2021 in Review: The Past Year’s Development Highlights

At GOLDPoint Systems (GPS), we are constantly improving our products to meet the needs of our clients and an ever-innovating industry. We pride ourselves on the flexibility and customization of our software, and 2021 was yet another fantastic year for changes and enhancements to our system that made life easier for your employees and customers.

Before we start working on 2022, let’s look back and highlight the major innovations introduced over the last year. Remember to reach out to your GPS account manager with questions about implementing any of these enhancements at your institution, and follow the links in the bullet points below to learn more about each new feature.

Updated CIM GOLD

• Starting with CIM GOLD version 7.21.2, the vaulting service is now run by GPS on your institution’s behalf through our in-house application portal. This service, which follows Uniform Commercial Code regulations, is how your institution designates watermark settings and restricts access to original (source) documents.

  Example of a watermarked document. The watermark indicates that the user is not allowed to view the original copy.

Instant Funding

• Thanks to our recently established partnership with REPAY, GPS institutions can now offer their customers Instant Funding. This means that your institution can send electronic funds directly to a customer’s eligible debit or prepaid card on the spot. Less paper and plastic waste for you, extreme convenience and quick money for the customer. Everybody wins.

The AWE

• The Automated Workflow Engine, formerly known as the Decision Engine, has undergone multiple enhancements in addition to a name change. These enhancements include:
  • A distance calculation function. This allows you to add physical location considerations to your engines (for example, determining if an applicant lives within an acceptable distance to your branch or office). Providing this feature to your institution will require implementing a Bing Maps service/API trigger and new variables.
  • The ability to set the right-hand side of an expression to an applicant-specific variable, which allows users to compare one variable to another (for example, you can now set up a step that ensures that the borrower’s FICO score is equal to or greater than the co-borrower’s).
  • Multiple new API triggers, including Interconnect, Soft Credit Pull, Hard Credit Pull, PhoneFinder, InstantID, InstantID Business, FindAPerson, and FraudPoint.
• A Global Tables web application is now available to create, maintain, and import tables. These tables can be used by GPS applications such as the Automated Workflow Engine.

Make Payments Easier

• We have implemented a Pay-by-Text feature to allow your customers to make payments on their loans via text message.
• A new EZPay option is available which allows your institution to offer email receipts to customers making card payments. The indicated email address can be saved for future use or forgotten after the transaction is over.

GOLDPoint Systems Help Center

• The GPS Help Center was launched this past year and is on track to completely replace DocsOnWeb and F1 Help in the coming weeks. This website is a new and improved repository of help documentation with better search functions, more intuitive navigation, scalability (for viewing with multiple types of devices), and more frequent updates.
• A library of video tutorials has been added to the Help Center. This library includes videos explaining the Automated Workflow Engine, eGOLDSign, and certain transactions. Our goal is to expand this library to include many more topics and videos going forward.
• A new option is available for institutions who want late charges to be assessed on qualifying accounts every day, including Sundays and holidays.
• A new interest refund method is available that can be used when converting precomputed accounts to interest-bearing accounts. This method calculates the refund for any unearned precomputed interest according to the same rules as set when a precomputed loan is legally paid off.

Integrations with Equifax

• GOLDTrak PC has been outfitted with JSON/HTML credit pulling capability in order to keep up with Equifax’s transition to cloud-based reporting.
• The Credit Report has been updated in response to Metro 2 Task Force guidelines which eliminated certain bankruptcy-related Consumer Information Indicator (CII) codes in April.

New Transactions

• A handful of new transactions were created this past year:
  • Two new transactions and a new afterhours update function have been created to allow the conversion of line-of-credit accounts to interest-bearing accounts. This can be done automatically at the end of the draw period or when the credit limit has been met.
  • A new transaction has been created for the purpose of reversing ACH payments that included NSF fees. This new transaction reverses the payment and the fees while applying an ACH return fee. We have also added a Reason field to this transaction to explain the purpose for the reversal.
  • A new transaction has been created to allow interest-only Journal In payments.
  • A new transaction has been created to integrate with an API for third-party VSI insurance cancellations and custom refunds.
• Speaking of transactions, the new Customer Transaction Log web application is available for searching and viewing information about transactions made in GOLDAccount Center.
• When available, the Mnemonic Dictionary now includes a mnemonic’s GOLDTrak PC boarding transfer field.
• A new charge-off option (COOP 16) is available. Remember that COOPs affect how the charge-off transaction is processed at your institution.
• A new Payment Method code has been created to designate daily periodic loans. These types of loans earn daily interest but only collect one period of interest on payment (think of them as a mix between conventional and interest-bearing loans). A lot of information is available for this method code, so please see the Payment Method 20 section of the Help Center for a full writeup about its functionality.