Our solution supports credit instalment management allowing the Issuer to propose a number of credit instalment types to its customers. By using our credit instalment different plans, the Issuer can decide to grant a credit to its customers on a condition of its repayment at regular intervals over a specified period of time, until it is fully paid.
Retrieve A Credit Instalment Model Simulation
The "Request credit Instalment model simulation" API allows to simulate repayment schedule either by providing instalment model reference or instalment type (e.g. transaction, cash etc) and then customer can choose a desired instalment contract with the desired terms and repayment plan.
The mandatory input fields are:
- The issuer ID
- Credit amount requested by customer
- Reference of a credit instalment model or Instalment type
As a result system returns simulated information with 1 or more repayment plans containing such as:
- total amount due
- total interest amount
- fee amount (if relevant)
- each Instalment amount
- full repayment schedule
API links
Create A Credit Instalment Contract
The "Create credit Instalment contract" API allows to create a credit Instalment contract based on provided information.
The mandatory input fields are:
- The issuer ID
- Credit amount (allowed within the model range)
- External Reference of an active credit instalment model
- Receiving account reference which relates to the account credited. The account should not be closed.
- Paying account reference which is assigned for credit instalment repayment posting. The account shall not be closed.
The optional/conditional input fields:
- The customer for which the detail is requested: It can be provided by using the customer reference or the issuer customer external reference. Field is mandatory when channel is not 'SMS'.
- External Reference of an active credit instalment model
- Credit term which is allowed on the chosen instalment product. Default value is taken from instalment model, if credit term is not defined.
- First instalment date which shall be allowed on the chosen instalment product
- An external reference (MSISDN) can be provided to identify the Instalment credit contract to be credited (e.g. mobile phone number)
As a result Instalment contract is created with:
- Credit instalment reference
- Contract Status set as ‘Created’
- Contract date defined as the date of the creation
- Credit term (default value from the Instalment Model if not provided by issuer)
- First Instalment Date (default value from the Instalment Model if not provided by issuer)
- Total interest amount calculated
- Total contract amount calculated (credit amount plus total interest amount and total fee)
- Fee amount calculated
- Monthly Instalment amount calculated
- Repayment schedule calculated
If Instalment model reference is not provided, it will be derived from:
- card type taken from card or card contract identifier
- credit amount
Selected model must have the same currency and Channel Type as the one provided in the request.
If channel type is provided as 'SMS' then:
- provided Receiving account and Paying account must be the same
- MSISDN is mandatory
Restrictions can be applied to limit instalments per customer, per day etc.
API links
Update A Credit Instalment Contract
The "Update Credit Instalment contract" API allows to update different parameters of the contract: credit amount, Instalment term, first instalment date etc.
The mandatory input fields are:
- The issuer ID
- Credit Instalment Contract Reference
When the credit instalment contract is in "ACTIVE" status, system only allows to update "Paying Account Number”. No restrictions are applied for updating credit amount, even if the value is out of instalment model defined range.
API links
Cancel A Credit Instalment Contract
The "Cancel Credit Instalment contract" API allows issuer to cancel the Instalment contract before posting of the first instalment amount.
Contract status must be in "Created" status.
The mandatory input fields are:
- The issuer ID
- Credit Instalment Contract Reference
Upon receiving this request, the contract status will be changed from ‘Created’ to ‘Cancelled’.
API links
Activate A Credit Instalment Contract
The "Activate Credit Instalment contract" API allows issuer to request contract validation, once customer is signing the instalment contract.
The mandatory input fields are:
- The issuer ID
- Credit Instalment Contract Reference (can be 4 last digits if the MSISDN is provided)
Upon receiving this request, the contract status will be changed from ‘Created’ to ‘Active’.
An instalment account is created after the contract activation.
Upon instalment contract activation repayment plan is started.
API links
List Credit Instalment Contracts
The "List credit Instalment contracts" API allows to get the list of credit Instalment contracts for a given customer & issuer.
The mandatory input fields are:
- The issuer ID
- The customer for which the detail is requested: It can be provided by using the customer reference or the issuer customer external reference.
In return the interface provides list of credit instalment contracts (both closed and open) for a given customer with details such as: credit amount, interest rate, interest amount, repayment details, posting details on principal amount and interest, etc.
API links
Retrieve Credit Instalment Contract
The "Retrieve Credit Instalment contract" API allows to retrieve details for credit Instalment contract.
The mandatory input fields are:
- The issuer ID
- Credit Instalment Contract Reference
In return the interface provides details as: credit amount, interest rate, interest amount, repayment details, posting details on principal amount and interest, etc.
API links
Close All Credit Instalment Contracts For An Account
The "Close all credit Instalment contracts for an account" API allows to close all credit Instalment contracts for an account. All the Instalment contracts linked to paying account are closed.
The mandatory input fields are:
- The issuer ID
- Paying account reference
- Remaining credit instalment reimbursement option (issuer or paying account)
The remaining credit for the reimbursement contract can be repaid either by the issuer or customer from their paying account defined in the credit instalment contract.
Repayment amount can be posted with 2 possible options, if repayment posting type is defined in contract property "repayment posting type":
- Principal amount with Interest and Fee
- Principal amount with Interest
If property is not available, three different installment operations will be posted for PRINCIPAL, INTEREST and FEE.
As a result credit instalment contract is terminated.
API links
Terminate Credit Instalment Contract
The "Terminate Credit Instalment contract" API allows the issuer or the customer to terminate the credit Instalment contract.
The mandatory input fields are:
- The issuer ID
- Credit Instalment Contract Reference
- Remaining credit instalment reimbursement option (issuer or paying account)
The remaining credit for the reimbursement contract can be repaid either by the issuer or customer from their paying account defined in the credit instalment contract.
Repayment amount can be posted with 2 possible options, if repayment posting type is defined in contract property "repayment posting type":
- Principal amount with Interest and Fee
- Principal amount with Interest
If property is not available, three different instalment operations will be posted for PRINCIPAL, INTEREST and FEE.
As a result credit instalment contract is terminated.
API links
Early Repayment Of A Credit Instalment Contract
The "Early repayment of Credit Instalment contract" API allows to make an extra payment out of regular repayment plan.
The mandatory input fields are:
- The issuer ID
- Credit Instalment Contract Reference
- Repayment Amount
- Remaining credit instalment reimbursement option (issuer or paying account)
As a result the repayment plan is recalculated (number of instalment terms is reduced).
Repayment amount is posted with 2 possible options if repayment posting type is defined:
- Principal amount with Interest and Fee
- Principal amount with Interest
Otherwise three different installment operations will be posted for PRINCIPAL, INTEREST and FEE.
API links