Retail Accounts (Current/checking and Savings)

Generic Feature Enhancements

Multi-Currency Account

Multi-Currency feature is a configurable parameter at Business Product level. Banks can publish Business Product with Muti-currency feature and configure the applicable currencies.

Account Create Process (Service API) is enhanced to Open and maintain multi-currency account within the allowed currencies.

Multiple Guardian/Custodians for a Minor/Single Account

Account Create Process (Service API) is enhanced to accept and store multiple guardians and custodians for a minor account. In addition, even for a single account, multiple guardians can be received and stored.

Address Types and Effective Date Marking

Account Create Process (Service API) is enhanced to validate the account address type with Party Application to ensure consistent in Address types.

During the Life cycle of Accounts, an effective update or amendment of an account's address(s) includes the from and to dates. Account-level communication, like periodic statements (as per the statement delivery solution available at the bank) and delivery of checkbooks, uses the active address as of the effective date.

If there are no active addresses as on the effective date, then the default residential address of the customer will be considered for communication.

Minimum Daily Balance

Banks can configure the minimum daily balance to be maintained by the accounts at Business Product.

This maintenance is currency-wise, with additional flexibility to configure balances basis the enabled features like ATM/Checkbook.

Notes and Memos Maintenance

Account Process (Service API) has been enhanced to accept and store the Notes/memos captured at account level throughout the account lifecycle. These Notes can be categorized for Savings, Checking or Term Deposits.

Bank user can enquire on the notes maintained for an account and amend the same if required.

Relationship Code Maintenance for Party to Account Relationships

Receive and store the relationship codes for the Parties associated with an account.

Initial Funding

Banks can define the initial funding criteria through a configurable parameter at Business Product level, with additional flexibility to configure the initial funding criteria currency-wise and channel-wise (ATM, Internet Banking).

Banks can track the initial funding status and generate Reports for compliance purposes.

Generic Feature Enhancements in Account Servicing

Account 360

The Account 360 screen is enhanced to display the account status 'Inactive'.
Introduced progressive loading for account 360 widgets.

Account Address Update

The existing text field 'State' changed to List of value (LOV) and it fetches all states from common core state maintenance, and the system derives the country from the selected state code.

Customer Panel

The customer panel is enhanced to display the account status as Active/Dormant/Inactive/Frozen.

Charges for Account Servicing screens

Charges can be configured for Account servicing operations, where preconfigured charges and tax will be defaulted and can be negotiated during transaction processing.

Capturing Minor details for Non-Minor Nominee

The screen has been enhanced to allow the bank to optionally capture guardian details for an account nominee (or beneficiary) who is not a minor.

US Geography Feature Enhancements

Account Profile Capture during Onboarding

Account Process (Service API) is enhanced to accept and store the data with respect to Account profile questionnaire received from the Origination Application. Existing GET Account details service is also enhanced to include the Account profile questionnaire details as part of response when the service is called by any application.

Payable on Death (POD)/Pay to Nominee flags at Account level

Account Process (Service API) is enhanced to accept and store the value related to Payable on Death (POD) flag. Also, validation is added to ensure the Nominee details are part of the Origination data when the POD flag is enabled.

US Geography Feature Enhancements in Account Servicing

Consolidated Adhoc Statement

A new servicing screen is introduced to generate adhoc statements where multiple accounts belonging to the customer can be included within the same request and a consolidated statement is produced for the date range provided.

Account Preferences

This screen allows modifications to existing preferences of an account where, details such as checkbook preference, communication channel preferences, and banking channel preferences can be updated.

Payable on Death flag in Beneficiary

The new feature 'Payable on Death' is introduced in the beneficiary details update screen. This enables the Bank Officer to link a beneficiary to the account who would receive the proceeds of the account in the event of the customer's death.

Customer Relationship Maintenance

A new servicing screen is introduced to capture or update customer relationships for an account, wherein the primary ownership of the account remains Single however, relationships such as Guardian or Custodian can be linked.

Regulation D Transaction Inquiry

A new servicing screen is introduced to inquire Regulation D transactions on an account for the previous 12 months.