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Interest Calculation Incorrect In Case Beginning Of The Month Days Is Holiday (Doc ID 2764416.1)

Last updated on APRIL 03, 2021

Applies to:

Oracle Banking Corporate Lending - Version 12.3.0.0.0 to 12.3.0.0.0 [Release 12]
Information in this document applies to any platform.

Symptoms

On : 12.3.0.0.0 version, Implementation Support

ACTUAL BEHAVIOR
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OL - OLDTRONL - RFR - Interest calculation incorrect in case beginning of the month days is holiday

Interest calculation incorrect in case beginning of the month days are holidays for the RFR base compounded method. Interest getting calculated on simple principal amount instead of compounded principal amount.

EXPECTED BEHAVIOR
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Interest should get calculated on compounded principal amount for reported scenario.

STEPS
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The issue can be reproduced at will with the following steps:
1) May 31, 2019 - Friday
2) June 01, 2019 - Saturday
3) June 02, 2019 – Sunday
4) Loan created on May 30, 2019 (Thursday) for USD 1mln.
5) Interest calculated for May 31 (Friday) correct for one day only due to month end, then for next two days (Saturday & Sunday) calculated on 1,000,000 instead of 1,000,131.67
IEDLN01191500003


Changes

 

Cause

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In this Document
Symptoms
Changes
Cause
Solution
References


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