Financial Services Product Management
Savings (share) Accounts
Current (checking/share draft) Accounts
Term Deposit Accounts
Collateral Loans
Savings Secured Loans
Agriculture Loans
Open End/Top Up/Line of Credit Loans
Incremental Disbursement Loans
Village/Group Lending
Solidarity Group Lending
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.
Amortization
Repayment Types/Schedules
Repayment Frequency
Interest Rate Calculation Methods
Interest Calculation Frequency
Payment Year
Payment Processing Strategy
Grace Period Support
blah blah blah
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.
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.
Client Management
Unlimited Individual Patrons (Members) Unlimited Group Patrons Patron Approval Process Patron Closure & Blacklists Branch Management Center Management Duplicate Patron Verification New Patron Approval Process Document Attachment (photos, applications. ID) Multi Language Multi Currency |
Mobile Field Operations Via Tablet or Smartphone
Transaction Network Interface
Store and Forward Capability
Email Support
Bulk Loan Assignment
Bulk Collections Assignment
Open API For Easy Customization
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.
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.
Client Approval & Processes
Business Management
Chart of Accounts Management
Accrual Accounting
Statement Generation
Cash Management
Social Performance Tracking
Customizable User Permissions
Customizable Fields
Detailed Audit Trail
Profit & Loss Statement
Trial Balance
Book Closures
Data Scoping
Authentication
Authorization (Permissioning)
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)