Retail Deposits

Generic Feature Enhancements

Publish Business Events

A new process has been added to generate Business Events on an ‘x’ day (configurable) beforea deposit account is identified to be matured or deposits identified for Escheatment. The said events are published through the Events delivery platform for further consumption by the Communication systems to generate prior maturity notices to the customer.

The following business events will be available:

Create Deposit
Change in maturity instructions for the deposit account
Change of payout instructions
Change in special condition for interest rate
Top-up - Add funds to deposit principal
Partial/ Full redemption of the term deposit

Certificate/Term Deposit Statement

A new feature has been added to generate periodic statement for Term/Certificate Deposits as per the frequency configured at Business product level.

The current business product configuration UI for Term Deposits have been enhanced to include the parameters related to statement - such as Statement period and frequency and format. A new service has been developed to allow the Bank user to request for an adhoc Certificate/Term deposit statement from branch.

The below indicated customer transaction data will be available as part of the term/certificate deposit statement:

Deposits - Top-ups, Funding on opening the deposit, and Interest capitalization on the term deposit.
Withdrawals - Redemption, Penalty, Tax, and Interest Payouts.

Generic Feature Enhancements in Deposit Servicing

Enhancement of entity length for deposits screens:

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

Account Opening - Address details update:

As address details are mandatory while creating the TD account, Branch servicing fetch the address from primary holder and send to host.

Term Deposit transaction reversal:

Allowing reversal of certain transactions that have been performed on the deposit.

Consolidated Functional Activity Codes:

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

Removal of block type from Amount Block screen:

Hiding block reasons that are not applicable for user selection from the Amount Block screen.

US Geography Feature Enhancements

Regulation

Backup Withholding Tax

Existing Tax Withholding Tax has been enhanced to read the event details published by a customer application and carry out the tax calculations during the life cycle of the Certificate of Deposits.

Note:

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

US Geography Feature Enhancements in Deposit Servicing

Display of customer memos on deposit servicing screens:

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

Enhancement of entity length for Certificate of Deposit screens:

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

Account opening - Address details update:

As address details are mandatory while creating the CD account, Branch servicing fetch the address from primary holder and send to host.

Certificate of Deposit Transaction Reversal:

Allowing reversal of certain transactions that have been performed on the deposit.

Customer Relationship Maintenance screen:

Input, Update, and Delete functions on a new deposit servicing screen to capture the customer relationships that are associated with the Deposit account.

Joint Holder Maintenance for Certificate of Deposit - Mode of operation for single account ownership:

Enhancement to mode of operation drop down list and few other validations.

Consolidated Functional Activity Codes:

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

Removal of Block type from Amount Block

Hiding block reasons that are not applicable for user selection from the Amount Block screen.