Singlify Summer ’21 release
We wanted to make it feel like summer is still with us so we are very excited to present you the Singlify Summer ’21 Release! Again, 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.
Let’s have a look at the main new or improved features in this brand new release.
Origination process enhancements
In our previous release we introduced the Singlify Origination Suite. A set of processes, components and best practices to automate your origination process. During the last couple of months we’ve added a vast amount of new and improved functionality, supported by the Salesforce platform. Some highlights include:
– Flexible multi-column screens for your origination flows
– More efficient background processes by using IsChanged operators to decide whether related data needs to be updated or not.
– Better support for picklist components, reusing the picklist values that are already set up in your org.
– Additional improvements to picklists, e.g. the option to set their requiredness and the possibility to set default values in the Origination process.
– More options for sorting and limiting records in table elements
– Improved debugging functionality.
Contact your Singlify representative for advise and guidance on how to properly set up or improve your origination process. We recently completed the implementation of a brand new Origination process for our customer microStart. Click here to read more about it!
GDPR Compliance tooling
GDPR sets out the obligations companies need to meet when processing personal data when your company is based in the European Union or in the UK. Some of these obligations will have an impact on your systems.
We help our customers meet these obligations by providing the right tooling and advise to implement principles like ‘privacy by design’ and ‘privacy by default’. We’ve added a number of key features to the system, like the ability to provide customers with access to their stored data and the ability to *completely* remove private data when customers revoke their consent.
Line Of Credit product
You’ve asked for it! While we already supported so-called ‘Open Ended Loans’, these did not yet have all the functionality required by some of our more demanding customers. With Summer ’21 we introduce the Line of Credit product. This enables re-disbursement of capital repayments, automatic generation of periodic (interest) repayment transactions and automated accrual of interest on the loan balance. It also means that ‘open ended loans’ have now been renamed to ‘Line of Credit’.
Accounting Subledger – pilot
Another huge new piece of functionality is our Accounting Subledger. We are releasing this in pilot mode in Summer ’21, which means it will only be available for a limited set of customers.
A subledger is a ledger containing all of a detailed sub-set of transactions. The total of the transactions in the subledger roll up into the general ledger. For example, the Singlify subledger will contain journal entries for all loan amounts receivable or payable, and actual disbursement/repayment transactions for each and every individual loan. A summary-level entry is composed from these journal entries and periodically recorded in the general ledger. If someone is researching information in the general ledger in an account that contains this summarized level of information, he or she must then access the subledger to review transaction-specific information.
The following Accounting Subledger functionality is part of the pilot:
– journal entries for disbursements, repayments and interest charges
– handling of corrections and modifications
– additional user permissions for accounting functionality
– period closures (including validations on closed periods)
– multiple accounting configurations and mappings within 1 org
If you are interested in participating in the pilot then please reach out to your Singlify representative.
Pro-active system monitoring
Starting with the Summer ’21 release we will be adding more pro-active organisation health monitoring to your system. This means that our Support team will be notified automatically whenever any issue might occur in the nightly batch processes or when data in the system is corrupted for whatever reason. This enables Singlify to address issues before you are impacted by them. Moreover, we will be able to analyse this data and generate trend reports on application performance and stability.
Be aware that any data shared with Singlify is anonymous and you always have the option to opt out of this service.
Loans Calculation Engine versioning
Warning: this is for the techies and loan admin fanatics!
From the Summer ’21 release onwards we will branch our core loan calculation engine into different versions, a new version being rolled out with each release. The purpose of this is to ensure 100% backwards compatibility of loans that were created in the past. Whenever any loan gets recalculated from scratch, the resulting loan schedule should never change, even if changes or improvements were made to the system calculations since the time the loan was created. By assigning a loan calculation engine version to each and every loan, we can ensure that any loan will stay as it was originally created.
Salesforce Summer ’21 Release highlights
All Singlify customers automatically benefit from the generic Salesforce releases. As usual Salesforce’s Summer ’21 release was packed with new features as well. We particularly like the additional improvements made to the Flows technology and to Einstein Search. 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.
