Transaction Limit Restrictions – Amount Based

In addition to restricting the number of transactions, a new feature has now been provided to allow maintenance of amount-based transaction limits. This feature enables the restriction of the total value of transactions that can be performed on a virtual account within a specified period. These limits can also be set on a per-transaction basis. Restrictions can be applied to a specific transaction code or a group of transaction codes. Furthermore, flexibility is offered to ease the restrictions for specific virtual account.

Additionally, an option is provided to monitor transaction limit utilization at the individual account level at any given point of time.

Maximum Balance Limit

A feature has been provided to allow the definition of a maximum balance limit at the product level for virtual accounts. This limit can be modified at the individual account level, but it cannot exceed the product-level limit.

Virtual Account Expiry

A feature has been provided to set an expiry date for virtual accounts. The user can specify the expiry date during the account creation process. Once the expiry date is reached, the account will be automatically marked as expired, and transactions on such accounts will be restricted. For expired accounts, the user has the option to either manually close the account or reactivate it by updating the expiry date.

Account Description Change Restrictions

During Virtual Account creation, account description is defaulted to the Virtual Entity name which can be updated by the user. A feature has now been provided to restrict account description change during account creation or modification based on a parameter defined at a product level.

Remote Dealer Repository for dynamic virtual accounts (Virtual Identifiers) via API

The feature enables the bank to validate the payment and account details with the corporate via an external API call provided by the corporate before processing the transaction.

Alerts for business events (Transactional & Account Maintenance)

Standardization of Journal, EAC (External Account Check) and ECA Block Service API

Journal Posting, EAC (External Account Check) and ECA Block service API’s are now standardized to support both with and without DDA integration.

DDA Handoff Enhancement

Accounting entries handoff has been enhanced to also send the original source reference number received in the transaction request to the underlying DDA system.

Inter Entity Position Tracking

A feature has been provided to track the inter entity positions for a customer. User can inquire and view the positions for a day or for a period.

Virtual Identifier Transaction Inquiry

A feature has been provided to query the transactions for a specific virtual identifier for a given period. An option is also provided to the export the list in a CSV file.

Same Day Charge Collection

A feature has been provided to collect the charges on the same day due for collection. This is based on a parameter configured at the End of Day workflow definition. With this enhancement, the charges due for collection today can either be collected on the same day or the next day. By default, the charges will be collected on the same day.

Integration with Oracle Banking Accounts

Oracle Banking Virtual Account management is now integrated with Oracle Banking Accounts as another DDA system for the transaction redirection to the linked real account (DDA redirection).

Enhancement of Virtual Account ECA/ amount block functionality

A feature has been provided to allow the full release of amount block on a virtual account as a part of journal posting when the posting amount is less than the outstanding block amount, which was earlier restricted.

Enhancement of SWIFT and ISO Intraday statement functionality

MT942 and CAMT.052 intraday scheduled statement generation has been enhanced to consider the account’s time zone for a generation.