1.2.9.1 Functional Enhancements

The following are the functional enhancements as a part of Party in this release:

Table 1-1 Functional Enhancements

Summary	Description
Party Event Publish	New Events are introduced in Oracle Banking Party Management to be published during Party Onboarding and Amendment. The amendment event will be generated at the data segment Level. Oracle Banking Party Management is integrated with Event Delivery Platform to deliver the events for consumption by consumer products. Onboarding Event Specification: {"branchCode": "000", "userId": "XXXXX", "date": "18-05-2023", "time": "14.24.25", "applicationNumber": "xxxxx", "handoffStatus": "onboard", "sourceProductId": "OBPY", "eventType": "onboard", "externalCustomerNumber": "xxxxx", "isKycCompliant": "true", "partyCategory": "retail", "partyId": "xxxxxx", "partyType": "retail", "rmId": "xxxxx", "firstName": "xxxxx", "middleName": "xxxxx", "lastName": "xxxxx", "residentStatus": "Permanent", "uniqueId": "xxxxx", "customerSegment": "Affluent", "partySubType": "retail", "isCustomer": "true", "isStaff": "true", "isInsider": "true", "isSpecial": "true", "isArmedForce": "true", "isPep": "true", "isMla": "true", "isMinor": "true", "isBlacklisted": "true", "isProspect": "true", "amendDateTime": "2023-10-05T09:52:32.887729300", "applicationDate": "2020-03-26"} Amendment Event Sample Specification: {"applicationNumber": "xxxxx", "branchCode": "000", "userId": "xxxxx", "partyId": "xxxxx", "externalCustomerId": "xxxxx", "eventType": "amend", "handoffStatus": "SUCCESS", sourceProductId:OBPY, "datasegmentCode": "DS0021", "amendDateTime": "2023-10-05T10:43:48.381537600", "applicationDate": "2020-03-26"}
National ID/SSN Capture	A new National ID/SSN field is introduced in Party Basic Info data segment to capture National ID of the Party such as SSN in US and Aadhaar in Indian geography. During capture of SSN in US geography, input value will be validated for SSN format as XXX-XX-XXXX.
Party Notes and Memos	A new feature is introduced in Party Management to capture and manage party-level notes and memos. This enhancement enables the tracking of specific actions or information related to a party, providing a comprehensive solution for managing important details. Here are the key improvements: Comprehensive Information Tracking - Users now have the capability to document and track crucial information about parties using the new notes and memos feature. Categorization Options - Categorized notes and memos as either Warning or Overrides, allowing users to highlight critical information. Date Ranges for Context - Users can associate a start and end date with each note or memo, providing context to the information.
Insta Party Management	A new set of functionalities are introduced in Party Management as Insta Party Management to seamlessly onboard and amend parties through a single UI, eliminating the need for navigating through a work-flow-based process. Insta Party Management will provide user convenience of having all data segments related to Party Onboarding and Party Amendment consolidated in one streamlined interface, enhancing the user experience and efficiency.
FIDM - Child Support	To align with the Financial Institution Data Match (FIDM) regulation within the US geography, a new dedicated section in the Additional Info data segment is introduced for identifying FIDM-matched parties. This newly introduced section not only allows to flag a party as a FIDM match but also facilitates the recording of pertinent details associated with the match, including the date of FIDM Match, amount, and other relevant information.
Tax Declaration Enhancements	The Tax Declaration data segment is enhanced, now allowing for the distinction between resident alien, citizen, and resident non-alien statuses. With this enhancement, the system intelligently auto-populates Form W9 for parties as resident alien or citizen. In the case of parties designated as non-resident alien, the system will auto-populate Form W8, streamlining the process of capturing and managing tax declaration information.
Social Media for Marketing Communication	Marketing communication section in Consent and Preferences data segment is enhanced to capture social media details for marketing and other communications to the party.
Customer Name Suffix	Enhanced Party Management by introducing an additional field to capture party name suffixes such as Sr., Jr., II, III, and more in Basic Info and Citizenship data segment. This feature aims to enhance the identification of parties by incorporating more detailed name information. Now, users can seamlessly include relevant suffix details, providing a more comprehensive representation of individual or entity names.
Date of Deceased	Introduced a new field Deceased Date to capture the date of death for parties who are deceased. Now, users can input and store the exact date when a party passed away, enhancing the system's capability to manage and document crucial life status information.
Last Contact Date	A new field Last Contact Date is introduced in Basic Info and Citizenship data segment to capture the last communication date between party and financial institution based on customer induced or bank induced transactions initiated and notified to Party from the respective transaction applications. It's important to note that the Last Contact Date field is intentionally designed to be view-only, ensuring the accuracy and integrity of the recorded information. This approach guarantees that the date remains a reliable reference point without being subject to inadvertent modifications during day-to-day operations.
