This article delves into the most recent enhancements including updates to lending and mortgages, new data extraction capabilities, new and improved features in our Customer Support Portal, and more.
Personal Lending, Business Lending and Mortgages
Keeping the same PMT amount when a rate change occurs for variable or indexed rates (compound interest on balloon payments)
We have extended our lending engine’s capabilities to support ‘balloon payments’ on additional product set-ups with compounding interest. Balloon payments allow our customers to offer borrowers a fixed repayment amount each month with the balance of the loan to be paid off in the final instalment, which could be much larger due to the principal balance remaining.
This means that Mambu customers can now keep the same payment (PMT) amount when a rate change occurs for variable or indexed rates. In Mambu, this previously existed for the principal-only interest calculation method.
While this is a universal feature that can be used by our customers using compounding interest in multiple markets (for example Brazil, the UK, and more), it is particularly valuable for our Canadian customers where it is a regulatory requirement to not change the monthly payment amount for a borrower if the interest rate changes.
Calculate Early Repayment Charges (ERCs) using Mambu Functions
Using Mambu Functions, our customers can now create a new extension point within lending to calculate Early Repayment Charges (ERCs). Since the logic used to calculate ERCs might differ from customer to customer, this solution aims to empower our customers with the flexibility to define their own logic to calculate ERCs and bind it to Mambu’s lending engine, successfully extending the Mambu Cloud Banking Platform to fit their needs.
With this feature, Mambu supports flexible and transparent Early Repayment Charge (ERC) calculations, enabling borrowers to request redemption statements and simulate different redemption scenarios.
For our customers who would like to explore the full potential of Mambu Functions and learn more about use cases that align with their needs, connect with your Customer Success Manager.
Platform & Core Services
Mambu Extract is now available for testing for customers on Amazon Web Services (AWS)
Mambu Extract is a data extraction solution that continuously tracks changes in the Mambu system, pulls data from selected tables, and loads it into customers’ object storage of choice. This occurs in near real-time, making it available for data consumption systems.
Our customers can now enjoy set-and-forget pipelines, with near real-time Change Data Capture, which automatically monitors and syncs data, reducing human intervention. Mambu Extract is infinitely scalable to support data growth in a highly-available configuration delivering maximum throughput with minimal latency, so our customers can focus on high-impact projects rather than maintenance.
Product managers, data scientists, data engineers, and business analysts can use Mambu Extract to get the data they need to build the reports regulatory bodies require, make data-driven decisions, iterate, innovate and build faster, and enrich CRM and accounting systems with data from Mambu to streamline their operations.
This release is the first of many more to come. Stay tuned for more exciting updates as we continue to enhance our data management capabilities.
Mambu Extract is currently in Non-Production Preview. For Mambu customers who want to learn more about planned data management improvements, please reach out to your Customer Success Manager.
New granular financial administrator permissions
Financial setup is a core part of our core banking system that is used to define and configure elements like exchange rates, currencies, accounting rates, general ledger accounting rules, etc.
We have created more granular permission for all the actions possible under financial setup, extending access to capabilities that were previously exclusive to admins to a broader range of personas. System administrators and financial administrators can now manage the setup of authorisation holds, manage currencies, exchange and accounting rates, index rates, and inter-branch transfer general ledger account rules.
Customers now enjoy a faster and smoother process for any changes to financial setup. This increases access flexibility, allowing our customers to configure financial administration more easily and grant access on a need-to-know basis.
New identifiers for currencies as per the ISO 4217 methodology
In order to enable clarity, reduce errors and streamline transaction processing for our customers, we have added numerical IDs for currency identifiers provided in the ISO 4217 methodology, the international standard for established codes representing currencies.
Customer Service Portal
Enhanced cloning processes for streamlined testing
Recognising the importance of swift and reliable data cloning and replication from production to sandbox, we have significantly improved our cloning process to ensure a seamless experience and a smoother testing process for technical teams in our customer organisations. They can now follow the progress of the cloning process within the Customer Service Portal. We have also introduced resilient mechanisms to ensure cloning times, process interruptions and failures are significantly reduced.
The Mambu Product Roadmap is now accessible in the Customer Service Portal
We are committed to transparency and ensuring that our customers and partners stay informed about the evolution of our product. As a testament to this commitment, we are pleased to announce that our Roadmap is now easily accessible for customers within their Customer Service Portal and for partners within the dedicated Partner Portal. Mambu’s quarterly roadmap provides a clear and straightforward view of upcoming developments and updates, our planned improvements and new features.
If you have questions about our roadmap, please reach out to your Customer Success Manager or Partner Manager.
Introducing: The Mambu Security Champion
Customers can now designate a Mambu Security Champion for all security-related matters. Contact details can be updated in the accounts page within the Customer Service Portal in order to ensure streamlined communication and ensure faster, more effective responses to security topics when needed between Mambu and our customer organisations.
New documents are available in the Customer Service Portal
Administrators in the Customer service portal now have access to:
- The updated External Audit calendar for SOC1 & SOC2, with the change in audit frequency (from twice a year to annually)
- Technical and Organisational Measures (TOMS) document which provides a comprehensive overview of our Information Security Programme.
We hope you found these updates helpful.
If you’re a Mambu customer, reach out to your Customer Success Manager to learn more about the updates above. You can also subscribe to our newsletter where we’ll keep you in the loop about the enhancements we’ve made as we continue to evolve our Cloud Banking Platform.