Title: Message Title
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Ed,
Not really. Basically while there may be simple things like the ordering the waay components of installment are paid off on - theres other reasons why we have a programatic strategy for 'processing repayments'. - things like what to do when someone prepays or pays late, what is seen as an early payment, whats late? Lots of MFIs differ widely in these area - some want fixed schedules where nothing changes no matter what, some want interest to be recaclutated in subsequent installments to reflect proper time value of money of loan - and many others fall somewhere between this.
Its much easier to 'code' this part when an MFI raises these types of rules, Making a fully configurable approach driven from UI would be possible but is best left on the long finger. The timescale of understanding what MFI expects to happen to loan repayments and actually implementing it and releasing is a day - To date we only has to create one or two more of these and this was around payment order rules which are all there for people to use.
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A new Repayment strategy to support the following payment order
Penalty – Interest – Principal – Fees
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