1.2.8.1 Functional Enhancements

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

Table 1-2 Functional Enhancements

Summary	Description
KYC Verified Flag	The "isKYCVerified" flag has been introduced in the Insta Party Onboarding service and user interface for user to capture KYC status of a party, when KYC process has been completed for the party outside the Oracle Banking Party system.
CIF ID/Party ID	The Insta Party Onboarding API has been enhanced to support CIF ID and Party ID in the API request. This enhancement enables the input of external CIF ID and Party ID, eliminating the necessity for these IDs to be generated by the Oracle Banking Party system.
Insta Party Management (Small & Medium Business)	A new set of functionalities are introduced in Insta Party Management to seamlessly onboard, amend, and view Small and Medium Business (SMB) Party type through a single UI eliminating the need for navigating through a work-flow-based process. Insta Party Management for SMB will provide user convenience of having all data segments related to party onboarding and party amendment and view consolidated in one streamlined interface, enhancing the user experience and efficiency.
Insta Party Management (Retail)	A new functionality is introduced in Insta Party Management to seamlessly View Retail party type through a single UI eliminating the need for navigating through a work-flow-based process.
KYC Management (Small & Medium Business)	A set of new functionalities with UI are introduced to create, amend and view of KYC records independently for Small and Medium party type. Standalone KYC Creation - Users can now initiate KYC processes independent of Party Onboarding for SMB party, 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 SMB party, separate from the party amendment processes, brings a new level of flexibility. Standalone KYC View - The ability to view KYC records for a SMB party, separate from the party view processes, brings a new level of flexibility.
KYC Management (Retail View)	A new functionality with UI is introduced to view of KYC records independently for Retail Party type.
Advance Search	The advanced search panel has been improved to provide a more detailed display of party-level information, specifically by showcasing the Preferred Unique ID and National ID as separate columns. This enhancement aims to facilitate easier identification of the party to be selected by presenting distinct attributes in the search results grid. While the Unique ID/National ID serves as a single search parameter to query results using both the unique ID and national ID, the updated columns in the grid will display these attributes separately, ensuring clarity and ease of reference.
Minor Customer Validation	The Oracle Banking Party system has been enhanced to validate minor age using validation model for ensuring compliance with criteria related to minor party age. Validation model allows for the configuration of rules governing minor age based on state-level regulations for the age of minor.
Party to Account Relationship	A new feature has been introduced in Oracle Banking Party to facilitate the management of Party to Account relationships. A party can hold multiple accounts in different capacities and roles such as primary owner, secondary owner etc. With the Party to Account relationship feature, financial institutions can centralize relationship management, allowing for streamlined administration of associations between parties and their accounts.
Data Migration	Data Migration Utility is enhanced as follows. Party to Account Relationship – New feature is introduced to migrated Party to Account Relationship information through data migration utility. Data Migration Maintenance – New feature is introduced for maintaining utility level parameters to control, data migration process. Pause & Resume – Data Migration utility is enhanced to manually control the migration process using pause and resume feature for more user-controlled migration process. User can select to pause the migration process after each migration stage and manually resume to move data migration process to next stage.
Events Enhancements	Oracle Banking Party events are enhanced as follows. SMB Party Amendment – New events are introduced at Data Segment level for amendment of a Small and Medium Business (SMB) party type. Retail Party Events – Retails party amendment events are enhanced to carry complete data segment information as part of event payload. In case of events generated Events for amendment through Granular API: An Event generated due to amendment through Granular PATCH API, will provide specific information about the fields amended.
Granular APIs	Granular API with the method as PUT, PATCH and GET has been introduced for following Data Segments amendment. Basic Info & Citizenship Current Address Contact Details ID Details

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