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Posted to dev@fineract.apache.org by Niklas Uhrberg <Ni...@resurs.se> on 2019/10/21 14:39:06 UTC
About support for revolving credit in Fineract
Hello, this question is more about the functionality offered by Fineract (1.x or CN) than a technical question.
Reading the documentation and looking at the Community App interface I conclude that there is no support for credit card type of credit a.k.a. revolving credit. In this type of credit product there is usually no fixed repayment plan e.t.c.
I want to be certain that I don't conclude in error here.
Best regards Niklas
[cid:image5a20fc.PNG@c9f095bb.45a3dd82]
Niklas Uhrberg
Konsult
IT Development | Loans & Credit
Resurs Bank AB
Växel: +46 42 38 20 00
E-post: Niklas.Uhrberg@resurs.se<ma...@resurs.se>
Webb: www.resursbank.se<http://www.resursbank.se>
Re: About support for revolving credit in Fineract
Posted by Ed Cable <ed...@mifos.org>.
Niklas,
A number of other users in the community are also exploring revolving line
of credit support and building it out on Fineract 1.x or Fineract CN.
Prakash has led efforts to draft an initial requirements doc/spec that
we're continuing to expand. I will share that here and also add to the page
that Vishwas had previously created.
RCF_Requirements
<https://docs.google.com/a/mifos.org/spreadsheets/d/1bPzTUlW42eLJND7g6vfGntP3ayMU_cwj2unOa2rZ9ZQ/edit?usp=drive_web>
We welcome your input on the requirements needed and I can set up a call
with Prakash to discuss that further. I would like to get all these
requirements documented publicly so we can mobilize efforts to get proper
support built out in the platform that meets most of the common
requirements across the community.
We also had this Google Doc in the past which was exploring some of the
various distinctions amongst line of credit products:
Line of Credit Support
<https://docs.google.com/a/mifos.org/document/d/1g3UR3EzQjGBnd1IMHP15r0UZzRYy75JmaJDtjsF2LkA/edit?usp=drive_web>
On Mon, Oct 21, 2019 at 8:27 AM Vishwas Babu A J <vi...@apache.org>
wrote:
> That is correct. You would need to make changes similar to those at
> https://cwiki.apache.org/confluence/display/FINERACT/Line+of+Credit to
> support this functionality in Fineract
>
> On 2019/10/21 14:39:06, Niklas Uhrberg <Ni...@resurs.se> wrote:
> > Hello, this question is more about the functionality offered by Fineract
> (1.x or CN) than a technical question.
> >
> > Reading the documentation and looking at the Community App interface I
> conclude that there is no support for credit card type of credit a.k.a.
> revolving credit. In this type of credit product there is usually no fixed
> repayment plan e.t.c.
> >
> > I want to be certain that I don't conclude in error here.
> >
> > Best regards Niklas
> >
> >
> >
> > [cid:image5a20fc.PNG@c9f095bb.45a3dd82]
> > Niklas Uhrberg
> > Konsult
> > IT Development | Loans & Credit
> >
> >
> >
> >
> > Resurs Bank AB
> >
> >
> >
> >
> > Växel: +46 42 38 20 00
> > E-post: Niklas.Uhrberg@resurs.se<ma...@resurs.se>
> > Webb: www.resursbank.se<http://www.resursbank.se>
> >
> >
> >
> >
>
--
*Ed Cable*
President/CEO, Mifos Initiative
edcable@mifos.org | Skype: edcable | Mobile: +1.484.477.8649
*Collectively Creating a World of 3 Billion Maries | *http://mifos.org
<http://facebook.com/mifos> <http://www.twitter.com/mifos>
Re: About support for revolving credit in Fineract
Posted by Vishwas Babu A J <vi...@apache.org>.
That is correct. You would need to make changes similar to those at https://cwiki.apache.org/confluence/display/FINERACT/Line+of+Credit to support this functionality in Fineract
On 2019/10/21 14:39:06, Niklas Uhrberg <Ni...@resurs.se> wrote:
> Hello, this question is more about the functionality offered by Fineract (1.x or CN) than a technical question.
