1.2.3 Retail Deposits

This topic provides information about enhancements in the Retail Deposits.

Generic Feature Enhancements

  • Auto Rollover to a new Business Product during CD/TD Rollover: Enables maturing term deposits (TDs) to automatically roll over into a different (successor) business product based on configurations set at the business product level.
  • Zero balance FD creation: Allows opening of term deposit (TD) accounts without an initial deposit. Accounts remain in a pending funding status until funds are received by the hold date. If funding is not received by the specified hold date, the TD account is automatically closed through a batch process.
  • Min Max Balance Checks for TD life cycle: Minimum and maximum balance thresholds can now be configured at the product level for top-up event and for balance threshold (across the lifecycle of the TD) apart from already supported Deposit Opening event. This enhancement prevents the creation or rollover Top-up, Redemption or other online lifecycle operations (system event such as interest liquidation do not consider the threshold) of TDs that do not meet the specified balance criteria.
  • API Enhancements to support Data Segment level modifications for TD services: The existing RESTful APIs have been enhanced to support granular data modifications, allowing the API-calling application to retrieve or update specific fields instead of entire records. This enhancement eases the complexity of returning large data sets. This also reduces the data load to the calling application as there is no enforcement to send the full data segment data.
  • List of new TD End of Day (Batches) added/modified in the EOD workflow
    • OBRDEP-DEPTXN-EXP
    • OBRDEP-DEPTXN-ESCH
    • OBRDEP-DEPTXN-TDZB
    • OBRDEP-DEPTXN-EFF
    • OBRDEP-DEPTXN-TANK
    • OBRDEP-DEPTXN-ZBPRIMAT
    • OBRDEP-IC-APYE
    • OBRDEP-IC-APYE-STMT
    Refer the User manual EOD Configurations for details on the above batches.
  • Pay-in and payout by checks:

    Pay-In: OBA has enhanced existing service to facilitate the funding of Term Deposits (TD) via checks. As an out-of-the-box solution, OBA is integrated with OBPM.

    Pay-out (Banker’s check/Drafts):
    • As out of box solution OBA supports payouts (interest/maturity proceeds) through OBPM.
    • In the absence of Oracle Banking Payments (OBPM), OBA generates and provides only the necessary data required for processing payouts. This enables any third-party payment application to consume the data and handle the issuance of banker’s checks or demand drafts.
  • Pay-in by ACH and Pay-out by Wire and ACH:
    • Pay-in and Pay-out by ACH (Nacha Debit): OBA(Services) is integrated with Oracle Banking Payments (OBPM) system for Nacha Debit (Pay-in by ACH) and Nacha Credit (Payout by ACH).
    • Pay-out by Wire: OBA(Services) is integrated with Oracle Banking Payments (OBPM) system for pay-out by Wire.

Generic Feature Enhancements in Deposits Servicing

CD Auto rollover to new business product:

The Deposit Account Opening screen has been enhanced to capture the payout account for settling excess amounts above the threshold during Auto Rollover.

Account Number LOV-Closed Account Handling:

The Deposit Account Number LOV is now restricted from fetching closed CD accounts on screens where operations for closed CD accounts are not allowed.

Payments integration with CD and IRA CD. Includes Payin and payout by checks and external Accounts. :
  • The Deposit Account Opening Screen has been enhanced to support Pay-in by cheque and payout modes by External Account (Fed Wire) and Instrument.
  • Deposit Pay-in by cheque has been enhanced in the Top-Up and Initial Pay-in screens.
  • Payout to External Account (Fed Wire) has been enhanced in the Deposit Redemption screen.
Simplified Auto Auth Configuration:

A new screen has been introduced to enable or disable auto-authorization for branch servicing screens, supporting the ability to enable or disable single or multiple screens at a time.

Mimic Sync flow for Servicing Screens:

Branch users will now see the host system’s response immediately after approving or submitting a transaction for auto-approval. For auto-auth TD openings, the account number will also be displayed in the response.

Access Restriction Validation for Joint Holder:

Access restrictions are now validated when displaying Customer Panel, Account 360, and Deposit 360 details for both primary and joint holders.

Minimum and Maximum Limit for Deposit Account:

The Deposit Account Opening and Deposit 360 are enhanced to display the minimum and maximum limits for Top-Up, Account Opening, and the balance threshold for an account.

Transaction Inquiry-Display Transaction Branch:

Display transaction branch in the Transaction Inquiry and Reversal screens.

MCA Support for TD Payin and Payout:


The Deposit Account Pay-in and Pay-out mode is enhanced to support Multi-Currency Accounts.

Zero Balance CD Account Creation:

The existing Deposit Account opening screen is enhanced to support the creation of zero-balance CD accounts and fund the account after its creation.

US Geography Feature Enhancements

  • External Parameter screen to facilitate the payout of deposit proceeds.
  • A new intraday batch, ICCalcBatchTask, has been introduced and must be configured to invoke external system payments from OBRDEP.
  • APYE: Annual Percentage Yield Earned (APYE) is calculated and displayed for CDs on periodic statements.
  • Individual Retirement Accounts (IRA) – CD : For SEP IRA variant contribution limits can be configured, as a Percentage of Annual Compensation OR Absolute amount, at the plan level.
  • IRA Account Service has been enhanced to automatically generate and assign a plan reference number during the CD creation process, according to the plan type provided.
  • The IRA CD Account Service has been enhanced to support capturing and maintaining multiple nominees for each account, with explicit identification of primary and contingent nominees. Additionally, percentage allocation for each configured nominee can now be defined at the account level.
  • The IRA CD Contribution Service has been enhanced to allow the option of identifying a contribution as an employer contribution if done by the employer for IRA-SEP accounts.
  • A new Customer- Plan level maintenance screen allows the user to have the option to maintain the employment history details and also allows the user the view/ add the mapped accounts for that customer – plan combination.
  • The below enhancements mentioned previously for conventional CD will be applicable for IRA CD products too as part of this release.
    • Zero Balance IRA CD creation
    • Auto-rollover to a new IRA CD product
    • Min and Max Balance Threshold for IRA CD products
    • Payin and Payout using checks o Payout using wire

Note:

Account Servicing UI support for pay-in and pay-out using checks and payout using wire for IRA CDs will be part of the subsequent releases.

Parent topic: Release Enhancements