Welcome to the Q4 2024 edition of our quarterly product updates, where we spotlight the newest enhancements to our credit card stack. 

This product update note highlights key improvements that enhance operational efficiency and end-user experience, ultimately helping you deliver greater value to your customers. 

Product Highlights

1. Minimum Amount Due calculation for MENA region 

As part of this feature upgrade, any overdue unpaid MAD from the previous cycle will be added to the current cycle’s MAD. 

The system will keep incrementing MAD if the customer does not clear the overdue, which may also lead to mathematically MAD becoming greater than TAD. In such scenarios, the system will keep MAD = TAD and not increment further.

2. Password configurations for statements 

This feature provides the ability for a bank/fintech partner to set or update the password configuration that is set for protecting the statement. Passwords can be configured based on 4 different parameters – First Name, Last Name, DOB and Last 4 Digits of Card Number through any order of preference. 

3. FRM integrations for RuPay and Multi-card 

Any new Multi-card/RuPay card availed by the customer will be onboarded to FRM system so that transactions done through Multi-card and RuPay cards are also monitored. 

4. FRM integrations for additional configurations 

A set of configurations is available to filter out advice transactions sent to the FRM system. These configurations can be defined at the credit end based on MTIs, reason codes, and response codes. 

5. SI report generation 

SI report automation and generation with the fields below 

• CIF Number 
• Tran Date 
• Tran Amount 
• Success/Failure with Reason  

6. Report automation

Automation of the following transactional reports on a daily and monthly basis. These reports will now be sent through the warehouse system on configuration 

• Financial Activity Reporting 
• R16 Report 
• Repayment Report 
• Interest Summary Report 

7. UPI credits to be allowed with restricted MCCs

UPI transactions with UPI Type as CREDIT and all other Subtypes such as PAY, COLLECT etc., are now allowed for payment processing. 

Supply Chain Financing Module  

1.Order cancellations post confirmation

As part of the supply chain financing product, we have added the provision to cancel a transaction post the order confirmation and placement, prior to the order being delivered. 

2. System integration for document dispatch 

As part of supply chain financing product implementation, a call is made to the Bank’s document generation API to dispatch regulatory documents at the time of onboarding a merchant and once a drawdown is done. The relevant dynamic variables required for populating the document such as: Customer Name, Due Date, Due Amount details, etc. are shared through this upgrade. 

3. Notification for spend reports 

When a spend report is generated and sent to the registered Mail ID, an SMS will also be sent to the customer. Parameters that will be sent in the notification are 

1. Customer’s first name and last name 
2. Total consolidated due for the month 
3. Billing month details – month and year for which the bill is generated 

That’s a wrap on this quarter’s highlights. 

We’re continuously working to improve our credit card platform to better serve our partners and their customers. If you have questions about these updates or want to see them in action, feel free to contact us.

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