New Messaging Interface
finPOWER Connect version 3.3.3 introduces an updated SMS Messaging Interface.
The existing "SMS Interface" Add-On has been renamed the "Messaging" Add-On. In addition, there is a new "Advanced Messaging" Add-On, which adds new service providers and features for SMS Messages.
The Advanced Messaging Add-On adds, where possible, delivery status updates, e.g. a notification that messages have been delivered to a handset, and Replies, whereby if a client replies to an SMS it is automatically added into finPOWER Connect.
APLYiD; New AML Product within finPOWER Connect
APLYiD is an Anti-Money Laundering (AML) product that allows businesses to verify the identity of their customers, simply and easily.
To setup an Account with APLYiD you should first contact your Intersoft Dealer, who will make the necessary arrangements with the APLYiD team.
illion BankStatements BrokerFlow
BrokerFlow takes the 'illion BankStatements' Bank enquiry and enables you to retrieve Bank Statements and data, previously collected by Brokers.
The 'Broker' accesses illion BankStatements (via a process external to finPOWER Connect) and provides you with the 'Document Id'. You then enter the Document Id within the BankStatements Enquiry and view the results without having to liaise with the Client via email or SMS, as this will have been completed for you.
Investment Income Reporting (May 2020 Update)
From 1 April 2020 the way in which Interest and Withholding Tax is reported to the IRD changed through the mandatory use of Investment Income Reporting (IIR). Whilst this has been available optionally since April 2019, it is now a requirement for all institutions paying interest where Withholding Tax is applicable.
The latest IRD requirements are supported from version 3.03.02 of finPOWER Connect.
IIR within finPOWER Connect comes in the form of a Report, and a File Export process. This provides the ability to export up to three file types, one for each supported Withholding Tax Type.
- Resident Withholding Tax on Interest (IPS)
- Non-Resident Withholding Tax (NRT)
- Approved Issuer Levy (AIL)
"My List" Tab Added To Reporting View
The Reporting view in finPOWER Connect Cloud now has a "My List" tab which allows users to add reports that they commonly use to their own custom list.
For example, users can add shortcuts to commonly used reports including any parameters and export options.
Tasks View Future Dating
The Tasks view in finPOWER Connect Cloud can now show Tasks "as at" a specific date.
For example, you may wish to see what Tasks (e.g., Accounts to review) are not due just yet but will be due by the end of the week.
"My List" Tab Added To Tasks View
The Tasks view in finPOWER Connect Cloud now has a "My List" tab which allows users to create their own custom list.
For example, users can add shortcuts to commonly used items from any of the other tabs or add their own new, completely custom, items.
A Balloon Payment is a larger than normal payment made at the end of a Loan.
Quite often in finPOWER Connect the actual Balloon Payment is a few cents lower than the value entered. This is because Payments and Interest can only be debited/ credited to a Loan Account in whole cents. The net effect of the rounding is the Balloon Payment is adjusted to compensate.
Note, the actual Balloon Payment amount entered is stored on the Loan calculation information - and is therefore available to view.
In finPOWER Connect 3.02.04 we have introduced a new setting to adjust the final regular payment to try and hold the Balloon Payment to that entered.
Mobile Apps for finPOWER Connect
Using finPOWER Connect Cloud and Portals, it is now possible to use finPOWER in the cloud for:
- Internal Users (Finance Company staff)
- External Users (e.g. Dealers via either finPOWER Connect Cloud or a bespoke Portal)
- Clients (e.g. Client Connect Portal)
Previously our focus has been on providing an easy to use browser experience for these users. Recently we have focused on providing these users with an App they can use on mobile devices such as phones and tablets.
Developing and maintaining a native App for these platforms is a huge undertaking, accounting for how much functionality is already available in finPOWER Connect Cloud.
But what if we could simply wrap these web applications up into an App?
PWAs are web applications which look and feel like a native mobile App. They have several advantages over traditional mobile Apps, the most important being:
- Lower initial and ongoing maintenance costs
- No need to install or update an App - it is always up to date
- No need to get the App approved by an App Store
- Multiple App Stores do not need to be maintained - PWAs work on all key platforms
- Instead of days or weeks to get an App approved by an App store, PWAs are immediate
Previewing Records in finPOWER Connect Cloud
Most modern web applications are designed first-and-foremost with mobile devices in mind.
This includes finPOWER Connect Cloud; the User Interface is responsive and resizes to best fit different sized devices.
What we sometimes forget though, is that for the majority of business users, laptop and desktop PCs are the more common means of access. These tend to have much larger screens and often, that screen real-estate is being wasted.