What's new in Synoriq LMS | FY24-25 (Q1) ?

Product Improvements in FY24-25 (Q1)

Three new loan products launched

1. Builder loans

   • Cash flow & Project Receivables Based Lending

   • Builder gets a limit sanctioned along with a principal moratorium based on the construction stage of the project

   • Builder can withdraw the amount on demand

   • On every withdrawal, the available limit gets reduced

   • Regular repayments from the escrow account to the parking account

   • Monthly interest instalment on the actual limit utilisation

   • Equal principal instalment after the moratorium period

2. Consumer durable loans

   • Advance instalment (Downpayment)

   • Zero interest loans with subvention handling

   • Handling of returns and refunds through partial cancellation

3. Study loans

   • Institution specific scheme creation

   • Subvention program management

   • Handling of subvention refunds on fee refunds

   • Payment to institution account

New software module launched

1. Bank Recon Tool
   

   • Bank reconciliation system for loan disbursement and collection accounts

   • Bank definition and statement upload

   • Auto knockoff of matched entries

   • Manual knockoff of unmatched entries

2. Data Platform

• Direct data access for

  • In-house reporting tools / PowerBI / MIS

  • Peripheral systems

  • Backups
    

LMS functional improvements

1. Loan recall - all future principal marked due in a single instalment

   
   

   • Use-case: In the vehicle finance industry, if a customer defaults in the first 6 months, then some of the lenders have a loan recall term agreed i.e. the loan can be on-demand recalled. This is to mitigate the risk in future principal recovery.

     
     

   • Solution: A new feature has been developed under the Rescheduling menu, then loan recall can be performed to make principal component (principal components of pending EMIs) due today
     

2. E-commerce consumer loans - loan partial cancellation

• Use-case:

  • Customer buys 3 items from e-commerce in 6 equal instalments

  • Loan gets created in the system

  • She doesn't like one of the items and returns it

  • Now the loan has to be partially cancelled

• Solution

  • A new feature has been added to the rescheduling menu - Loan Partial Cancellation

  • This automatically treats the cancellation amount by adjusting the interest component along with the principal

3. APR Calculator

• Use-case:

  • Displaying of APR is mandated by the regulator.

  • This free-to-use tool allows calculation of APR

• Solution

  • Consumers / bankers can go to www.synoriq.com and use the tool to compute APR

  • LOS can use LMS APR computation API to display this in KFS / Sanction letter

4. LPP Bifurcation*

• Use-case: Give a break-up of LPP calculation month-wise
  

5. Show a break-up of adjusted charges

• Use-case: Now easily see adjusted charges break-up within disbursal details

6. Recording of separate approver for each charge

• Use-case: Different persons may be authorised to approver waivers for different charges

• Solution:

  • System now allows you to capture the approver name against each charge

7. Branch closing for Cash Deposit

• Use-case: Branch gets cash collection from its collection executives + customers visiting branches. Its important to know the exact cash position at each branch

• Solution: features for branch closing added
  

8. Limit enhancements and reductions

9. Adhoc limits

10. Extension of limit expiry

11. Payable to receivable cross knock-off

12. Other minor improvements

• Backdated loan bulk upload

• Capture UPI ID in case of repayment through UPI

• Ability to capture collection agency name in receipt

• Ledger bulk upload improvement

• Add Payment Gateway Partner and E-Nach Type dropdown field on Receipt Form

• Service Branch Filter option in Request Bulk Author/Checker

• Charge separation through charge stage on loan viewer

• State wise GST invoice series

• Collateral Update robust

• Added a validation in Foreclosure - if any cheque or NACH receipt is deposited and not realized/bounced, FC will not be allowed

• Pop-up of Active loan in case closure of Linked loan
  

LMS non-functional improvements

1. Health check alerts

   1. Outstanding balances in the closed loans

   2. Txn logs vs transaction summary

   3. Limit utilization checks for revolving product

   4. Interests calculation

   5. Master validator like multiple transaction policies

2. LMS to Books reconciler

   1. Receipt voucher recon

   2. Payment voucher recon

   3. Knock-off voucher recon

   4. Instalment billing voucher recon

3. More tests in Test Automation

   1. Total test count crossed 1 lakh+

4. Performance improvements

   1. 10 fold increase in performance of several APIs and bulk operations

5. Security improvements

   1. Improvement in security by design

   2. 30+ security measures for enhanced security