must adjust. This requires development. Exact specifications must be written for development.
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
- Continue the development of Android app. According to the Gates Foundation, “In wealthier countries, people conduct most of their financial activities in digital form, and value is stored virtually and transferred instantaneously. The global revolution in mobile communications, along with rapid advances in digital payment systems, is creating opportunities to connect poor households to affordable and reliable financial tools through mobile phones and other digital interfaces. In fact, research has shown that the most effective way to significantly expand poor people’s access to formal financial services is through digital means. In addition to cost savings, digital financial services offer a wide array of benefits:
- 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
Internal Control/Audit Features. There are a few best practice features that need to be spec’d out and put into the development flow. These include: Locking employee out of transacting on their personal account and family relationship accounts; logging unsuccessful sign on attempts; allowing user to log on at multiple locations simultaneously (e.g. 3PCs in office, can log on to all three); generating report of supervisory overrides; for those FIs with multiple branches, system should flag “branch hopping” or multiple transactions at different locations;
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.
Check Management & Printing. This will require system enhancement to keep track of checks printed and track the numbers. This has not come up as a client requirement and will remain low on the enhancement priority list.
Business Process and Rules
Client Approval & Processes
Entity Management
Security
Data Scoping
Authentication
Authorization (Permissioning)
Audit
Usability & Navigation (Accessibility)
In-app help. This is a good volunteer opportunity to build tool-tips and content-sensitive help within MIFOS X. The help can point to existing user documentation.
Bulk Processes
Off-line (store and forward)
Deployment