finPOWER 5 Released
We are pleased to announce the release of the latest version of finPOWER, Version 5 for the New Zealand Market. The main focus of finPOWER 5 is to provide compliance with the proposed Credit Contracts and Consumer Finance Bill which is likely to be passed into law prior to the end of this year.
This legislation introduces a new framework for writing consumer loans in that, amongst other things, interest can only be charged in arrears on the outstanding daily balance. This is in direct contrast to the current regulatory framework which states that interest is calculated “up front” and then rebated if the loan is settled early using Rule of 78 etc. There are also other provisions limiting the nature and amount of additional fees that can be charged, disclosure requirements and a whole raft of consumer protection clauses.
However, our direct concern, and hence the release of finPOWER 5, is ensuring you have the necessary tools to ensure compliance with the interest calculation methods contained in the new legislation.
finPOWER 5 introduces a new module, the Loans Module, that primarily provides for loans with a fixed term and interest charged on the outstanding daily balance. It has some exciting facilities that allow for additional withdrawals, extra repayments and the ability to vary the original term of the loan. There are also powerful “What If” type analysis tools that allow you to quickly view the effect of a number of different scenarios for a loan. For more details on the new Module please click here
In developing the new Loans module we have also overhauled much of the remaining finPOWER system and addressed many issues and User requests we have had for additional functionality. These include:
- An improved one step quoting system
- An updated Direct Debiting function that can maintain the original loan Payment Schedule while having a separate Direct Debit amount
- Improved EFT-POS transaction processing
- New Loan Overdue calculation and presentation tools
- Enhanced Loan screen layout and presentation
- Loan Write Off and Refund functionality
- A “Payments Due” lookup used during payment processing
- Enhanced Loan payment reversal processing
- Improved Statement handling for Deposits and Loans
- New Accounting Interface to ACCPAC and QuickBooks
- New Security Permission Keys
- A Calendar of business days and processing times
- New Company Wizard to increase the efficiency of starting a new database or adding new modules
finPOWER 5 is a major step forward in the evolution of finPOWER and one that will no doubt be welcomed by many Users. However, it is different to the existing version and you will need time to familiarize yourself with it. The best approach will be to work with your Dealer to undertake a trial conversion and assess the new system prior to running live with it.
For a full list of the changes that finPOWER 5 include we suggest you download the “finPOWER 5 Whats New” document that can be downloaded below.