November 2022

Hello and welcome to the November edition of our monthly product updates 🚀🚀. In this edition, we'll be going a step further by informing you about the changes that happened over our APIs in line with our product updates. We've made major improvements in the Loan Repayment & Disbursal Types and also implemented a major upgrade to the CBN Report. Read on to get all the details!!

🚀 Improvements

Loan Repayment Types: Cash Repayment & Linked Savings Account Repayment

Previously, a user could only make a cash repayment from the Take Action menu of a client's loan account i.e., they only input the Transaction date and Transaction amount.

To perform a loan repayment from the client's linked savings account, the user would need to transfer money to the loan account from the client's savings account via the Transfer Fund page.

Hence, we simplified the process of loan repayments by making the transfer of money from the Linked Savings Account to the Loan Account possible within the loan account's Take Action menu as shown in the image below:

Next, the user then selects the Make Repayment tab in the provided options under Take Action.

This way, the user has two options to choose from when performing loan repayments i.e Cash Repayment & From Linked Savings Account.

Loan Disbursal Types: Cash Disbursal & Linked Savings Account Disbursal

This is an improvement in the current flow for cash disbursal from a Loan Account to a Linked Savings Account.

Now, loan account applications that have been approved can be disbursed to a savings account linked to the loan application or over the counter as cash disbursal.

To perform this operation, select on the Disburse icon on an approved loan application as shown below:

Next, select the disbursal type as either of Cash Disbursal or To linked savings account.

Create GL Account: Make "Category" Field Compulsory

When creating a GL account on the console, the category or tags field is now a mandatory parameter to include.

To create a GL account, navigate to Accounting > Chart of Accounts on the console and then select the Add Account button.

Input the necessary details and also add the Tags as it is now a required parameter.

Finally click on the Submit button to save the changes.

CBN Report

The CBN reports now returns values for the Balance Sheet and Income Statement (the first two sheets) i.e these two sheets are automatically populated and do not require manual adjustment from the user.

Navigate to the the Reports tab on the navigation panel and generate a CBN Report under the Regulatory Reports

The sheets 300 (Balance Sheet) and 1000 (Income Statement) are the first two sheets and are now automatically populated as shown below:

⛏ Fixes

System not Maintaining Customer Search Result after the First Page

Previously, when a user searches for a particular customer's first name that has more than one result on the system, the first page would show everyone bearing that first name while on the next page, it reshuffles and wipes off the search thereby returning the normal customer search result on the customers' page instead of showing the customers bearing the particular name on every page and not just the first page.

Now, a fix has been implemented such that once you search for a particular user that has a similar first name or last name as any other customer, all results are returned on all pages and not just on the first page.

Advanced Search Button in the Audit Trail Module Fixed

This fix has been implemented in such a way that a user is now able to see and click on the Advance Search button at the top right corner of the audit trail page. Previously, this was not working as the button was unresponsive.

Clicking on this button now gives you a modal where you can input the necessary details and carry on with the Advanced search for audit trails.

API Updates 🌐

Customer Creation Endpoint to Include `gender`

The gender parameter has now been included for an individual customer which implies that when creating an individual customer, the gender parameter has to be set to either a string value of male or female.

IP Whitelisting For API KEYs

Woodcore is sophisticated and complex to a large extent. Our system provides access to core financial services and functionality to several customers in both the financial and non-financial institutions.

Security is paramount and it is, therefore, necessary to be protected from potential attacks, threats, and harmful usage of data that could cause losses to data and securities on our platform.

How we Implemented this

We have an IP whitelisting mechanism on our platform, alongside several other security measures to protect our data and customer data from these potential threats.

To whitelist an IP, simply provide the IP address that's to be associated with your user details. Also, simply follow these steps:

Setting Up

For existing API keys

Add the IP to be whitelisted using this endpoint
Receive an email or SMS OTP to approve the request
Call this endpoint with the OTP to approve the request
To confirm the update, call the key profile endpoint to view the whitelisted IP
Proceed with your request

For New API Keys

Add the IP you want to whitelist to the standard payload. Example — {'ips': '127.0.0.1'}. Read the API Reference for more information on how to go about this.

Please check out the API Reference for more information on this update.