Releases span multiple product areas, including Deposits, Lending, Cards, Payments, Ledger & Accounting, and Platform & Core Services.
Lending
Our Lending Product Roadmap in 2023 is guided by Scalability, Reliability and Performance objectives. We are investing in maturing established products such as unsecured Personal and Business Lending, Purchase Finance, and Retail Mortgages. We are enhancing core capabilities with enhanced flexibility in interest calculations and payment schedules to cater to even more sophisticated banking use cases. We continue to monitor market developments and ensure that our roadmap accommodates any regulatory requirements that may impact our customers.
We have enhanced our optimised payment solution to help borrowers manage loan repayments in equal instalments. This feature addresses the challenges experienced by some lenders when the first instalment period is different to the scheduled repayment frequency.
We have also added new functionality to our Purchase Finance offering: the ability to apply fees on revolving loan accounts during the loan lifecycle. With this feature, lenders can apply any type of fees such as administration, contract, or commitment fees, on loan accounts, whether the account is active, or approved, regardless of the account balance. This functionality is particularly useful for lenders offering Buy Now Pay Later, credit cards, and lines of credit. Learn more about Revolving Loans here.
Additionally, we now offer new account lock rules for our revolving credit products, allowing you to specify whether a borrower must settle the due amount or the total outstanding amount before the account can be unlocked. This enhancement gives you increased control over your credit products.
Furthermore, we have enhanced our lending products with the ability to disable the accrual of late interest, providing you with even more flexibility and control over interest charges on term loans.
And lastly, Brazilian Financial Institutions can now easily calculate the IOF tax (interest on financial operations) to meet regulatory requirements. Setting up the IOF Tax in Mambu is easy and flexible and meets all the legal requirements.
Deposits
Similarly, Scalability, Reliability and Performance are the key pillars supporting our Deposits product roadmap in 2023. We are investing in developing enhancements to our core saving products such as Personal Deposits and Business Deposits to support our customers’ growth aspirations. We are also adding additional flexibility in interest conditions by significantly enhancing how we work with interest rates in both deposits and overdrafts in order to accommodate regulatory and market requirements.
Our recent enhancements in the deposits area aim to streamline end-of-day processing and minimise the impact on downstream operations. With these improvements, you can expect faster transaction postings and account updates, enabling you to manage your finances more efficiently.
Moreover, we have implemented the ability to support changes to a customer’s tax status, particularly important in the Latin American (LATAM) and Asia Pacific (APAC) regions. This functionality enables customers to modify the withholding tax rate source on active accounts, providing you with greater control and compliance in response to changing tax statuses.
Cards
Our Cards strategy is underpinned by a focus on processing debit card payments, i.e. authorisations and transactions. Our roadmap in 2023 is dedicated to delivering native integrations with card processor platforms. These native integrations enable us to offer a highly scalable Cards solution for our customers and partners. We intend to continue investing in enhancing card payments and adding new native integrations to the major global card payments processors.
In H1, we have laid the groundwork for native integrations with major card processing platforms and recently piloted a new native connector with one of our key partners, which we will continue to enhance with additional services.
We have also completed the design of the native card connector microservice to be easily extensible, maintainable and scalable to extend the native card connector platform to support future integrations.
We have added additional account balances in the cards authorisation holds APIs for stand-in processing (STIP). This functionality will give customers using debit cards more information on their accounts. When the Card APIs are used for authorisation requests, both the available balance and the total account balance will be included in the response.
Ledger
Our Ledger strategy in 2023 is focused on ensuring fast, reliable, and scalable processing of accounting entries. As the source of truth of financial position and regulatory reporting, data reliability and availability are essential in our Ledger and Accounting module. Our 2023 roadmap will dedicate significant efforts towards non-functional improvements to enhance scalability, reliability, and performance to support the growth needs of our customers.
We are also investing in localised requirements to increase the maturity of our Ledger capabilities with enhancements to reporting and multi-currency support.
We have introduced additional technical monitoring capabilities in our Accounting module to deliver a better and more efficient service to our customers. These metrics cover accounting reporting and summary generation, transaction processing, and custom views in general ledger journal entries.
Platform & Core Services
In 2023, our focus in Core Services revolves around three key themes: strengthening our platform capabilities, improving the developer experience, and expanding our partner ecosystem. We’re prioritising reliability, scalability, and optimised data management as well as maturing highly requested features such as Configuration as Code (CasC), fine-grained permissions, identity and access management, and more to meet our customers’ evolving business needs.
In the first half of 2023, CasC was made generally available. Since we debuted CasC, we’ve largely expanded its use cases, which now cover batch configurations of organisation details, holidays, branches, user roles, loan and deposit products as well as custom fields. We’ve also enhanced user permissions to introduce more granular access control to facilitate maker-checker processes.
In the area of data management, we have brought improvements to data backups done through Mambu’s API to cater to our customers ever-evolving data management needs. These improvements resulted in significantly faster and more efficient backups and End of Day jobs for our customers. In the next few months, we will be releasing even more exciting features in this area.
We have also strengthened access control with the release of IP blocking across our Cloud Banking Platform and introduced more granular user permissions for deposit and lending products through Mambu’s UI, extending your governance over user roles and responsibilities.
Payments
Our Payment Gateway now supports instant payments across the SEPA zone, processing both incoming and outgoing Instant SEPA payments as per the European Payment Council (EPC) standards. This enables 24–7/365 real-time payment processing, ensuring faster settlement and transaction clearance.
We have also enhanced the processing of BACS transactions leading to a higher straight-through processing rate.
Building for scale, change and resilience with Mambu
In 2023, we are making substantial advancements in improving our End Of Day (EOD) batch processing operations to ensure enhanced reliability, predictability, and speed. Our primary focus lies in strengthening the foundational aspects of EOD by efficiently segregating the financial and non-financial components, with a particular emphasis on prioritising financial tasks. Furthermore, we have already made significant strides in improving our monitoring capabilities, and we remain committed to further refining our existing framework. This dedication will provide us with comprehensive visibility over the EOD process, enabling us to achieve even better outcomes.
At Mambu, we have been working diligently to bring you a host of updates and feature releases. Our goal remains to empower you with the tools and functionalities you need to thrive in a fast-paced financial landscape. Stay tuned for more innovations as we continue to shape the future of banking and finance together.
For more information about Mambu, visit www.mambu.com.