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Platform and feature updates happen at speed at Mambu. That is the nature of the company and the financial technology world in which we operate. Our single code base allows us to keep evolving to give customers the ability to take advantage of improvements as soon as they happen. We plan to keep posting about such changes, here is one on flexible loan charges.

Flexible loan charges

These charges, also known as planned fees, used to mean financial institutions had complex development cycles, hardcoded to meet each new fee requirement across geographies and requirements.

Mambu’s new planned fees feature allows financial institutions the ability to very quickly configure different types of loan charges, such as late payments or administrative costs. These fee structures can be added with immediate effect to a customer’s Mambu environment, which allows flexibility and a short time to market without the complexity of long development cycles.

Institutions get a complete view of all loan information in one place with Mambu as the single source of truth. They can calculate any type of fee, tax, or charge and apply it directly to the loan schedule in Mambu, ensuring a complete view of all loan information in one place. Flexible loan charges have a range of applications from applying an insurance premium to every third instalment of a mortgage, to charging a carbon offset levy to a car loan.

It is very easy to use flexible loan charges. Planned Fees can be set up in advance and added to the due date of future instalments for various loan product types. Customers can define Planned Fees at the product level, then configure the fee amount and to which instalments the fees apply at an account level. To add these fees, users can add the amount to each instalment or simply enter the fee amount in the appropriate cell, then select “Apply to selected instalments”.

Keep in complete control of the borrowing experience with Mambu. Watch the video to learn more.

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Omar Paul
Omar is the SVP Product at Mambu and is an accomplished product executive known for driving business growth and leading successful organisations in the technology industry, including most recently at Amazon.
Omar Paul