C Note on Account Updates

A brief note on account updates or amendments are covered in this topic.

User can amend or update features and preferences during the life cycle of an account through Oracle Banking Branch Servicing Application.

Account amendment process allows the user to have an operationally controlled process to perform amendment of the following:

• Amend Account Type (Single to Joint or vice versa): This screen allows the user to edit existing or add new joint holders to the account.
• Nominee Details: This process allows the user to add, amend, view nominee (beneficiary) details for an account. The process also validates the age of the nominee and if minor capturing of guardian details becomes mandatory.
• Account Address Update: This process allows the user to update the communication address of the account.
• Account Statement Frequency: This process allows the user to view and amend the frequency of receiving the periodic statements for an account. It also displays the date when the previous statement was generated.
• Adhoc Statement Request: This process allows the user to process the adhoc statement request and provide the statement in the configured format for the specified period.
• Cheque Book Request and Processing Status: This process allows the user to accept a request from customer for a check book. User can also specify the delivery options in addition to capturing the details like Name, Contact Number and Address to be printed on the check leaves. Further, user can update the status of cheque book requests made by the customer to Requested, Delivered, or Destroyed.
• Stop Check Payments (Creation, Amendment, and Closure): This process allows the user to process stop payments covering the aspects of creation, amendment, and closure of stop payments which can be placed for a single cheque, range of cheques, or amount at an account level. System creates stop payment records, which will be validated during transaction processing.
• Activate Inactive/Dormant Account: In case of exception scenarios, this process allows the user to mark an account as Active from either Inactive or Dormant status or vice versa.
• Account Status Change: This process allows the user (Account Officer) to update the status of an account to Frozen, No Debit, or No Credit.
• Amount Blocks (Creation, Amendment, and Closure): This process allows the user to create, amend, and close amount blocks and record the reason for the blocks on a customer's account. In a block creation scenario, upon approval, the system creates a legal hold or lien on the funds available in the account.
• Creation of Limits (AUF, TOD, Secured, and Unsecured): This process allows the user to create or amend the Limits (Advance against Uncollected Funds or Temporary Overdraft and Secured or Unsecured Limits) and processes the transaction based on the available limits and margins, if applicable.
• Account Closure: This process allows the user to process the Account Closure request and upon completion of the required business validations and the account is marked as closed.
• User Dashboard: This is the default screen displayed to the user upon login. It contains widget that give vital information about the status of account servicing activities. For example the My Transactions widget, which displays the various statuses that a transaction goes through during its lifecycle. It gives the user information about the transaction progress, such as unauthorised, rejected, hold, and hand-off retry.
• Enquiries:
  • Account 360: This process provides a 360-degree view of an account. Here, the user can view the existing account details and launch required screen for a specific servicing function. Below details are displayed in the account 360 view screen:
    • Account Details
    • Balances
    • Account holder details
    • Suggested Actions
    • Alerts
    • Recent Transactions
    • Interest Details
    • Frequent Actions
    • Account Address
    • Account Preferences
    • Statement Details
  • Check Status Inquiry: This process allows the user to enquire the status of a check deposited by the customer for a combination of account number and check number. The screen displays the status along with details such as check amount, beneficiary, date on check and the date when the check was presented for payment.
  • Account Balances & Transactions: This process allows the user to enquire the transaction details for an account for a given period. It provides multiple options to the user to fetch the transactions from the host system. Transactions can be filtered by debits or credits as well. The filtered results can be further refined by searching for specific key words. It also supports displaying or hiding columns based on user selection.