March 2023

Hello! Welcome to the March edition of the Woodcore Changelogs! As always, we are excited to bring you up to speed with the latest features, updates, and fixes added to the system. The past month has been eventful for us, with many exciting updates that we cannot wait to share with you in this edition.

We have enhanced our platform's functionality and improved the user experience from the console to API. Let's dive in to get all the details on what's new in Woodcore!

New Features 🎉

Savings Account: Perform intra-Transfer to multiple savings accounts simultaneously.

In the previous month, we implemented a new feature in the CBA that allows users to transfer funds to multiple accounts simultaneously. With this feature, users can perform intra-transfers from their savings account to an unlimited number of savings accounts within the CBA at the same time, making it easier to send money to over 20 recipients simultaneously. This update will make fund transfers across multiple accounts more convenient and seamless.

To perform this operation, follow the steps illustrated below:

• Navigate to the Business > Clients section.
• Select the client > savings account.

Note that the savings account must have an Active status. This means that the account must be approved.

• Click on theTake action button.

• A modal will appear. Select Transfer funds on the modal

• You will be directed to a fund transfer page.

• Click on the +Add button. This will create additional intra-transfer forms. Be sure to create as many forms as needed.

Improvement 🚀

Loan Module: Improved loan prepayment methods

The method of loan payment has been upgraded to offer customers the choice to select their preferred method of loan repayment, both for loan prepayment and foreclosure. Customers can now repay their loans in cash, i.e., over the counter or through a linked savings account that was added when their loan account was created. By offering these options, users can collect loan repayment through the most convenient method for their customers.

Moreover, these payment options are available for both loan prepayment and foreclosure. This means that customers who wish to pay off their loans before or after the scheduled due date can easily do so.

📘

Note

We highly recommend using the linked savings account for repayment payment option, where the repayment is made directly from the linked savings account. Using cash repayment, in this case may affect the asset ledger where the entries are recorded

To view this update;

• On the loan module, select the client's account.
• Click on the loan account. You will be directed to a loan details page.
• Click the Take Action button on the loan details page.

• Select Prepay loan on the modal.

• From the payment options modal, select your desired loan repayment method.

Loan Module: View standing instructions details in loan details

Further improvements have been made in the loan module to display the standing instruction status in customers’ loan details. This update allows users to easily access and view the status of a standing instruction of a customer's loan account.

If a standing instruction is created for disbursement, the standing instruction status on the loan details page will be set to "enabled" indicating that the instruction is active and will be followed for the loan disbursement. However, where no standing instruction was created for the loan, the status will be set to "disabled" indicating that no instructions for loan disbursement were provided.

Regardless of the standing instruction status, users can conveniently access this information in the loan account details section, allowing them to stay informed and make informed decisions about the loan disbursement process.

To view this update, navigate to the customer’s loan details page.

Download Loan Letter

The loan letter outlines the terms and details of the loan agreement. The essence of the loan letter is to provide the loan officer and the customer with a detailed overview of the loan agreement, including the customer's details, principal loan amount, interest rate, installment, repayment schedule, fees or charges associated with the loan, and any other terms that may apply.

Note that the loan letter is only available for loans with an Active status which is a loan that has been disbursed and awaiting repayment.

To download the loan letter, follow the steps below:

• On the Account > Loan section, select the loan account for which you would like to download a loan letter.
• You will be directed to the loan details page. Click on the Take Action button on the right side of the screen.

• Select Generate Letter on the modal.

• Next, click on the Download button to download the loan letter contained in a PDF format.

Here is a sample of the loan letter.

Fixed Deposit: Maturity amount update based on the selected premature closure date.

The fixed deposit module now displays an updated maturity amount when a fixed deposit account is closed before the specified maturity date. In the event of early account closure, the system will automatically deduct the penal interest specified during the account creation and adjust the maturity amount to reflect the new maturity value.

Bug fixes ⛏

Fixed Deposit Account: View the deposit period of a Fixed Deposit Account.

To enhance user experience, the fixed deposit account now displays the deposit period, which represents the specific length of time your organization can hold the deposit. The deposit period is determined during the creation of a fixed deposit account and can range in duration from days, weeks, months, or years, depending on the specific duration set.

Fixed Deposit products: Premature closure no longer shows if unchecked.

Previously, when a premature closure check box is disabled, this feature remained checked on the customer’s account details. We have resolved this issue by ensuring that once a fixed deposit product has been disabled during modification, it no longer appears on the customer's account details.

API Update ⚙️

Deposit Account: Update response field misspelling

We identified an error in the spelling of 'addiitionalData' in the Retrieve a Deposit Account response field. To address this issue, we have corrected the spelling to 'additionalData'. This correction ensures the endpoint returns 'additionalData' as part of the response payload.

Fixed Deposit Endpoints: Addition of extra fields in the request payload

The following endpoints have been updated to include additional fields:

1. Create a Fixed Deposit account
2. Premature Fixed Deposit account

These updates include the addition of the interestRate and savingsAccountId fields, which aims to improve the monitoring of an FD account. While the interestRate field is optional and enables users to specify their preferred nominalAnnualInterestRate instead of the one set in the Fixed Deposit product, the savingsAccountId field, on the other hand, is mandatory as it identifies the savings account to be debited and linked to the created Fixed Deposit account.

Transaction Reader Endpoints: Addition of new endpoints to the transaction reader collection

A significant update to the API is the addition of two transaction endpoints to the transaction reader collection. These endpoints include:

1. List all Transaction

This endpoint allows the users to retrieve a set of transactions from a database. The user can retrieve all transactions existing on the CBA or a specific set of transactions using some query filters such as the date, page, per page, amount, transaction type, and account number.

The transactions retrieved by this endpoint include the transactionResponsedetails, paymentTypeDetails, date, time, user information, and so on.

2. Retrieve a single transaction:

This endpoint allows users to retrieve detailed information about a specific transaction by providing its unique identifier, in this case, a transaction ID which is passed in the request path.

Improved image and document upload management

The library responsible for managing the upload of image and document endpoints has undergone a notable update to reduce the likelihood of failures during these operations. This improvement means that users can now update customer images and documents more easily and efficiently without worrying about encountering unexpected errors or glitches.

Update Webhook Service

The Update Webhook endpoint has been improved to allow users to update the events associated with a configured hook. This means modifying the events without creating a new configuration from scratch is now possible. With this enhancement, you can easily customize your webhook configurations to meet your organization's specific needs and preferences.