Retail Accounts (Current/checking and Savings)

Generic Feature Enhancements

Publication of Business Events

The new capability built into the system to generate an Event upon fulfillment of the business actions in the Account creation and maintenance. The said events will be published through Oracle’s Events Delivery Platform. They can be consumed by any downstream applications like a communication system/alert generating system and further processes to trigger a communication to the customer on mobile or send an email.

Capability is also added to generate Events during batch processing (End of Day Processing) to facilitate sending Notifications/Notices to the customer.

Refer to the Retail Accounts User Guide for the list of supported business events.

Generic Feature Enhancements in Account Servicing

Nominee/Beneficiary screen changes

The following enhancements are done in the existing nominee/beneficiary details update screen.

Added functionality to capture the customer ID and automatically populate the nominee/beneficiary details from the customer's information if the nominee/beneficiary is an existing customer in the bank.
Added validations to prevent entering duplicate nominee/beneficiary details and ensure the primary holder differs from the nominee/beneficiary.
Label name changed for address-related fields.
Field Country modified to display country name instead of country code.
Removed mandatory validation for the Mobile Number and Email ID fields for both Nominee/beneficiary and Guardian.
Field Address Line 2 changed to a non-mandatory field for the US region.
Changed the State field type to a list of the value field, fetching state details based on common core maintenance, and defaulting the country based on the selected state.

Account Closure

This screen is used to start the process of closing an account. First, it validates the active contracts and instructions associated with the account across different product processors. Then, it proceeds to close the account by performing interest liquidation and settling the account balance.

Account Closure Inquiry

This screen is used to display the details of the account closure request.

Servicing Transaction Inquiry

New screen is introduced on the Tasks page where users will be able to search or filter servicing transactions that they have worked on and can see the current status of the transaction.

Task Screen Changes

Reference number (i.e. account number) column is introduced in all Tasks pages. Customer number, and account number are populated respectively against servicing transactions in these two columns.

Multiple search criteria for Account Number search

Account servicing screens are enhanced to enable account number search based on multiple search criteria such as customer number, mobile number, SSN and email ID.

Auto and multi-level authorization

Auto or multi-level authorization can be configured for the Deposit servicing screens by creating a Rule based on the life cycle code.

US Geography Feature Enhancements

Regulations

Federal Deposit Insurance Corporation (FDIC) Compliance:

The FDIC protects the depositors of Insured Depository Institutions (IDI) /Banks/Credit Unions, against the loss of their deposits due to an IDI/Bank failure. The coverage of the loss will be to the extent of the applicable insurance limits prescribed by FDIC. Every IDI/Bank must disclose the aspect of compliance with FDIC guidelines.

New configurations are added at the Bank level to flag the insolvency of the IDI/FI/Bank. Also, a new User Interface is added to capture and store the Hold percentage product-wise along with the hold thresholds.

A new batch process is introduced to calculate the Hold amount based on the configured balance thresholds and apply it to account balances. Also, append the reason for the hold on the accounts.

Tax Forms (1099) INT:

Financial Institutions/Banks must comply with Federal Tax Laws governed by the Internal Revenue Service (IRS). Accordingly, Banks must issue Tax Form 1099 (Int) which details the Interest paid for an Account in a Fiscal Year.

The Account information along with relevant financial data elements are made available to fulfill the Tax Form 1099 (INT) compliance.

Note:

The customer data required for Form 1099 (INT) must be obtained from the Oracle Banking Party Application/Customer information system.
The generation of Form 1099 must be ensured from a Regulatory Reporting Application and not Oracle Banking Accounts.

Backup Withholding Tax (BWHT):

The Financial Institutions/Banks are required to withhold taxes at prevailing Federal Rate and/or state tax rates in the accounts whose customer details have erroneous Tax Information. Also, taxes can be computed and applied, based on the customer request (voluntary tax) with either the applicable Federal Rate or a discretionary rate.

To comply with WHT rules, the tax computation process has been enhanced to identify the applicability of the BWHT for an account, and if applicable, compute the tax on the Interest paid out to the customer based on either the Federal Tax rate or the discretionary rate captured and maintained at account level.

US Geography Feature Enhancements in Account Servicing

Display Courtesy Pay in Account 360 page

The overdraft Details widget is renamed as Courtesy Pay in Account 360 and the details of courtesy pay are displayed in the widget, if the account is enabled with the courtesy pay feature.

Enhancement in Check Book Order screen

Address on Check Book and Address for Check Book Delivery fields now default to the preferred address of the account. Users can also choose the temporary communication address if it is maintained for the account.

Joint Holder Maintenance - Mode of Operation

Mode of Operation drop-down field is updated to display the values that are specific to US Region.

Joint holder maintenance - Single mode of operation and other validations

When there is a single ownership of the account, Mode of Operation in the joint holder maintenance screen would display the value Single. Other in-line validations have been introduced to check that the user is prompted to choose appropriate values for a mode of operation when joint holders are added or removed.

Customer Relationship Management - validations

Depending on whether joint holder relationships exist for the account, the system will allow updating the Mode of Operation in the Customer relationship screen. Precedence is given to the mode of operation defined in the Joint holder maintenance screen.

Multiple communication address maintenance

Account address maintenance is enhanced to capture temporary or seasonal addresses, a type of communication address for a specific period with effective dates.

Memo maintenance and display for Accounts

A new screen Memo Maintenance' is introduced to allow capturing of memo instructions against Account Number.

Enhancement in Account Preferences screen

Updates to preferred communication channel to be performed on individual elements such as mailing address, mobile and email ID.

Enhancement in Stop Check Payment Screen

Modification of values in a stop check instruction is restricted only to edit the End Date.

Enhancement in Account Garnishment

Account Garnishment screen now displays the account currency in a common place. The garnishment details button is shown against a garnishment number rather than against each account number within the garnishment order.