>
> Reading the documentation and looking at the Community App interface I conclude that there is no support for credit card type of credit a.k.a. revolving credit. In this type of credit product there is usually no fixed repayment plan e.t.c.
>
> I want to be certain that I don't conclude in error here.
>
> Best regards Niklas
>
>
>
> [cid:image5a20fc.PNG@c9f095bb.45a3dd82]
> Niklas Uhrberg
> Konsult
> IT Development | Loans & Credit
>
>
>
>
> Resurs Bank AB
>
>
>
>
> Växel: +46 42 38 20 00
> E-post: Niklas.Uhrberg@resurs.se<ma...@resurs.se>
> Webb: www.resursbank.se<http://www.resursbank.se>
>
>
>
>
RE: About support for revolving credit in Fineract
Posted by Niklas Uhrberg <Ni...@resurs.se>.
I tried configuring a savings account with a positive overdraft limit and this may be a usable setup to get the "credit card behaviour" .
Let's assume that the desired behaviour is the following cycle:
1. The customer uses the card connected to the overdraft savings account to make purchases for the month October.
2. After the end of the month there is a bill to be payed with the total sum of purchases. If this bill is payed on time no interest should be accrued, only if the credit is prolonged.
This is a common setup and I don't know if this would be be supported as is in Fineract.
Please let med know if this is possible with the current implementation.
BR Niklas
[cid:imagebe6b8a.PNG@9096b677.458dc178]
Niklas Uhrberg
Konsult
IT Development | Loans & Credit
Resurs Bank AB
Växel: +46 42 38 20 00
E-post: Niklas.Uhrberg@resurs.se<ma...@resurs.se>
Webb: www.resursbank.se<http://www.resursbank.se>
________________________________
From: Niklas Uhrberg [Niklas.Uhrberg@resurs.se]
Sent: Monday, October 21, 2019 4:47 PM
To: dev@fineract.apache.org
Subject: RE: About support for revolving credit in Fineract
Hi, thanks for the quick reply and suggestion. No I have not delved into OD account, will do that now!
BR Niklas
[cid:imageec9486.PNG@5656957a.4e915d6d]
Niklas Uhrberg
Konsult
IT Development | Loans & Credit
Resurs Bank AB
Växel: +46 42 38 20 00
E-post: Niklas.Uhrberg@resurs.se<ma...@resurs.se>
Webb: www.resursbank.se<http://www.resursbank.se>
________________________________
From: zayyad@intrasofttechnologies.com [zayyad@intrasofttechnologies.com]
Sent: Monday, October 21, 2019 4:42 PM
To: dev@fineract.apache.org
Subject: RE: About support for revolving credit in Fineract
Hello Niklas,
Have you explored the option of overdraft savings account?
With a credit card facility, you are normally given a limit and there is no fixed repayment schedule..
With the OD account available in Fineract 1.x, you can specify overdraft limit and configure other terms as applicable in credit card accounts.
Regards;
*******
Zayyad A. Said | Chairman & C.E.O
Cell No.: +254 716 615274 | Skype: zsaid2011
Email: zayyad@intrasofttechnologies.com<ma...@intrasofttechnologies.com>
Schedule Meetings: https://calendly.com/zayyadsaid
[Description: Email banner]
From: Niklas Uhrberg <Ni...@resurs.se>
Sent: Monday, October 21, 2019 5:39 PM
To: dev@fineract.apache.org
Subject: About support for revolving credit in Fineract
Hello, this question is more about the functionality offered by Fineract (1.x or CN) than a technical question.
Reading the documentation and looking at the Community App interface I conclude that there is no support for credit card type of credit a.k.a. revolving credit. In this type of credit product there is usually no fixed repayment plan e.t.c.
I want to be certain that I don't conclude in error here.
