US ORIGINATIONS

Oracle Banking Digital Experience Retail Originations has been enhanced to comply with following areas of US regulations and disclosures:

• • State of Residence: Banking rules and regulations that impact the bank’s product offers vary from state to state in the United States of America., while selecting a product the system prompts, the applicant is asked to specify his/her state of residence. This way, only those product offers that are available for the applicant’s state of residence are displayed. Hence the facility to select state of residence on selection of a product group in product showcase. If an existing customer is applying for a product offer, the system checks and ensures that only products applicable for the state are offered.
  • Eligibility Check
  • Age of Validation: Online application for opening an account is restricted to people who has attained the age of maturity. Since age of maturity differs across various states, the system validates the date of birth against the applicants state of residence.
  • Citizenship Validation: Only United States of America citizens and resident aliens are eligible for online account application. The system validates and ensures that permanent citizens and resident aliens proceed with online account application.
  • Account Funding: The account funding options available to a prospect or a new customer differs from those available to an existing customer. A prospect customer can fund his through a debit or credit card, while an existing customer can fund through a savings or checking account held with the same bank or external linked savings or checking accounts in addition to debit or credit cards.
  • Regulations, Disclosures, and Consents: Financial institutions in the United States of America is governed by stringent laws. Hence they are required to showcase certain disclosures and take the consent from the applicant. Some of the important regulations, disclosures and consents impacting deposit product originations are – the ESIGN Disclosure, TIN Certification and Backup With holding Disclosure, Deposit Account Agreement, Privacy Policy, USA Patriot Act, OFAC check (Office of Foreign Asset Control), ECOA (Equal Credit Opportunity Act) and Regulation B. Hence, the certificate of deposit application form contains a sub section with important disclosures and consents. The impact of the USA Patriot ACT on the application form is defined on the Originations page of the application and Oracle Banking Digital Experience ensurs compliance with the ECOA of Regulation B by removing fields – Gender, Marital Status and Number of Dependents from the Primary Information page. The OFAC check validated at the time of application submission to Oracle Banking Product.

US origination localization dashboard allows you to open following account application:

• • AUTO LOAN APPLICATION
  • CERTIFICATE OF DEPOSIT ACCOUNT APPLICATION
  • CHECKING ACCOUNTS APPLICATION
  • CREDIT CARD APPLICATION
  • saving ACCOUNTS APPLICATION
  • Unsecured Personal Loan Application

To open an account:

1. Open an internet browser to access the application.
2. Type the Oracle Banking Digital Experience URL in the Address bar, and press Enter. The application dashboard appears.
3. Click appropriate card to open a new account. The respective account opening screen appears.

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