1.2.1 Retail Accounts (Current/checking and Savings)

This topic provides the enhancement list of retail accounts.

Generic Feature Enhancements

Real-time Sweep-in / Overdraft Protection

Real-timesweep also called Overdraft Protection is a service when opted by a customer, System automatically pulls funds from the designated account, to fuflill the shortfall in the balance, during transaction processing.

Generic Feature Enhancements in Account Servicing

Maker Checker Validation

Introduced the validation during approval that the maker and checker cannot be the same.

Population of Customer Number, Currency, and Amount on Task screens

Customer Number, Transaction Currency, and Amount are updated in the Task screens.

US Geography Feature Enhancements

Regulation E

Statement process is enhanced to generate a statement in the monthly generation cycle (irrespective of the configured statement generation frequency) when a transaction, which attracts Reg E compliance, is performed by a customer.

Regulation DD

Regulation DD (Truth in Savings Act) is to enable consumers to make informed decisions about their accounts at depository institutions using uniform disclosures. In addition to the already available informations with respect to the Minimum Balance, Minimum Opening Balance, Actual account balances, APY, APYE, Regulation D, Statement process is enhanced to reflect the consolidated fees applied on the account during the statement cycle.

Note:

Availability of Reg DD Reports is not part of the Oracle Banking Retail Accounts application.

Inactive, Dormancy, and Escheatment Marking based on Last Contact Date (LCD)

Enhancements are done to the Inactive, Dormancy, and Escheatment Processes to consider the Last Contact Date of the customer with the Bank, while computing the Inactive/dormancy days and applying the said statuses on the account. Also, the consideration of LCD is based on a Bank level configuration to determine whether this process has to be at Customer level or not.

In addition to the above, configurations are introduced to define the type of Non Financial activities which can be considered to update the Last Contact Date.