Banking Core module is essentially the ‘heart’ of every bank. It is the back-end system that processes banking transactions and keeps track of customers’ money. Modularbank’s banking core enables a wide range of functions from opening current accounts, (both single and multi-currency) to defining the lifecycle of the account and keeping track of all transactions on the account. There are no limits in defining interest calculation, service fee or any other rules for an account type either for a specific customer segment or even for a certain customer. Unlike in other core banking systems, setting up or amending rules can be done easily by frontline bank customer service staff in mere minutes. Absolutely no coding is needed.
Deposits/ Savings accounts
Modularbank’s deposit module supports all types of savings accounts. Rules regarding interest rates, withdrawals and savings terms can be easily defined, allowing you to devise new types of savings accounts that best meet the needs of your customers.
Assets & Collateral
For every secured credit product, banks need to keep a track of assets, sureties or other types of collateral that guarantee these loans. To put it simply, the module holds the descriptions of different types of assets and collaterals and their characteristics and financial value, be it real estate, car loans, equity/stock share or something else. The module keeps track of the market value of the specific asset over time, making it possible to immediately identify and take measures if the value of the asset falls below the amount needed to cover the related loan.
Modularbank’s lending module supports a wide range of lending products, from overdrafts and credit lines to mortgages and installment plans, both secured and unsecured. We have predefined the products for you, which means you can start offering services to your customers straight away simply by adapting the predefined product conditions to your own, such as changing the interest rates or repayment periods. Defining and setting up new special products is simple and allows you to quickly tap into your end-customers’ needs by delivering differentiated offerings that will set you apart from other players.
The module provides companies a real-time general ledger with a real-time overview of their financials enabling continuous business monitoring, reporting, analysis, and fulfillment of compliance rules. Relevant business transactions taking place in other modules are simultaneously forwarded to the financial accounting, which automatically generates accounting entries based on them. It requires only initial set to chart accounts and accounting rules. In essence, once you have defined the rules, no further coding is needed.
Putting it simply, the payment module does everything required to make money move between banks and other payment providers seamlessly. We support both SEPA and SEPA instant payments as well as providing capabilities for easy integrations with different national and international payment systems. The latter include SWIFT, Bankgirot, Faster Payments, Sorbnet as well with integrators like Form3, Transferwise, and others.
Modularbank’s card module supports both debit and credit card issuing. This module allows for a great deal of flexibility when defining your card products, which can also include virtual or prepaid cards. In addition, it facilitates the management of card lifecycles, price lists and fees, and card limits. When issuing credit cards, there is scope for defining customised grace periods and interest rates for different card and transaction types, up to opportunities to create instalment plans to facilitate large-sum credit card purchases. By default, the card module is integrated with Modularbank’s banking core, however, it can be integrated with any alternative banking core via APIs. Through our partnership with Nets, we can deliver an end-to-end card issuing and processing solution or, alternatively, can connect via APIs with any other preferred processor or your own payment card infrastructure.
Modularbank’s debt management module conveniently allows you to track the debt process for all active loan and card contracts. Rules are completely configurable, allowing users to create personalised rule sets for individual products. Depending on the configuration, this module automates a wide-range of processes, including overdue invoice registration, debt letter sending initiation, reminder fee booking, and contract debt status calculation. We are able to accommodate a range of notification types, such as reminder and termination letters, notifications related to collection, or notices of customer death. Using clearly defined processes, the debt management module allows for streamlined administration of all delinquent contracts.