Retail Accounts (Current/Checking and Savings)
This topic provides information about enhancements in the Retail Accounts.
Generic Feature Enhancements
The configuration of business products has been improved with a new option, enabling banks to choose if the account statement should be created based on a set date or the anniversary date.
The process for generating account statements has been improved to create statements based on the account opening date, set to occur on the anniversary, and following a specific frequency.
For Example:
Monthly Statement – If an account is opened on March 11, 2025, and has a monthly frequency, statements will be issued on the 11th of every month following that date.
The account statement template follows Oracle UI standards and can be customized, allowing for both scheduled and on-demand statements.
Introduced a new non-workflow-based process, Simple Account Creation, that enables an account openings with minimal data input. It is important to understand that this process is not a replacement for Account Origination.
For details on its purpose and limitations, refer to the Configurations section in the Retail Accounts User Guide.
Generic Feature Enhancements in Account Servicing
Minor age Validation for Joint Holder Maintenance:
Validation has been introduced in the Joint holder maintenance screen to check that minor customers cannot be added as joint holder to an account.
Access Restriction for Branch Servicing Operations:
Access restriction functionality prevent users from viewing or operating on customer accounts if the customer belongs to a specific access group (For example: HNI, celebrity) and the user does not have the necessary access rights.
Pending Branch Servicing Transaction Check during till Closure:
Branch servicing pending requests that need to be completed on the same day is validated when closing the teller batch. This helps avoid EOD aborts due to pending branch servicing transactions and eliminates the need for further operations to clear them.
Refer Branch Date for Branch Servicing Transactions:
This enhancement considers the teller branch date for all branch servicing operations if teller integration is enabled. Else, the system continues to refer to the common core date for all branch servicing operations.
Memo Maintenance and Display Memo Details:
- This is enhancement to support memo creation and related operation for Deposit Account.
- Display memo details while performing branch servicing operation for Current and Savings Account, and Deposit Accounts.
Utilised and Unutilised limits:
Account 360 view has been enhanced to display the utilised and unutilised limits on an account when overdraft facility is used.
Enhancement in Consolidated Ad hoc Account Statement
Enhanced the Consolidated Ad hoc Account Statement functionality to send the generated statement to the customer's preferred email ID.
Enhancement in Joint Holder Details
Removed the Start Date and End Date fields for joint holder details.
US Geography Feature Enhancements
The use of backup withholding tax (BWHT) for a savings or checking account depends on the tax information the customer provides to the bank, including their tax residency status and tax identification number (TIN) certification. If the customer is liable for BWHT, this information is noted in the Party Application, and the event is announced. New procedures have been implemented to interpret the Tax status event, determine the applicability of BWHT, and apply BWHT according to the set rates to ensure compliance with regulations.
The IRA Savings – Phase 1 covers the enhancements for managing Traditional IRA and Roth IRA Plans under IRA. This stage is centered on establishing the parameters for IRA Global. The plan-level parameters outline the business products, the process for opening an IRA account, linking an IRA account to a specific plan type, facilitating smooth handling of contributions and distributions, and determining and applying federal and state penalties for early withdrawals.
- Configurable plan types - Traditional (TRA)/Roth (ROT) IRA
- IRA Global Parameters (applicable across all IRA Plan Types):
- Previous Fiscal Year Contribution Period
- Age Cut-Off for Penalty Tax
- Federal Penalty Tax
- State Penalty Tax
- The transaction codes used for posting IRA transactions, include contribution codes, distribution codes, and exception codes.
- Plan-Level Maintenance: Configuration settings applicable at the IRA
plan level include:
- Contribution Limits – Defines the maximum allowable contributions.
- Age Cut-off for Contribution – Specifies an age limit for standard contributions.
- Limits Beyond Age Cut-off (Catch-up Contributions) – Allows higher contributions for individuals exceeding the specified age threshold.
- New APIs for:
- IRA account opening
- Transaction Processing (Contributions, Distributions, Penalty Calculation.)
- IRA Plan inquiries
- Processing enhancements to ensure:
- Tax Compliance – Accurate calculation and application of federal and state penalty taxes for early distributions.
- Contribution Tracking – Ability to track contributions for both the current and previous tax years.
- Excess Contribution Alerts – Automated event generation when contributions exceed the allowable limit within a fiscal year.
Upgrade from 14.7.5.0.0 to 14.8.0.0.0
In version 14.8.0.0.0, a new check has been introduced in the Account Creation Service to confirm that a Residential Address is included as one of the addresses at the Party level. As a result, it is advisable to update the Residential Address for any existing customers that do not have it recorded.
US Geography Feature Enhancements in Account Servicing
Custodial Accounts Enhancement:
As per United States regulatory requirements, minors are not supposed to access their accounts or view the account balances. Operations on the accounts are handled by the Custodians. Account servicing restricts the listing of minor accounts on the servicing screens.
Account 360 widget for Online Sweep in:
A new widget has been introduced in Account 360 that displays details of the online sweep in facility if it is set up for the account.