Best regards Niklas
[cid:image002.png@01D58836.ECF2BC00]
Niklas Uhrberg
Konsult
IT Development | Loans & Credit
Resurs Bank AB
Växel:
+46 42 38 20 00
E-post:
Niklas.Uhrberg@resurs.se<ma...@resurs.se>
Webb:
www.resursbank.se<http://www.resursbank.se>
RE: About support for revolving credit in Fineract
Posted by Niklas Uhrberg <Ni...@resurs.se>.
Hi, thanks for the quick reply and suggestion. No I have not delved into OD account, will do that now!
BR Niklas
[cid:imageec9486.PNG@5656957a.4e915d6d]
Niklas Uhrberg
Konsult
IT Development | Loans & Credit
Resurs Bank AB
Växel: +46 42 38 20 00
E-post: Niklas.Uhrberg@resurs.se<ma...@resurs.se>
Webb: www.resursbank.se<http://www.resursbank.se>
________________________________
From: zayyad@intrasofttechnologies.com [zayyad@intrasofttechnologies.com]
Sent: Monday, October 21, 2019 4:42 PM
To: dev@fineract.apache.org
Subject: RE: About support for revolving credit in Fineract
Hello Niklas,
Have you explored the option of overdraft savings account?
With a credit card facility, you are normally given a limit and there is no fixed repayment schedule..
With the OD account available in Fineract 1.x, you can specify overdraft limit and configure other terms as applicable in credit card accounts.
Regards;
*******
Zayyad A. Said | Chairman & C.E.O
Cell No.: +254 716 615274 | Skype: zsaid2011
Email: zayyad@intrasofttechnologies.com<ma...@intrasofttechnologies.com>
Schedule Meetings: https://calendly.com/zayyadsaid
[Description: Email banner]
From: Niklas Uhrberg <Ni...@resurs.se>
Sent: Monday, October 21, 2019 5:39 PM
To: dev@fineract.apache.org
Subject: About support for revolving credit in Fineract
Hello, this question is more about the functionality offered by Fineract (1.x or CN) than a technical question.
Reading the documentation and looking at the Community App interface I conclude that there is no support for credit card type of credit a.k.a. revolving credit. In this type of credit product there is usually no fixed repayment plan e.t.c.
I want to be certain that I don't conclude in error here.
Best regards Niklas
[cid:image002.png@01D58836.ECF2BC00]
Niklas Uhrberg
Konsult
IT Development | Loans & Credit
Resurs Bank AB
Växel:
+46 42 38 20 00
E-post:
Niklas.Uhrberg@resurs.se<ma...@resurs.se>
Webb:
www.resursbank.se<http://www.resursbank.se>
RE: About support for revolving credit in Fineract
Posted by za...@intrasofttechnologies.com.
Hello Niklas,
Have you explored the option of overdraft savings account?
With a credit card facility, you are normally given a limit and there is no
fixed repayment schedule..
With the OD account available in Fineract 1.x, you can specify overdraft
limit and configure other terms as applicable in credit card accounts.
Regards;
*******
Zayyad A. Said | Chairman & C.E.O
Cell No.: +254 716 615274 | Skype: zsaid2011
Email: <ma...@intrasofttechnologies.com>
zayyad@intrasofttechnologies.com
Schedule Meetings: <https://calendly.com/zayyadsaid>
https://calendly.com/zayyadsaid
From: Niklas Uhrberg <Ni...@resurs.se>
Sent: Monday, October 21, 2019 5:39 PM
To: dev@fineract.apache.org
Subject: About support for revolving credit in Fineract
Hello, this question is more about the functionality offered by Fineract
(1.x or CN) than a technical question.
Reading the documentation and looking at the Community App interface I
conclude that there is no support for credit card type of credit a.k.a.
revolving credit. In this type of credit product there is usually no fixed
repayment plan e.t.c.
I want to be certain that I don't conclude in error here.
Best regards Niklas
Niklas Uhrberg
Konsult
IT Development | Loans & Credit
Resurs Bank AB
Växel:
+46 42 38 20 00
E-post:
<ma...@resurs.se> Niklas.Uhrberg@resurs.se
Webb:
<http://www.resursbank.se> www.resursbank.se