6. Interface with Oracle FLEXCUBE Retail

This chapter contains the following sections:

• Section 6.1, "Oracle FLEXCUBE Retail Interface for CIF Accounts"

6.1 Oracle FLEXCUBE Retail Interface for CIF Accounts

This section contains the following topics:

• Section 6.1.1, "Interface Process"
• Section 6.1.2, "Unitholder Accounts under CIF"
• Section 6.1.3, "Modifying CIF Account"
• Section 6.1.4, "Closure of Customer CIF Account"
• Section 6.1.5, "Details for CIF Account in FC-IS"

6.1.1 Interface Process

Oracle FLEXCUBE Investor Servicing (FC-IS) interfaces with the Oracle FLEXCUBE Retail (FCR) system at Oracle FLEXCUBE installation. The interface enables the propagation of CIF (Customer Information File) into the FC-IS database for customers that have CIF accounts in the FCR system database, as well as the creation of a single, initial unit holder account for the CIF account.

The interface between FC-IS and FCR is triggered as follows:

• When a CIF is created for a customer of the bank by a user in the FCR system, all mandatory details needed for the creation of the CIF are specified, and the record is saved. It is subsequently authorized. The CIF account now resides in the FCR system database.
• If a mutual fund CIF or unit holder account needs to be created for the CIF customer in the FC-IS database, a mutual fund profile must be created for the CIF customer account. This profile must be created by a user in the FCR system.
• The mutual fund profile is automatically authorized upon creation in FCR. When this happens, the interface process is triggered and the details of the CIF customer account as well as the mutual fund profile are propagated from the FCR database to the FC-IS system database.

Refer the sections ‘The basic profile for the CIF customer’ and ‘The mutual fund (or FC-IS) profile for the CIF customer’ later on in this chapter for details propagated into the FC-IS database.

• A CIF account is created for the CIF customer in the FC-IS database, along with an initial, single unit holder account for the CIF account. This account is created either as an unauthorized or authorized account, depending upon the specification maintained for the FCR bulk client in the Bulk Clients Defaults Maintenance.

You can alter any details for the initial unit holder account as follows:

• If the initial account is unauthorized, edit the account through the Unit Holder New Account Summary screen

You can access both these screens through the respective menu items in the Browser.

Note

When FCR is not available at the installation, CIF accounts are created in the FC-IS sys­tem through the ‘Customer Maintenance’ menu item in the Maintenance menu category of the Agency Branch. Upon authorization of the CIF account in FC-IS, a single, initial unit holder account is also created for the CIF account in FC-IS.

For a fuller understanding of how CIF accounts are created and managed in the FC-IS system, refer the chapters ‘Maintaining Customer Information and Managing Investor Accounts’

When both FC-IS and FCR systems co-exist at a FLEXCUBE installation, the ‘Customer Maintenance’ menu item in the ‘Maintenance’ menu category of the Agency Branch is not available. In such an event, the CIF account is created in the FCR system. When investment details are also captured for the CIF account in FCR and authorized, the interface process is triggered as described above. The CIF and investment details are propagated to FC-IS by the interface, and a single, initial unit holder ID is created in FC-IS for the CIF account.

6.1.2 Unitholder Accounts under CIF

After the single, initial unit holder account is created for a CIF account by the interface, you can create as many different unit holder accounts under the same CIF account in the FC-IS system, through the Unit Holder New Account menu item in the Maintenance menu category of the Agency Branch main menu.

When you create a new unit holder account for a CIF account, the details for the account are defaulted by the system from the CIF account profile. These details are the personal details, broker details, identification details, tax details and bank details.

You can edit or perform an information change on any unit holders in a CIF account using the ‘Unit Holder New Account Summary’ screen (for edit) and the ‘Unit Holder Information Change Detail’ screen (for information change). You can access both these screens from the corresponding menu items in the Maintenance menu category of the Agency Branch main menu.

6.1.3 Modifying CIF Account

Whenever a CIF account is amended (i.e., altered after authorization) in FCR, the changes could be made:

• In the basic CIF account details
• In the mutual fund (or FC-IS) profile details

If the basic CIF account details are amended, the changes will be propagated to FC-IS by the interface process, upon authorization of the same in FCR.

If the mutual fund profile is amended, the changes are automatically authorized in FCR and the interface process is triggered, propagating the changes to FC-IS.

Applying a change to all unit holder accounts under a CIF account in FC-IS

A change made to a CIF account in FCR can be reflected in all unit holder accounts under the CIF in FC-IS, when it is propagated to the FC-IS system by the interface process. At the time when the system is installed, the implementers set up a list of information fields in the CIF profile and the investment details profile which, when changed in FCR, will be reflected in all unit holder accounts under the CIF in FC-IS, when the change is propagated by the interface process.

6.1.4 Closure of Customer CIF Account

A Customer Profile cannot be closed in FCR. However, the CIF account for the profile can be closed.

If more than one unit holder account is associated with the Customer CIF account in the FC-IS database, each of these accounts must be closed individually (or deleted, if unauthorized in FC-IS) before the Customer CIF account can be closed in the FCR system.

