Singlify Winter ’22 release
We are very excited to present you the Singlify Winter’22 Release! As always, we want to thank all our customers who have helped us shape this new release by requesting new features and suggesting improvements. This has been and will always be the main driver for shaping our product roadmap.
Our mission is all about using technology to help our customers reach more clients who don’t have access to regular finance. This is what drives everything we do in the product.
What is new this release is that we have recorded our first-ever Release Webinar for you to watch. It contains a wrap-up and some cool demo’s of all the new functionality in this release. And on top of that you’ll have the chance to get to know our new development team in Nairobi, Kenya and a sneak preview of the Spring ’22 release!
If you prefer written text, here’s the usual overview of the main new or improved features in this release.
Contact Roles
Would you like to capture the different contacts with their associated roles, that are part of the Application or Investment? You can do this now using the new Contact Role object. This means Contact Roles are available everywhere in the origination and loan management processes.
Document Management – pilot
We are building a module by which you can track and store files that belong to an Application or Investment (or any other object) in a structural way.
- Track different document types (signed contract, master service agreement, etc)
- Integrated document versioning
- Collect/share the documents on a client portal
- Add your own custom fields
This functionality is currently in pilot mode. We are building and designing the functionality together with a number of customers. Contact us if you want to be involved.
Open Banking – pilot
We recently integrated a 3rd party app called ‘Bank Connect’ into our Origination Module.
This offers advanced new possibilities to your origination process
- Offer customers the option to share their bank details
- Automatically authenticate a bank account, pull bank transactions and balances inside Singlify
- Verify the identity of the client
- Includes integrated analysis of client’s finance data
This functionality is currently in pilot mode. We are building and designing the functionality together with a number of customers. Contact us if you want to be involved.
Line of Credit Enhancements
In the Summer ‘21 release we introduced the new Line of Credit product. We have further extended the functionality now by adding:
- periodic monitoring fees to the Line of Credit charge transactions that can be scheduled periodically.
- additional scheduling options for the charge transactions, e.g. allowing to schedule the charges on each last day of the month/quarter/year.
The Line of Credit product is now fully finished and ready for production use.
Multi-Currency
We have support for Multi-Currency across all Singlify functionality. This includes the possibility to manage multiple loans in different currencies. To be able to use this functionality, multi-currency needs to be activated in Salesforce. Make sure to read up about that before considering this change to your system.
Accounting Subledger – pilot
The Accounting Subledger functionality will remain in pilot mode, while we extend the functionality with additional functions to cover the full width of Loan Accounting requirements. With this release we are adding the following functionality:
- Proper capturing of set up fees that are deducted from the principal amount
- Proper capturing of Line of Credit charge transactions
- We’ve update the General Ledger Account naming convention to be a combination of the GL Account Code and the Label field (where populated). The GL Account Code is now an input text field. This allows for more user-friendly behaviour and more correct reporting to the back-end systems.
Bulk Transaction Processing
We made a number of improvements aimed at providing better resilience and performance in case of high volumes of loans and transactions.
This includes differentiating between immediate handling for single manual transactions and asynchronous processing of large bulk loads. Also we made improvements in error handling and preventing database locking.
Guarantee Funds
We have created functionality to group securities funded from the same source, what we are referring to as Guarantee Funds.
This will make it easier to report on and manage the guarantee fund that is the source of a collection of loan guarantees.
It also enables validations on Guarantee Fund usage, enabling protection against exceeding Guarantee Fund limits.
Salesforce Winter ’22 Release highlights
All Singlify customers automatically benefit from the generic Salesforce releases. As usual Salesforce’s Winter ’22 release was packed with new features as well. We particularly like the additional improvements made to Flow Screens and the In-App Guidance Enhancements. Learn more about this release on the Salesforce Release Overview Page or jump right onto the release training on Salesforce Trailhead.
More features yet…
Like always, this is not everything! You can find the full list of new features on our documentation site at https://support.singlify.co.uk. If you don’t have access yet, send us a quick message at [email protected] and you’ll be set up within a day.
