1. Release Notes
  2. US Regionalization Features

F US Regionalization Features

A brief note on configuration and other information related to US regionalization features are covered in this topic.

  • Configurations: In addition to the general retail configurations, OBA Retail allows the user to define parameters for the following:
    • Garnishment business function
    • Account product switch or change which gets triggered upon a Regulation D violation by customer
    • Courtesy Pay
    • Cheque book (request processing and auto revoke)
    • Dormancy/Inactive and Escheatment/Unclaimed processing (state-wise)
    • Regulation D
    • Annual Percentage Yield (APY) at product level
    • Interest accruals based on the Compounding formula
  • Account Creation: In addition to the generic features listed above in the Note on Account Creation topic, OBA Retail Account creation API also supports the below features applicable for US Region:
    • Store the customer consent for CPL in the form of recording the preferred transaction to utilize the CPL.
    • Store the preferences with reference to statement delivery.
    • Record the consent with reference to E-Sign.
    • Store the information with reference to customer's activity profile which includes source of funds, estimated ATM transactions in a month, expected annual volume of transactions, expected foreign wire activity, and purpose of account as required by BSA-CDD compliance.
    • Store the custodian details for a minor account and guardian details if applicable for regular accounts.
  • Account Updates or Amendments:
    • Courtesy Pay : This process allows the user to view the courtesy pay limit extended on the account. It also allows to amend the opt-in or opt out for ATM/POS transaction and check processing transaction types to be allowed to utilize Courtesy Pay Limits. User can also specify the end date for the Courtesy Pay Limits which signifies the end of CP Limit privilege on the account.
    • Garnishment : This process allows the user to process the Garnishment request and places a block on the amount based on the look back period and the protected amount calculations. For a given customer number, all accounts where the customer is either a primary or the joint holder is displayed along with details like existing holds, available balance, protected amount, and amount available for garnishment. Users have the option to either input new garnishment requests or edit existing garnishments. The screen also allows preclosing an existing garnishment order.
    • FIDM : Oracle Banking Accounts Retail has ability to read a published status of a party or customer that is, when a FIDM hit happens, and subsequently place a legal block on the accounts of Non-Custodial Parent (NCP) for the defaulted child support amount on receipt of an FIDM order.
    • OFAC : Oracle Banking Accounts Retail has ability to read the published status of a party or customer and if OFAC hit is observed, then all the accounts of the customer are frozen.
    • Death Claim : Oracle Banking Accounts Retail has ability to read the published status of a party or customer and if the status is deceased, all the account of that customer will be frozen.