2.11 Death Claim Processing in Oracle Banking Retail Accounts

This topic describes the processing of death claim in Oracle Banking Retail Accounts.

On expiry of a customer, the account proceeds/claims can be transferred to the descendants or beneficiaries of customers as per process.

When a customer expires, Oracle Banking Payments will publish an event in on updating the customer status to 'Deceased'. On this event, the associated accounts of the customer (both joint and single accounts) will be updated to status Freezed. Once the branch user receives the requisite documents (beneficiary details or Probate court order) the user will unfreeze the account - transfer the proceeds to the beneficiary and then proceed to close the account.

Note:

The unfreezing of account and transfer of proceeds if any to the beneficiary based on the probate court order/beneficiary details in account and subsequently closing the account of the deceased is an operational process.