Account Closure Status

7.3 Account Closure Status

This topic describes the systematic instructions to view the status of the closure request for a specific virtual account.

Specify User ID and Password, and login to Home screen.

On Home screen, click Virtual Account Management. Under Virtual Account Management, click Queues.

Under Queues, click Account Closure Status.

The Account Closure Status screen displays.

Figure 7-5 Account Closure Status

For more information on fields, refer to the field description table.

Table 7-5 Account Closure Status – Field Description

Field	Description
Virtual Account Number	Displays the virtual account number.
Reference	Displays the reference number.
Customer Number	Displays the customer number.
Current Status	Displays the current status.
IBAN	Displays the IBAN number.
Authorization Status	Displays the authorization status of the record. The available options are: Authorized Unauthorized

In the Account Closure Status screen, click a tile to open a record.

The Account Closure Request Status screen displays.

Figure 7-6 Account Closure Request Status

For more information on fields, refer to the field description table.

Table 7-6 Account Closure Request Status – Field Description

Field	Description
Customer Number	Displays the customer number of the virtual account being closed.
Customer Name	Displays the customer name.
Virtual Account Number	Displays the account number being closed.
Account Description	Displays the account description.
Branch Code	Displays the branch code of the account.
Currency	Displays the account currency.
Currency Status	Displays the current account closure status.
Reference Number	Displays the reference number.
Process Status	Displays the process status.

Account Closure Status

The available account closure status are:

In-Progress: The status of the closure request is marked as In-Progress until all the closure stages are successfully completed.
Completed: On successful closure of the Virtual Account, the status of the closure request is marked as Completed.
Aborted: The status of the closure request is marked as Aborted, whenever a user aborts a closure request before the account is closed. Click Abort to abort a closure request.
Failed: The status of the closure request is marked as Failed if any of the closure stages fail. Click View Errors to view the failure reason. Click Retry to retry the closure request. The Retry process will start from the first closure stage (i.e. Account and Balances) irrespective of which stage the error has occurred.

Account Closure Stages

The account closure stages are as follows:

Account and Balances: These are internal validations performed by the system.
Open Contracts: These are external validations performed to validate, if any active Standing Orders, Future Value Dated Payments and Pending Payments are set on a virtual account in Oracle Banking Payments, and also the virtual account is an active liquidity account in Oracle Banking Liquidity Management.
Interest Liquidation: Interest liquidation of the accrued Interest till date.
Balance Transfer: Transfer of residual balance to a designated virtual account specified during account closure initiation.

Note:

Transaction postings on virtual accounts with zero net balance are not allowed while the account closure is pending/in-progress.

Transactions posting on virtual account (with an initial balance), after the balance transfer stage for which the closure request is in progress, will either be allowed or disallowed based on a parameter.
Delink From Structure: Delinking of virtual accounts that are a part of structure and do not have any child accounts.
Account Closure: Successful closure of virtual account.

Parent topic: Account Closure