1. Release Notes
  2. Release Notes
  3. Release Enhancements
  4. Enhancements in Party Services

1.2.1 Enhancements in Party Services

The following are the enhancements as a part of Party in this release:

Table 1-1 Enhancements in Party Services

Summary Description
Party Event Publish New Events are introduced in OBPY to be published during Party Onboarding and Amendment. Amendment Event will be generated at the Data Segment Level.

Onboarding Event Specification: {"branchCode": "000", "userId": "XXXXX", "date": "18-05-2023", "time": "14.24.25", "applicationNumber": "xxxxx", "handoffStatus": "onboard", "sourceProductId": "OBPY", "eventType": "onboard", "externalCustomerNumber": "xxxxx", "isKycCompliant": "true", "partyCategory": "retail", "partyId": "xxxxxx", "partyType": "retail", "rmId": "xxxxx", "firstName": "xxxxx", "middleName": "xxxxx", "lastName": "xxxxx", "residentStatus": "Permanent", "uniqueId": "xxxxx", "customerSegment": "Affluent", "partySubType": "retail", "isCustomer": "true", "isStaff": "true", "isInsider": "true", "isSpecial": "true", "isArmedForce": "true", "isPep": "true", "isMla": "true", "isMinor": "true", "isBlacklisted": "true", "isProspect": "true", "amendDateTime": "2023-10-05T09:52:32.887729300", "applicationDate": "2020-03-26"}.

Amendment Event Sample Specification: {"applicationNumber": "xxxxx", "branchCode": "000", "userId": "xxxxx", "partyId": "xxxxx", "externalCustomerId": "xxxxx", "eventType": "amend", "handoffStatus": "SUCCESS", sourceProductId:OBPY, "datasegmentCode": "DS0021", "amendDateTime": "2023-10-05T10:43:48.381537600", "applicationDate": "2020-03-26"}.

National ID/SSN Capture A new National ID/SSN Field is Introduced in Party Basic Info Data Segment to capture National ID of the Party such as SSN in US and Aadhar in Indian geography. During capture of SSN in US geography, input value will be validated for SSN format as XXX-XX-XXXX.
Party Notes and Memos A new feature is introduced in Party Management to capture and manage party-level notes and memos. This enhancement enables the tracking of specific actions or information related to a party, providing a comprehensive solution for managing important details. Here are the key improvements:

Comprehensive Information Tracking - Users now have the capability to document and track crucial information about parties using the new Notes and Memos feature. This ensures that essential details and actions are recorded and easily accessible for reference.

Categorization Options - Notes and Memos can be categorized as either Warning or Overrides, allowing users to highlight critical information. This categorization system adds a layer of organization, making it simpler to identify and prioritize different types of notes and memos. Date Ranges for Context - Users can associate a start and end date with each note or memo, providing context to the information. This feature is particularly valuable for time-sensitive actions or warnings, ensuring that the information is relevant and up-to-date.

Insta Party Management A new set of functionalities are introduced in Party Management as Insta Party Management to seamlessly onboard and amend parties through a single eliminating the need for navigating through a work-flow-based process. Insta Party Management will provide user convenience of having all data segments related to party onboarding and amendment consolidated in one streamlined interface, enhancing the user experience and efficiency.
FIDM - Child Support To align with the Financial Institution Data Match (FIDM) regulation within the US geography, a new dedicated section in the "Additional Info" data segment is introduced for identifying FIDM-matched parties. This newly introduced section not only allows to flag a party as a FIDM match but also facilitates the recording of pertinent details associated with the match, including the Date of FIDM Match, Amount, and other relevant information.
Tax Declaration Enhancements The Tax Declaration Data Segment is enhanced, now allowing for the distinction between Resident Alien, Citizen, and Resident Non-Alien statuses. With this enhancement, the system intelligently auto-populates Form W8 for parties as Resident Alien or Citizen. In the case of parties designated as Non-Resident Alien, the system will auto-populate Form W9, streamlining the process of capturing and managing tax declaration information.

This refined functionality ensures accuracy and compliance by tailoring the available forms based on the specific resident status of each party. Experience a more intuitive and efficient tax declaration process with the enhanced capabilities of the Tax Declaration Data Segment.
Social Media for Marketing Communication Marketing Communication section in Consent and Preferences Data Segment is enhanced to capture Social Media Details for marketing and other communications to the party
Customer Name Suffix Party Management is enhancement by introducing an additional field to capture Party Name Suffixes such as Sr., Jr., II, III, and more in Basic Info and Citizenship data segment. This feature aims to enhance the identification of parties by incorporating richer name information.

