Functional Features

Virtual Account Management Charges

A feature has been provided to enable banks to charge customers for virtual account usage. During customer onboarding a facility is also provided for banks to configure preferential pricing for specific customers.

Below charges are supported for Virtual Account Management:

Table 1-1 Charges - Field Description

Charges	Description
Onetime Virtual Account setup charges	These are one-time flat charges configured whenever a customer is onboarded for virtual account facility.
Structure Setup Charge	These are flat charges configured per virtual account structure creation.
Maintenance Charge for Virtual Account Usage	These are flat periodic charges configured for virtual account maintenance.
Charges based on Number of Virtual Account	These are periodic tier or slab-based charges configured based on number of open and authorized virtual accounts for a customer.
Charges based on Number of Transactions	These are periodic tier or slab-based charges configured based on number of transactions performed on virtual accounts of a customer for a charge period.
Structure Maintenance Charges by Structure	These are flat periodic charges configured for structure maintenance and are charged by structure.
Structure Maintenance Charges by Accounts	These are periodic tier or slab-based charges configured for structure maintenance and are charged by number of virtual accounts in a structure.
Tax on Charges	These are taxes which are configured on charges.

An inquiry screen is also provided to inquire and download the charges collected in a .csv format for a customer for a specified date range.

Table 1-2 Impact

User Interface	Data Model	API	Event
Yes	Yes	Yes	No

Uncollected Amount

A feature has been provided to enable banks to configure balance availability of credit transactions. Balance availability can be configured at a transaction code level and based on this configuration, the balances are made available to a virtual account either Immediately, On Value date or on Value date + “n” days. If balance availability is configured to be on a future date for a given transaction code, the amount will be tracked as uncollected amount. An option is also provided to manually release uncollected funds.

Table 1-3 Impact

User Interface	Data Model	API	Event
Yes	Yes	Yes	No

Account balance view is enhanced to include the below balance categories

Uncollected Amount: Amount pertaining to future value dated credit transactions which are yet to be released
Deferred Amount: Amount pertaining to tanked transactions while the branch EOD is in-progress

Table 1-4 Impact

User Interface	Data Model	API	Event
Yes	No	Yes	No

Integration with Oracle Banking Electronic Data Exchange for supporting H2H (Host -to-Host) File Upload for Virtual Account Creation

Oracle Banking Virtual Account management is now integrated with Oracle Banking Electronic Data Exchange system for bulk virtual account creation through file upload via Host to Host. This will enable corporates to create bulk virtual accounts through their ERP system via H2H channel.

Table 1-5 Impact

User Interface	Data Model	API	Event
No	Yes	Yes	No

Automatic delinking of Virtual Accounts when Virtual Account Structure is closed

Virtual Account Structure closure is enhanced to automatically delink the linked virtual accounts once the structure is closed and authorized. The linked virtual accounts will now be available to be linked to a new or existing virtual account structure.

Table 1-6 Impact

User Interface	Data Model	API	Event
Yes	No	Yes	No

Enabling Virtual Accounts as active LM accounts in Oracle Banking Liquidity Management

A feature has been provided to enable banks to configure if liquidity management is allowed on Virtual Accounts at a product level. The parameter will be defaulted at account level and based on the same, the virtual accounts will be automatically available in Oracle Banking Liquidity Management as active liquidity accounts. This will enable to banks or corporates to create liquidity management structures using virtual accounts.

Table 1-7 Impact

User Interface	Data Model	API	Event
Yes	Yes	Yes	Yes

Marking certain fields as Non-Mandatory in Virtual Entity screen

Virtual Entity screen is enhanced to make the below fields as non-mandatory:

Entity Type “Corporate”

Country of Incorporation
Date of Incorporation
Preferred Mode
Mobile
Email ID

Entity Type “Individual”

Date of Birth
Gender
Nationality
Preferred Mode
Mobile
Email ID

Table 1-8 Impact

User Interface	Data Model	API	Event
Yes	Yes	Yes	No

Inclusion of recipient BIC in MT and CAMT statements

Virtual Entity screen is enhanced to include a new field to capture the corporate BIC code. The BIC code will be populated as recipient BIC address while generating MT and CAMT statements in the relevant fields.

Table 1-9 Impact

User Interface	Data Model	API	Event
Yes	Yes	Yes	No

Generic dropdown values maintenance for Entity screen

A new maintenance table is introduced to enable banks to configure bank specific values for the following dropdown fields: These values need to be setup as a Day 0 activity.

Corporate Type
Identification Type

Virtual Entity screen is also enhanced to display the dropdown list based on the values configured for the respective fields.

Table 1-10 Impact

User Interface	Data Model	API	Event
No	Yes	Yes	No

Events

New Technical Event is raised whenever transaction postings on a Virtual Account fails.

Table 1-11 Impact

User Interface	Data Model	API	Event
No	No	No	Yes

Account Closure – Enhancements

Account closure process is enhanced to validate if a virtual account is an active LM account in Oracle Banking Liquidity Management before closing a virtual account.

Table 1-12 Impact

User Interface	Data Model	API	Event
No	No	No	No

Statement Generation using FOP

A new facility is provided to generate Virtual Account Statements using a template created in Apache FOP. The template is pre-defined and needs to be uploaded and linked to a report name for statement generation.

Table 1-13 Impact

User Interface	Data Model	API	Event
Yes	Yes	No	No

Inclusion of Running Balance in Account Transaction Enquiry

View Account details screen has been enhanced to display the account transactions along with the running balance in a pop-up window for a given date range. Account transactions can also be exported in a .csv format.

Table 1-14 Impact

User Interface	Data Model	API	Event
Yes	No	No	No

Virtual Account Consolidated PDF Statement

Virtual Account Consolidated PDF Statement has been enhanced to include Account level address for each account in addition to the Entity address.

LOV and Summary Query Optimization

Earlier, wildcard search was supported by default on both trailing and leading ends. LOV and Summary Query has now been enhanced to allow wildcard search only on the trailing end by default. A provision has been provided to use * operator for leading wild card search.

File Upload Enhancement

A feature has been provided in File Upload process to allow checker to reject a file with appropriate comments. The maker will be able to re-submit the same file after making the required updates for processing.

Restricting Authorization of Maintenances

A new feature has been provided to restrict authorization of maintenances from a branch which is different from the branch where the maintenance was performed.