1.2.1 Functional Features
This topic provides the information about the various functional features added in this release.
Restriction of Number of Virtual Accounts
A feature has been provided which allows users to define the maximum number of virtual accounts that can be created for a specific customer. Limits can also be configured at the product level. These restrictions are validated during virtual account creation
Maintaining Hybrid address at Entity and Account level
An additional address type is now available at an Entity and Account level to capture the address in hybrid format to facilitate sanctions processing and to comply with regulatory requirements. File uploads for Virtual Entity and Virtual Account has been enhanced to capture address in hybrid format.
Renaming of Balance Availability Options
- Own - Applicable when Real Account Linkage is "Account Level". This indicates the available balance of the virtual account which will be own balance and any internal limits if available.
- Own + Child - Applicable when Real Account Linkage is "Structure Level". This indicates the available balance of the virtual account including contributions from child accounts and internal limits if available.
- Total Pool - Applicable when Real Account Linkage is "Structure Level". This indicates the virtual account can access the total pool balance regardless of its own balance or any contributions from child accounts.
- Own + Child + Fixed Amount from Pool - Applicable when Real Account Linkage is "Structure Level". This indicates the available balance of the virtual account including contributions from child accounts and a specified amount from the total pool balance.
Additionally, a new validation has been introduced to ensure that the balance availability option for a header account within a structure is restricted to "Total Pool."
Parent topic: Release Enhancements