What's New in the Real-time Release Process? Bulk Repayments!

In the latest update to our continuing real-time project, we are excited to announce that Bulk Repayments have now been included in the real-time repayments process.

What does this mean? It’s means that utilising the Bulk System Generated Repayments button will process the bulk repayments in a matter of minutes instead of relying on the batch system to update multiple repayments over what could potentially be a number of system runs (potentially, hours).

Utilising the Bulk Repayments function which is now enabled with real-time processing means that exact interest and balance calculations will occur at the time of the reconciliation being processed and each individual repayment will be paid (where possible) in full, and repayment and loan balances updated immediately. This change also allows users to see any client margins that require allocation within minutes and allows customers to then utilise the client margin split function to process any overpayments and update balances immediately.

Including Bulk Repayments into the real-time processing system is another way we are looking to assist customers with managing accounts in a more timely manner.

Known Issues/Limitations

There are a few circumstances where Bulk Repayments may not process in real-time, these are:

• For repayments where Type= All Interest + N% Capital - These will be handled via the Batch System

• For repayments where Type = Interest Only Forecast - These will be handled via the batch system

• If the bulk repayment gets held up and gets put into our retry queue - if there is another real-time process in progress and the real-time system is unable to process it immediately. If it hits the queue a message will appear that it has been queued, and it will be processed when the real-time system is available once again

• Changes to Bulk Repayments that are already processed, including removing a repayment or simply changing a repayment type from Repayment to "Bulk Repayment" will not trigger the real-time system to update the bulk repayments, to trigger Bulk after any changes customers MUST utilise the Reset Bulk Recs button, the guide on Bulk Repayments is available here

  
  

Feedback

As we continue to introduce new features, customer communication and feedback is paramount. If you experience any difficulties with any of the real-time repayments processes outlined above or in previous correspondence, if you receive an error that you should not be experiencing, or if it simply doesn’t function as it should per the description in the release notes, we request customers to raise a support ticket immediately. It is only with actual real-time use of the system that we are going to be able to iron out any of the creases. Please rest assured that we have also enabled additional background monitoring to catch issues as they may arise.

As always, if you are new to our real-time roll out program, we recommend you view the Product Updates page on the website and review all the exciting improvements that have been released previously, or click here to be directed there immediately. 

We look forward to your feedback, and will be moving forward with continued releases over the coming weeks/ months.