1.1.2 Product Processor

This topic provides the information on the components of the product processor.

Account Class

• Account Class allows broad categorization of accounts into Savings and Current.
• User can define preferences, features allowed for an account class, which gets defaulted during account creation. This defaulting enables better control on operations and quick onboarding of accounts in the system.
• Interest applicable is selected in the account class upon which interest product(s) is / are mapped to the account class.

Overrides Configuration and Queue Maintenance

• Facility to configure overrides and define severity for a source system.
• Facility to group multiple override codes into a queue and configure approval roles and levels.
• Define default exception queue for an override code which is not part of any queue.

Revaluation Setup

• Configure revaluation preferences like Revaluation rate code, profit and loss GLs, split revaluation required, netting required for customer GLs (Asset and Liability).

Transaction and Balances

• APIs to accept Debit / Credit entries posting to account.
• Capability to accept single / multiple legs and multiple transactions in one call.
• Different transaction processing path based on attributes like Referral, Severity level for Overrides, force post, limit allowed and so on.
• Track different balances like current, available, uncommitted, unconfirmed and so on.
• Account validation API to perform validations before posting.
• External Credit Approval (ECA) facility to create block upfront and then accept posting later based on block.
• Varied ECA parameters to create partial block / force block / partial utilization of block.
• Transaction post processing to update current balance, activity and book dated and value dated balances.
• Facility to post transactions through Journal transactions.

Referral Queue

• Ability to access the entries in Referral queue, view the exception details and approve the entries.
• Upon final approval, system will resume processing of the accounting entry and then mark it as completed.

Interest and Charges

• Branch parameters setup for Interest.
• Configurations required for Interest processing.
• Logic and formula to calculate interest is built with System Data Elements and User Data Elements into an interest rule. Interest product which is linked to an interest rule is attached to an account class and thus applicable to the accounts under the account class. Interest is calculated for an account according to the interest rule definition.
• Special Condition for an account can be defined only if the account class of the account has interest products attached. The pick-list from where you select the product for which you would want to define a Special Condition contains products that satisfy one of the following conditions:
  • Interest products attached to the account class.
  • The product has been defined as a special condition only product.
• More than one interest product can be attached to an account.
• Processing of Accruals and liquidation for an account.

Account Search

• Support for Account 360 degree view based on various user rights.
• Support to various customer account attributes as configurable widgets.
• Drill down to detail views at widget level, wherever applicable.

Enquiries

• Provision to query accounting EA entries / transactions for an account for a given date range or for today.
• Facility to query ECA blocks created for an account for a specified date range or for a business date.