New Party Relationship Type	Party Management has introduced to two new data segments as Custodian and Solicitor in relationship information, enhancing the depth and richness of information capture for parties. Custodian Data Segment: The users can capture and manage custodial relationships within the system. The data segment includes key information such as custodian names and other pertinent details. This segment caters to the nuanced requirements of custodial arrangements, enabling financial institutions to maintain accurate and compliant records. Solicitor Data Segment: The introduction of the Solicitor data segment further enriches the information captured for parties involved in solicitation relationships. Users can now record essential details related to solicitors, facilitating a more detailed understanding of the party landscape.
Automated KYC & KYC Maintenance	Introduced a new feature in Party Management for seamless integration with third-party service providers for Know Your Customer (KYC) Checks. This enhancement enables automated and efficient KYC processes. Also, introduced a KYC Maintenance to facilitate this integration and configure variables specific to KYC Checks. KYC Maintenance: Within this new feature, users can easily configure variables related to KYC Checks, tailoring the system to the specific requirements of third-party service providers. This includes parameters such as definition of mandatory and optional KYC, Third Party services for the automated KYC check and any other variables necessary for a thorough KYC process. The KYC Maintenance feature ensures a flexible and customizable approach to KYC Checks, allowing financial institutions to adapt to evolving compliance standards.
KYC Management	A set of new functionalities with UI is introduced to create and amend Know Your Customer (KYC) records independently of Party Onboarding and Amendment processes. Standalone KYC can be initiated and amended for party using specific set of data attributes. Standalone KYC Creation - Users can now initiate KYC processes independent of Party Onboarding, allowing for a dedicated focus on ensuring up-to-date and accurate KYC records. Standalone KYC Amendment - The ability to amend KYC records for a party, separate from the party amendment processes, brings a new level of flexibility.
Address Enhancements	Current Address and Previous Address data segments are integrated with a common core state maintenance service. This enhancement ensures a more streamlined and user-friendly experience by retrieving pre-configured states based on the country of the address. Also, Address Line 2 / Street Name is changed to optional from mandatory in Current and Previous Address data segments.
Advance Party Search	Advance Party Search is an enhancement in Party Management to expands search capabilities with extended parameters. Users can now effortlessly search for parties using a diverse set of criteria, including first name, last name, national ID, date of birth, and other relevant parameters wherever applicable. This improvement is designed to streamline operational processes and enhance the overall user experience.
Insider and Service Member Search	Party Management has introduced a service that enables users to conduct targeted searches for insider and service member parties. This new feature enhances the efficiency of party management by offering a focused and tailored approach to locating insider and service member parties within the system.
Data Migration Utility	The data migration utility is enhanced as follows. Small & Medium Business (SMB) Party Information – Data migration utility is enhanced to support migration of SMB Party type Information. Party to Party Relationship – Enhanced data migration utility to support migration of party-to-party relationship information for Retail and SMB Party types. Muti-File Migration – Data migration utility is enhanced to support Multi-file upload and Multi-File migration initiation. Migration Cleanup - Data migration utility is enhanced to support cleanup of previous migration data from the staging, history, and domain tables. Abort - Data migration utility is enhanced to support Cancel (Abort) and in-progress migration. Migration Reports – Introduced migration reports for easy availability of information about failed and successful data migration activity. UI Enhancements – Data migration utility UI is enhanced for a streamlined data migration process. Introduced a new option to view previously uploaded files. The Total Number of Records field has been removed. Separate Initiate and Monitor UI are removed, and introduced a new Migration Dashboard UI to initiate and monitor data migration activities at one single place with more features. Migration Cleanup – Introduced a Migration Cleanup UI to review and removal of previously migrated data. In-Progress and Completed data migrations are available separately for easy and streamlined monitoring.

For more information on the functional activity codes, refer to the Party Configurations User Guide.