Now, users can seamlessly include relevant suffix details, providing a more comprehensive representation of individual or entity names. Whether it's distinguishing between generations or incorporating other suffix conventions, this new field ensures a nuanced and accurate portrayal of party names.
Date of Deceased A new field Deceased Date field is introduced to capture the date of death for the deceased parties.

A new field Deceased Date is introduced to capture the date of death for parties who are deceased. This addition aims to provide a more comprehensive and sensitive representation of party information.

Now, users can input and store the exact date when a party passed away, enhancing the system's capability to manage and document crucial life status information.
Last Contact Date A new field Last Contact Date is introduced in Basic Info and Citizenship data segment to capture the last communication date between party and financial institution based on customer induced or bank induced transactions.

This crucial information enhances your ability to track and understand the dynamics of interactions, providing valuable insights into the customer relationship. The Last Contact Date field will be readily accessible in the View Party Information screen, offering a overview of the communication history.

It's important to note that the Last Contact Date field is intentionally designed to be view-only, ensuring the accuracy and integrity of the recorded information. This approach guarantees that the date remains a reliable reference point without being subject to inadvertent modifications during day-to-day operations.
New Party Relationship Type Party Management has introduced to 2 new data segments as Custodian and Solicitor in relationship information, enhancing the depth and richness of information capture for parties. These additions not only provide comprehensive insights but also ensure compliance with regulatory aspects specific to the geography.

Custodian Data Segment: Now, users can capture and manage custodial relationships within the system. This includes key information such as custodian names, and other pertinent details. This segment caters to the nuanced requirements of custodial arrangements, enabling financial institutions to maintain accurate and compliant records.

Solicitor Data Segment: The introduction of the Solicitor Data Segment further enriches the information captured for parties involved in solicitation relationships. Users can now record essential details related to solicitors, facilitating a more detailed understanding of the party landscape.

Automated KYC & KYC Maintenance A new feature is introduced in Party Management for seamless integration with third-party service providers for Know Your Customer (KYC) Checks. This enhancement enables automated and efficient KYC processes. Also, to facilitate this integration and configure variables specific to KYC Checks, a new KYC Maintenance is introduced.

KYC Maintenance: Within this new feature, users can easily configure variables related to KYC Checks, tailoring the system to the specific requirements of third-party service providers. This includes parameters such as definition of mandatory and optional KYCs, Third Party services for the automated KYC check and any other variables necessary for a thorough KYC process. The KYC Maintenance feature ensures a flexible and customizable approach to KYC Checks, allowing financial institutions to adapt to evolving compliance standards and the unique demands of their operational environment.

Standalone KYC A set of new functionalities is introduced to create and amend Know Your Customer (KYC) records independently of Party Onboarding and Amendment processes. Standalone KYC can be initiated and amended for party using specific set of Data Attributes. This innovative feature allows for standalone KYC creation and updates, providing a more flexible and efficient approach to managing essential customer information.

Standalone KYC Creation - Users can now initiate KYC processes independent of Party Onboarding, allowing for a dedicated focus on ensuring up-to-date and accurate KYC records. This streamlines the work-flow and provides a more direct avenue for KYC management.

Standalone KYC Amendment - The ability to amend KYC records for a party, separate from the party amendment processes, brings a new level of flexibility. This ensures that KYC information can be updated promptly and efficiently, responding to changing customer details.

Address Enhancements Current Address and Previous Address Data Segments, are integrated with a common core state maintenance service. This enhancement ensures a more streamlined and user-friendly experience by retrieving pre-configured states based on the country of the address. Also, "Address Line 2 / Street Name" is changed to optional from mandatory in Current and Previous Address data segments.

Dynamic State Retrieval - The integration with the common core state maintenance service enables the system to dynamically retrieve and present pre-configured states to the specific country selected for the address. This not only ensures accuracy but also significantly expedites the data entry process.

User-Friendly Experience - Users will benefit from a more intuitive and efficient data entry experience. By automating the retrieval of states based on the country, the system reduces the likelihood of errors and enhances the overall usability of the Current and Previous Address Data Segments.

Consistency Across Entries - New feature will promotes consistency across address entries, as the system ensures that only valid states associated with the chosen country are presented. This not only improves data accuracy but also aligns with best practices in address management.

Advance Party Search Advance Party Search is an enhancement in Party Management to expands search capabilities with extended parameters. Users can now effortlessly search for parties using a diverse set of criteria, including First Name, Last Name, National ID, Date of Birth, and other relevant parameters. This improvement is designed to streamline operational processes and enhance the overall user experience.
Insider and Service Member Search Party Management has introduced a service that enables users to conduct targeted searches for Insider and Service Member parties. This new feature enhances the efficiency of party management by offering a focused and tailored approach to locating insider and service member parties within the system.

Parent topic: Release Enhancements