Retail Accounts (Current/Checking and Savings)

Generic Feature Enhancements

System Induced Account Closure:

New parameters (balance thresholds and the number of days of no balance movement) parameters are introduced at Business Product level, basis which the accounts will be automatically closed.

A new process is added to automatically close an account subject to the fulfillment of the conditions (parameters defined at business product level) and the business validations which are applicable for closure of an account.

Feature helps banks to weed out inoperative accounts with trivial balances which are an overhead to maintain and do not add much business value.

Enhancement in Account Service API (GET Method) :

GET Account details response includes details of the Utilized and Unutilized limits, this feature helps banks.
- To display the Account balance of an account in appropriate widget of the Customer dashboard. (For example, if there is an account on which there are limits and these are utilized, then this account appears in two widgets. Under the Accounts widget – the available balance is shown, and under the Loans widget - Utilized limits is shown).
- In addition to the above, the enhancements also helps banks to over come the challenges in the legacy core systems of maintaining dummy accounts created through nick name of the customer to track the utilized limits.
Existing Business Events list expanded by adding few more Events which occur in the life cycle of the Retail Accounts.
- The system has the capability to generate and handover the event with the required details to an external system through Event Delivery Platform (EDP) for their consumption. As part of the present release, the business events such as Amend Account, Check book request, Stop check payment, Manual/Auto revoke stop check payment, Account closure, Balance thresholds (Minimum balance threshold, Maximum balance threshold, Negative balance, and Daily Account Summary) are available.

Generic Feature Enhancements in Account Servicing

Branch servicing pending transactions view screen:

A new page has been introduced in the Tasks page that gives a list of servicing transactions that are pending to be authorised.

Common entity lengths - UI enhancement:

Changes to servicing UI screens to accommodate the length of entities that have undergone increase in field lengths.

Servicing Task widget:

A new dashboard widget to display the outstanding servicing transactions based on their status and the user access.

Staff restriction for account servicing operations:

Restricting servicing operations on accounts belonging to the bank staff.

Validate pending branch servicing transactions as part of the EOD process:

During the end-of-day process, validation Is introduced to check whether any pending branch transactions exist. This validation is performed on screens where the pending transaction check is enabled.

Consolidated Functional Activity Codes:

Consolidated functional activity codes provided for maker and checker operations for all account servicing and branch servicing screens.

US Geography Feature Enhancements

Generic

Account API – Restriction of information of Custodial Accounts:

As per the United States adopted banking practice, the details of the custodial accounts are not communicated to minor account holder (The custodial accounts are usually opened on the name of the minor (based on the SSN) and operated by the custodian till the minor becomes major).

In order to fulfil the above feature, the enhancements are done in the GET account details response to exclude the custodial account details when service is invoked with input of a minor Customer ID.

Regulations

Backup Withholding Tax (BWHT):

Existing Withholding Tax has been enhanced to read the event details published by a customer application and carry out the tax calculations.

Note:

Refer to the user manual for the event format prescribed by Oracle Banking Accounts (OBA).

US Geography Feature Enhancements in Account Servicing

Branch servicing pending transactions view screen:

A new page has been introduced in the Tasks page that gives a list of servicing transactions that are pending to be authorised.

Change log for Account Garnishment screen:

Change log for garnishment servicing transaction that is displayed during authorisation

Change log for Memo Maintenance screen:

Change log for memo maintenance screen that is displayed during authorisation.

Field level validations should be inline instead of popup in Courtesy Pay Maintenance screen:

Field level validations in Courtesy Pay Maintenance moved to display as inline validations from being shown as pop up messages.

Customer memos to be displayed in account servicing transaction screens:

Display of memos created in Oracle Banking Party Services at the account servicing screens.