Product updates

See our latest features and enhancements

Product updates for Zafin Product & Pricing

Check out all of the new features and enhancements for Zafin Product & Pricing

Updates for Product Catalog

Configuring in a non-production environment before promoting to production

Product Managers and IT teams can now make configurations in a non-production (lower) environment and test them thoroughly before moving to production. This ensures more robust testing and a seamless deployment to the live environment without any issues.

Q2 2024
Update

Introducing pre-defined and extensible product templates

With the new product templates for deposit and loan products, banks can now quickly set up their product catalogs out-of-the-box (OOTB), saving months of onboarding and configuration effort.

These new product templates offer several key benefits: they enable accelerated setup, allowing banks to quickly establish their product catalogs with ready-made templates, significantly reducing implementation time and effort. Furthermore, these templates ensure seamless integration by centralizing product information, making it easily accessible to downstream systems and multiple Zafin capabilities.

Q1 2024
Update

Improved change review process prior to approval

The new update to the product catalog’s approval flow allows approvers to review changes before approving them. This enhancement simplifies the approval process, provides better control, and ensures thorough change reviews. Banks benefit from reduced errors, increased transparency, and a clear understanding of the changes being approved.

Q1 2024
Update

Updates for Rates & Fees

Resolved fee pricing output

Banks can now receive resolved pricing (the final price after all applicable standard and concession pricing arrangements are applied) as a daily batch output file, detailing each account and associated transaction code with the fee amount. The file provides comprehensive resolved price information to downstream systems, ensuring accurate pricing and fee information at an account level. Previously, only concession pricing at a customer level was sent. This enhancement supports better financial operations and decision-making for banks.

Q2 2024
Update

Securities account balance interface

With this feature update, banks can send securities account balances to Zafin. This enables differentiation between cash and securities values within the balance, enhancing bank’s ability to utilize various security types for fee calculations and personalized client offers.

Q2 2024
Update

Packages enhancements: Associate a customer to a package

With this update, banks can subscribe customers to packages rather than just accounts – a significant enhancement from the current ability to subscribe only at an account level. This enables banks to customize packages and services to individual customer needs and preferences, enhancing service offerings and improving customer satisfaction.

Q2 2024
Update

Packages enhancements: Auto associate new accounts of a customer to a package

This update enables automatic links between new customer accounts and their subscribed package, so that the relevant package fees are applied. This simplifies the process by eliminating the need for manual account-to-package subscriptions, reducing operational workload.

Q2 2024
Update

Sequential condition monitoring for offers

This update enables banks to track a second condition based on the success of the first. By integrating condition management instead of handling conditions separately, this improvement refines reward management for both, one-time and recurring assessments, resulting in a more engaging customer experience, enhanced offer effectiveness, reduced fraud risk, and deeper insights into customer behavior and preferences.

Q2 2024
Update

Set the number of accounts to enroll in a bundled offer

Banks can now specify the exact number of accounts to be enrolled in a bundled offer, enhancing control over offer management. This flexibility replaces the previous option of choosing either one account or all eligible accounts, enabling more precise enrollment strategies for better revenue management.

Q2 2024
Update

Volume-based progressive tier charge algorithm

This update allows banks to charge fees using tiered rates based on transaction volume. Banks can now apply these progressive volume-based tiers to both individual transactions and aggregated totals over specified periods. Available through APIs and batch processing, this improvement broadens fee charging models and enhances flexibility for both standard and multiuse products.

Q2 2024
Update

Free transaction counts with pre-aggregated transactions

Banks can now include pre-aggregated transactions in their free transaction counts through file interfaces. This feature enhances the accuracy of free transaction calculations and improves revenue forecasting by providing a clearer view of transaction usage and available limits.

Q2 2024
Update

Packages enhancements: Mixed currency product packages

Banks can now include products with different currencies in the same package. This feature applies to both standard and multi-use products, offering enhanced multi-currency support.

Q2 2024
Update

Improved real-time integration with bank forex systems

Zafin now supports real-time API calls to banks’ forex systems, enabling retrieval of customer specific forex pairs and negotiated pricing. This integration empowers banks to accurately calculate fees based on previously agreed forex rates, supporting accounts with diverse currencies seamlessly

Q1 2024
Update

Enable or disable introductory rates

This feature update enables banks to toggle introductory rates on or off as needed, providing flexibility in managing promotional offers. It supports both temporary activations and configurations without introductory rates, applicable across batch processing and API-based methods. This enhancement allows Marketing and Product teams to offer multiple time-bound promotions while ensuring accurate application and management of introductory rates for new account holders.

Q1 2024
Update

Support credit transaction volume and value in offer monitoring

This update allows banks to include both debit and credit transactions when applying minimum transaction volume and value rules in waivers and offer monitoring. It provides more options to incentivize transactions and boost account activity.

