BankInterest

Italy

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A PERSONALIZED APPROACH TO INTEREST
CALCULATION

Interest calculation is essentially a conventional process based on a set of defined rules and algorithms.

Main elements to be considered in the computing procedure are:

type of calendar (financial, FX, civil year etc.)

starting value date (does not coincide with accounting date usually)

ending value date

historical value dated balances (prior to the starting date)

current value dated balances

backvalued movements

movements with value date after the ending date

interest rates

divisors

rounding rules

credit lines limits

interest capitalization rules (monthly, quarterly, etc.)

overdraft commission

commission on average negative balance

bank charges

tax implications (stamp duty, withholding tax, etc.)

Even if bank statements are very similar apparently, they always differ in one or more elements, so final computation diverges, meaning that for the same block of movements debit and credit interest depends on single bank’s specific computation mechanics (i.e. software program).
Differences are sometimes very subtle, in other cases more substantial.

BankInterest is a software package designed to be your primary system or an exact replica (down to the smallest detail and minutia) of the already existing interest calculation system: personalization is essential in order to satisfy customer needs or to replicate all peculiarities of the host system.

BankInterest allows you to:

verify easily and accurately bank’s interest calculation statements

enjoy PC flexibility in interest computation process (ideal for branch personnel)

make extremely precise estimates for budgeting and accounting purposes

perform what-if analysis based on multiple interest rates scenarios

compare bank’s computation mechanics

reduce operational costs (no more time wasted on spreadsheets)

increase efficiency and reduce customers response time (statements delivery)

personalize interest computation for specific market segments or customers groups

calculate debit/credit interest for cash-pooled accounts

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