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A Message From Our Team
Happy October! 🎃 Fall into our latest batch of updates designed to make managing your financial institution even smoother. This month, we're excited to highlight new features for the Banno Support app case queue, seamless browser-based key generation for developers, the launch of our new Origination Pilot & Beta Hub for lending and deposits, and so much more. Dive in below to see what's new!
Enhanced Swap Loan Details
During the first full week of October, look for an impactful enhancement to land for your institution admins and Banno Business users! We’re updating the account details screen in Banno to deliver full transparency for swap loan accounts.
Previously, these accounts displayed only the underlying variable rate and payment amount, creating confusion around a borrower’s true contractual obligations. With this release, active swap loans automatically update primary interest rate and payment due fields across Banno Online, Mobile, and your administrative channels to reflect the borrower’s fixed contractual rate and total payment amount.
Beyond updating primary loan values, accounts with active rate swaps will feature a dedicated Rate Swap information metadata section in the account details sidebar. Surfaced directly from SilverLake, this section provides comprehensive visibility into agreement terms – including billed principal and interest breakdowns, agreement expiration dates, accrued interest, and early termination penalties. Your staff retains complete administrative control, as all new metadata fields integrate directly with the Accounts screen in Banno People for easy customization and management.
Note: Swap loans are designed primarily for business users. However, the swap loan data will be evaluated and displayed for any user who has a loan with an active rate swap record attached.
No additional contract or support ticket is necessary, and we’ll roll out this enhancement to everyone in early October.