Q1 2024
Update

Specify baseline date for balance growth tracking

This enhancement allows banks to set a baseline date for net balance growth reward rules, offering flexibility to track customer growth from that specific date. Previously, the balance growth rule only compared the current balance to the previous end of period (EOP) balance, without the option for baseline-based calculations. This update enables precise evaluation and accurate reward calculations, enhancing customer engagement and retention.

Q1 2024
Update

Balance-based tiers for net new money to determine bonus interest

Banks now have the option to configure bonus interest based on balance-based tiers for net new money. Previously, the system only supported customer segment and cohort attributes for defining net new money bonus interest. This added flexibility encourages increased net new money deposits and promotes overall account growth.

Q1 2024
Update

Ingestion and processing of reference data

Banks can now quickly process data like new customer information, transaction details, and account changes. This enables them to offer customers real-time pricing quotes, significantly enhancing their service offerings. 

Q1 2024
Update

Real-time fee quotes and charging

Enable real-time fee quoting and charging for products and services, including free item counts and fee adjustments/waivers. This ensures accurate pricing and fee processing using real-time data, improving transparency and efficiency in financial transactions.

Q1 2024
Update

Multi-currency support

Banks can now charge fees in multiple currencies, making international banking easier. This update allows for transactions and fee calculations in different currencies, helping the bank serve a broader customer base.

Q1 2024
Update

Updates for Proposition Manager

Fee waivers as a reward type for offers

Banks can utilize fee waivers as a periodic reward. This new reward type applies to Bundled Offers, Household Offers, and Account Offers, providing added flexibility to attract and retain customers with tailored fee waiver rewards.

Q2 2024
Update

Updates for Deal Manager

Fee-grid enhancements: Support for grid-based fee overrides

This update enables banks to override grid-based fees for both standard and multi-use products, allowing overrides at the package and parent product levels. Currently, the system does not support such overrides. This enhancement provides greater flexibility in fee management and allows for more customized pricing adjustments.

Q2 2024
Update

Fee-grid enhancements: Extension of product filtering for multi-use products

This update helps banks expand their product filtering capabilities by integrating fee-grid configurations for multi-use products. It improves accuracy in matching products to prospects’ fee preferences, making the search process faster and more efficient. This saves time for both prospects and bank staff and allows for better customization in recommendations, effectively helping banks meet the diverse needs of their customers

Q2 2024
Update

Enhanced pricing arrangement views

This enhancement provides clearer information within fee views, allowing users to modify pricing and charging models. It now includes display of both original and latest standard prices for active arrangements, ensuring transparency and ease of comparison.

Q2 2024
Update

Architecture update to support real-time reference data

This update enhances the architecture and integration to support real-time reference data. Deal Manager can now access live updates from Zafin Product & Pricing, facilitating efficient deal creation for newly onboarded customers and products.

Q2 2024
Update

New charge record views

A new view of charge records is being introduced for customers with products that do not have billing configurations. This update aims to support correction workflows by enabling customers to view the status of charges and settlements (paid, unpaid, partially paid) directly through the UI, facilitating prompt action on outstanding balances.

Q2 2024
Update

Standard package views

This update enhances the standard catalog views by incorporating detailed information on product specifics, fee overrides, and package-level fees. It focuses on fee overrides to provide a clearer understanding of pricing differences between packages and improves user insight into pricing variations across different package contexts.

Q2 2024
Update

Pricing arrangement cloning

When cloning a pricing arrangement, the new arrangement will be based on the most recent standard pricing, rather than the pricing that was in effect when the original arrangement was created. This approach helps maintain up-to-date and consistent pricing across all new arrangements.

Q2 2024
Update

Cancel or modify statement arrangements

Statement arrangement workflows now provide Relationship Managers with greater flexibility and control over their clients’ statement preferences.

  • Cancel existing statements: Easily cancel any existing statement arrangements, offering greater control over account management
  • Modify preferences: Adjust the end date, format, and distribution type of statement preferences to suit current needs
  • Update configuration parameters: Update important parameters such as document type and distribution channel, minimizing the need for reworking statement arrangements
Q1 2024
Update

Cancel or modify billing arrangements

The new billing arrangement workflow is designed to simplify and enhance the management of billing setups across customer and account levels.

  • Cancel existing billing arrangements: Quickly end outdated or incorrect billing setups with a few clicks
  • Modify customer-level billing arrangements: Easily add or remove customers to keep billing accurate
  • Adjust account-level billing arrangements: Streamline accounts by adding or removing them as required
  • Backdated association dates: Apply changes retroactively to update billing statements automatically, reducing the need for reworks
Q1 2024
Update

Multi-currency product support in pricing arrangements

Relationship Managers (RMs) can now create pricing arrangements at account or customer level for their clients when dealing with products in different currencies. This enables them to specify negotiated prices in various currencies within a single arrangement, simplifying the process and minimizing the need for multiple arrangements.

