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Join us at the Equifax Roadshow at the end of August.
The Roadshow will be an invaluable update for anyone that is using, or contemplating using Comprehensive Credit Reporting (CCR).
Attendees will find out the about
We are strongly urging our clients to attend, as there will be a number of relevant finPOWER Connect updates for them.
- the process of enrolment, how to interpret CCR data, the current status of the CCR data set and much more.
- We will also be covering updates on client's Ongoing Client Due Diligence (OCDD) obligations, upcoming Credit Contracts and Consumer Finance Act (CCCFA) legislation changes and the new Quote Credit enquiries that come into effect in October.
- Attendance could open up some special deals.
The CCR Roadshow will be held:
Monday 26 August 2019
Wednesday 28 August 2019
Important updates to finPOWER Connect only!
August 2019 - New version of finPOWER Connect
A new version of finPOWER Connect released - Release version 3.2 will be a database upgrade.
We will be in touch to upgrade your software as it is important to keep up with the new versions to ensure you are up to date with the latest developments for legislation.
System changes to comply with this legislation will only be undertaken in finPOWER Connect. If you are still using finPOWER 5 and will be affected by these changes, it is time to look at upgrading.
1 October 2019
Changes to NZ Credit Reporting Privacy Code come into effect.
- This includes Quote Enquiries and Default Loading minimum dollar amounts.
- These changes will affect lenders in NZ and system changes are only being undertaken in finPOWER Connect.
1 March 2020
If the proposed legislation passes in its current form, changes to the Credit Contracts and Consumer Finance Act (CCCFA) will come into effect on this date. The biggest changes will be to clients offering High-Cost Loans (Loans with an Interest Rate >= 50%); there will be a cap on the interest and fees they will be able to charge on these loans.
Again, system changes to comply with this legislation will only be undertaken in finPOWER Connect. If you have clients using finPOWER 5 that will be affected by these changes, it is time to look at upgrading.
Bill 131-1 is being sent to select committee
It potentially affects the total cost of lending and proposes shifting responsibility from Borrower to Lender. The 40 page draft bill is here.
Follow Its Passage through Parliament by clicking on the Beehive
1 April 2020 - Deposit Accounts
Changes to NZ RWT/NRWT file export will come into effect, and will affect those that pay Interest on Deposit Accounts.
Payments received on an account that is not yet open
Do you sometimes need to post a payment or deposit to an account that is not yet open.
This can happen because the paper work can be still pending.
To post payments you could utilize the suspense account feature in finPOWER Connect.
This provides you will the ability to post the payment, reconcile your daily processing and then later reallocate the payment.
Tips for remote desktop users
- Log off (not disconnect) at the end of each day
- This allows the system to recover any memory held (cached) for the processes you have used during your session. These little bits of memory accumulate until they are hogging all your allocated resources. Chrome is notorious for doing this.
- Reduce use of the Chrome browser sessions on your Remote desktop.
- Do not save folders or files on your desktop. Links to them achieve the same accessibility.
- Saving the actual folder to your desktop means that when you log in the desktop uses a lot more RAM. This slows performance
- Keep your Outlook Mailbox tidy.
- Don't keep copies of emails.
- Don't keep attachments you want inside your mailbox. Move and save them to an appropriate folder. You could even delete the email.
- Use Outlook Archiving if you have a really large mailbox. Name the archives appropriately e.g. between 2 dates for example. These PST (OST) files can be reattached as and when required. PST = Personal Storage Table (your outlook folders)
Vodafone emails are ending
If you use any of these email providers, you will have to change your provider to continue receiving emails.
MYOB IMS Payroll - Schedule of earnings
This is a great report for employees that need to supply their wages/salary information to another party, eg. Bank, IRD, Ministry of Social Development etc.
Available in Sundry reports. You are able to specify the date range, which payments to include with an additional option to export to a spreadsheet for you to review to suit your requirements.
Do have a go and if you need assistance please contact us.
Accounting & Logistics
Lending & Investment
Or please call 03 693 1121 for telephone support.