A user in FCR can close a bank account provided the account is not being used by one or more unit holder accounts in FC-IS. If the bank account is in use, a message is displayed indicating this. If the closure is confirmed, then the account is closed.

6.1.5 Details for CIF Account in FC-IS

The basic profile for the CIF customer

When the interface propagates CIF account information from FCR into FC-IS, the FC-IS system interprets and records the following basic profile details that were specified in FCR for the CIF account:

• First, middle and last names for individual investors or company name for a corporate customer
• The title to be used for the individual customer’s name
• The gender (sex) of the customer
• The date of birth of the customer
• The marital status of the customer
• Contact Address – The primary address of contact for the CIF customer
• Correspond At – Whether the primary address of contact can be used for correspondence
• Primary City – The city of the contact address.
• Primary State – The state of the contact address
• Zip Code - The zip code of the primary contact address
• The home, office telephone numbers and fax numbers of the customer
• Any email ID used by the customer.
• Secondary Address – Any secondary contact address at which the customer may be reached
• Secondary City - The city of the secondary contact address
• Secondary State - The state of the secondary contact address
• Secondary Zip Code - The zip code of the secondary contact address
• Dealing Type – Whether the customer deals directly (as self) or through an authorized representative
• Whether the customer is a minor. By default, the customer is not deemed to be a minor in the CIF account details.
• Minimum Number of Corporate Signatory – The number of authorized signatories for corporate customers. By default, the number of authorized signatories is deemed to be 1.
• First, Second and Third Authorized Signatories – The authorized signatories for a corporate or bank customer
• Account Opening Date – The date on which the CIF unit holder account is created in the FC-IS database. By default, this date is deemed to be the application date.
• Account Operation Type – Whether the account is to be operated singly or jointly. By default, the account operation type is deemed to be ‘single’.
• Whether the customer is an initial investor
• UH Category – The unit holder category corresponding to the customer
• Whether a Year To Date account statement is required by the customer
• Acknowledgement Printed – Whether an acknowledgement is to be printed on creation or modification of the account details. By default, an acknowledgement is deemed as necessary to be printed.
• Agent Code – The code of the agent where the unit holder account is created. By default, this is the code of the FCR bank where the CIF was created.
• Branch Code - The code of the agent where the unit holder account is created. By default, this is the code of the FCR branch where the CIF was created.

The interface process defaults some of the parameters for the creation of the single, initial unit holder account, as follows:

• The unit holder is deemed to be a major.
• The number of authorized signatories for corporate customers to 1.
• The account opening date as the application date
• The account operation type as ‘single’
• An acknowledgement is printed for the new account
• The agent and branch code of the FCR bank and branch

For a fuller discussion of each of the above details, refer the chapter ‘Managing Investor Accounts’..

The mutual fund (or FC-IS) profile for the CIF customer

When a mutual fund profile (or FC-IS profile) is created for a CIF customer in FCR, the following details must be captured as mandatory information:

• Account Statement Currency - The preferred currency for account statements desired by the customer.
• Identification Type – The type of identification documents furnished by the customer
• Identification Number – The number of any such identification documents
• Identification Issue Date – The date of issue of any such identification documents
• Identification Expiry Date – The date of expiry of any such identification documents
• Introducer Broker Code – The code (in the FC-IS system) of designated intermediary that is to be deemed as the introducer broker for the customer
• Investor Type – Whether the customer is an individual or a corporate (or bank) customer
• Nationality – The nationality of the customer
• Preferred Currency – The preferred currency in which the customer prefers to transact
• Preferred Language – The default language that the customer prefers to use for the purpose of communication.
• Redemption Payment Default – The default mode by which the customer prefers to redeem any holdings in any of the funds of the AMC.
• Resident Status – Whether the customer is a resident or foreign customer
• Tax Circle – The tax circle, if any, corresponding to the customer
• Tax deducted at source – Whether tax is deemed as deducted at source, for the customer
• Tax ID - The tax ID, if any, for the customer
• Allow ROA at CIF level – Whether the Rights of Accumulation facility is to be made available for all unit holders under the CIF account for the customer.
• Fee category – The fee category, if any, under which the customer is placed
• Fee sub-category - The fee sub-category, if any, under which the customer is placed
• Module ID – The default module in which the customer may operate, in the FC-IS system.

The following information is not mandatory, but may also be specified if necessary:

• Account Statement Frequency – The frequency at which account statements are required to be given to the customer
• Corporation Type – For corporate or bank customers, the type of corporation.
• Contact Person – For corporate or bank customers, the contact person
• Country Of Domicile – The country in which the customer is domiciled
• Father / Spouse Name – For individual customers, the name of the father or spouse, as applicable.
• Occupation – The occupation of the customer

For a fuller discussion of each of the above details, refer the chapter ‘Managing Investor Accounts’..

Defaulting information

If any details are not found in the CIF information that is propagated by the FC-IS FCR interface, they are reckoned by default from the Bulk Clients Defaults Maintenance record maintained in the FC-IS system for the FCR bulk client code.