Important Transaction Optimization Update

Dear Valued Client,

We are excited to announce a significant update to our transaction processing, designed to enhance your experience with Woodcore. We are now rolling out a fully optimized solution that introduces a new type of account tailored to streamline transactions for customers with large transaction volumes.

What's New?

We’ve made an update to our existing savings account:

1. Normal Savings Account

This is the standard savings account you’re familiar with, now with subtle optimizations to reduce the chances of transaction rejections.

It can process a single transaction type (either debit or credit) up to 200 transactions, with completion times ranging from 2 to 6 minutes, depending on the existing transaction volume. However, simultaneous debit and credit transactions may result in one being rejected.
It processes transactions within 2 to 9 seconds, which is ideal for general banking activities. However, as the volume of transactions increases, processing times may extend.
We recommend considering our new Pool Account for enhanced efficiency for clients engaged in BAAS transactions.

2. Pool Account

The Pool Account is similar to the Normal Savings Account, BUT with modifications to help you process high-volume transactions.

Designed for high-speed, high-volume BAAS transactions, the Pool Account processes transactions in under a second, regardless of the number of transactions. This allows for rapid and seamless processing even at scale.
Unlike Normal Accounts, Pool Accounts do not require or support linked features such as nominal interest, interest calculations, tax, or charges. This makes them highly efficient for rapid transactions.
It’s important to note that once a Pool Account is enabled, all interest, charges, and associated tax-related features will be rendered inactive.
Pool Accounts are not suitable for backdated transactions and cannot be linked as a savings account to a loan or FD.
Additionally, if Pool Account functionality is disabled, the account can once again be linked to other products like loans.

Key Considerations

Transaction Capacity: Normal accounts can handle up to 200 transactions of a single type, but Pool Accounts are designed to process an even higher volume of transactions simultaneously, ensuring efficiency without delays.
Error Handling: If a Normal Account is overwhelmed by transaction volume, the system will return a 422 error (Unprocessable Entity), advising a switch to a Pool Account.

Next Steps

Our team is actively working to implement these changes, with the full release scheduled for Thursday, the 29th of August, 2024 or Tuesday, the 3rd of September, 2024.

Need More Information?

If you have any questions or would like to discuss how a Pool Account could benefit your operations, please do not hesitate to contact our support team. We are here to ensure you get the most out of these new features.