Q1 2024
Update

Cancel pricing arrangement before start date

Relationship Managers (RMs) can now easily cancel any pricing arrangements before their start date. This flexibility allows them to revert accepted arrangements and create new ones with the same start date.

Q1 2024
Update

Updates for Dynamic Cohorts

Configure cohorts and optimize campaigns with offer-related attributes

Banks can now set up cohorts using new offer-related attributes. This means users like Product and Marketing teams can now fine-tune their cohorts with higher precision, making campaigns more targeted and effective.

Q2 2024
Update

Streamlined cohort management: Archive active and delete draft cohorts that are no longer relevant

With this update, users like Product Managers and Marketing Managers can now archive active cohorts and delete draft cohorts, helping them effectively manage their cohorts and ensure that they retain only those relevant to their current needs.

Q2 2024
Update

Updates for Signals

Deal-level alerts

This update enhances banks’ ability to monitor specific transactions or agreements like alerts for credit deterioration, missed payments, and covenant breaches. For instance, if a corporate loan’s credit utilization surpasses a predefined threshold, an alert will be sent to the Relationship Manager (RM). This helps highlight significant events that impact risk, performance, or compliance. Monitoring can be performed at the client-group level, account level, or bank-wide level.

Q2 2024
Update

Define alert-reset frequency

This update allows users to set the duration of alerts on a metric. Relationship Managers and Product Managers can choose to aggregate the metric over a month, a quarter, or a year. For example, a user might want alerts on ATM transactions for a retail client if the threshold is exceeded within a month, while for a corporate client, the same withdrawal metric might be more appropriate on an annual basis.

This flexibility enhances monitoring and response, resulting in more accurate risk assessment, improved client satisfaction, and optimized resource allocation by customizing alerts to suit various customer needs and transaction patterns.

Q2 2024
Update

Enhanced customer engagement: Offer expiry notifications

Banks can now send timely alerts to customers before their offers expire. This ensures transparency about offer durations and encourages higher redemption rates.

Q2 2024
Update

Introducing month-on-month fee variance tracking

The month-on-month fee variance feature calculates the fee variance for each customer on a monthly basis. This signal serves to generate alerts whenever the variance exceeds the predefined threshold, ensuring proactive monitoring and management of fee changes.

Q1 2024
Update

New account activation for transactions

The new account activation signal for transactions assesses whether recently opened accounts have been activated by customers through account-related activities. This feature aids Relationship Managers in prompting customers to begin utilizing their newly activated accounts, enhancing engagement and driving usage.

Q1 2024
Update

Product updates for Zafin Integrate & Orchestrate

Check out all of the new features and enhancements for Zafin Integrate & Orchestrate

Multi-region batch processing

With this update, banks operating across different time zones can use Zafin IO to process data for each region as the day ends. This improves efficiency by cutting overhead, speeding up processing, lowering costs, simplifying error management, and scaling smoothly to handle varying workloads

Q2 2024
Update

Data Pipeline Scaffolding

Data Pipeline Scaffolding is a framework that supports building and maintaining data pipelines, ensuring seamless and reliable data transfer from various sources to destinations for analysis and reporting. This enhances data integration, accuracy, and regulatory compliance for banks, facilitating more reliable and timely insights. It also reinforces the scaffolding to meet the most stringent non-functional requirements across all components.

Q2 2024
Update

API Bridge Scaffolding

API Bridge Scaffolding is a framework that facilitates the seamless integration and communication between different software systems through Application Programming Interfaces (APIs). For banks, this scaffolding offers numerous benefits, including the ability to connect disparate systems and applications efficiently, thereby enhancing interoperability and data sharing.

Q2 2024
Update

Batch Orchestration

With this update, Zafin IO enables banks to automate schedule, monitor, and execute batch processing tasks efficiently. This enhancement ensures reliable handling of large data volumes, improves operational consistency by managing dependencies and errors, and facilitates regulatory compliance with auditable data processing workflows.

Q2 2024
Update

LDE Installer optimizations

This refers to improving the setup process for the LDE (Local Development Environment). This optimization aims to make it easier and faster for developers to configure their local setups for building data integration pipelines and API Bridges.

Q2 2024
Update

Updates for Core Connectors & Accelerators

Announcement

Introducing new core connectors and accelerators

Accelerators:

  • Hogan by DXC Technology (Banking Core)
  • Systematics by FIS (Banking Core)

Connectors:

  • SuperCore by 10X (Banking Core)
  • Vault Core by Thought Machine (Banking Core)
  • Microsoft Teams (Collaboration)
  • Zendesk (Application) 

These core connectors and accelerators will simplify the integration between a wide range of legacy and modern banking cores and Zafin Product & Pricing. The benefits include improved reliability through best practices, effective scalability with minimal performance loss at higher transaction volumes, a standardized approach for integrating with the Zafin platform while accommodating custom needs, and expert support at every stage of implementation.