This article delves into the most recent enhancements to our platform across lending and mortgages, cards, payments, ledger, accounting, and our core services to help our customers deliver the modern financial experiences their customers expect.
Lending
Threshold for base rate changes for dynamic loans
Great news for Mambu customers using our mortgages functionality: managing interest rate changes and direct debit notifications has never been smoother.
To ensure that mortgage repayments align more closely with changes in underlying interest rates, when an interest rate change occurs, Mambu will now:
- Update the amount collected from the very next instalment, provided that it is not too late to change the direct debit. This ensures that borrowers benefit promptly from rate reductions, and do not end up with an interest shortfall when rates go up.
- Maintain the same total due for the subsequent instalment to avoid disrupting the direct debit collection.
This relies on when interest rates change, based on a threshold set by users. For instance, if the threshold is set at 15 days and an interest rate change happens 10 days before the due date, Mambu will keep the total due the same to avoid affecting the direct debit. However, interest accrued will be calculated from Day 1 using the new rate.
Apply loan interest to accounts on a custom date
Mambu customers using our lending engine can now post interest to loan accounts on the last day of each month, regardless of borrowers’ repayment date. This update is particularly beneficial for our customers in the UK and is designed to enhance accuracy in interest calculations and accommodate products using the 'Declining Balance Equal Instalments' interest method.
Cards and Payments
New partial authorisation functionality
We recently enriched our card payment authorisation process with partial approvals to help our customers minimise declined authorisations.
With this additional feature, Mambu customers can offer a more flexible approach for card payments. If a cardholder's account lacks funds for a payment, they can now use alternative resources like cash. This triggers a partial approval where the available balance is reserved, and a new authorisation amount is returned. Merchants supporting partial approval can then complete the transaction and withdraw the partial amount instead of declining the entire transaction.
Ledger and Accounting
Enhanced accounting reports with multi-currency support with API v2
The latest upgrade to our accounting reports API now incorporates foreign currency amounts into general ledger accounts. Our customers can now seamlessly integrate these figures into essential financial statements such as their Trial Balance, Balance Sheet, and Profit & Loss.
This update will empower our clients to efficiently perform foreign exchange (FX) revaluation and fulfil external reporting requirements.
Platform and Core Services
Improved webhook performance
We've upgraded the performance of webhook templates featuring custom field placeholders by implementing batch processing. This enhancement will boost efficiency and cut down response times. The result? A smoother experience with Mambu webhooks all around.
New “Communication Search” endpoint via API v2
We have improved the accuracy and reliability of our communication search endpoint by addressing issues related to duplicate or missing records when using pagination. As a result, users can expect more consistent and accurate data retrieval when calling this endpoint.
Stay tuned
We hope you find these insights beneficial. If you are a Mambu customer seeking further information, please connect with your dedicated Customer Success Manager or subscribe to our Customer newsletter for ongoing updates on the enhancements to our cloud banking platform.
Not already using Mambu, or curious to know more? Get in touch with our team today and join over 260 trailblazers who are shaping the future of banking and finance.