1.2.4 Functional Enhancements common for Retail Accounts and Retail Deposits

This topic provides the functional enhancements of Retail Accounts and Retail Deposits.

Generic Enhancements

• Introduced a workflow-driven data migration process to seamlessly migrate Financial and Non-Financial Data of Retail Accounts, Retail Deposits, and IRAs from legacy systems to Oracle Banking Accounts Cloud Service (OBACS). The release encompasses end-to-end stages, including prerequisites, file upload mechanisms, validations, and approval workflows. For additional details, refer to the Data Migration User Manual.
  • To access Account Migration, the user must navigate to the Account Migration option under the Main Menu, select Initiate, and then choose Retail as the domain on the screen.
  • To access Deposits Migration, the user must navigate to the Account Migration option under the Main Menu, select Initiate, and then choose Deposits as the domain on the screen.

US Geography Feature Enhancements

• Validation for guardian details when a nominee is minor is relaxed as guardian details are not mandatory in the US region.
• In Garnishment, a new field to capture remarks is added.
• Account opening for an Emancipated Minor: As part of this enhancement below checks are added during account opening:
  • If the primary holder is an Emancipated minor, account can be opened without Guardian details.
  • For a Joint account, either primary holder or any of the joint holder/s should be an Emancipated minor or a major.
  • For a Joint account, if both primary and joint holder/s are minor then Guardian details are mandatory.
• Interest and charges:
  • New UI for accounting entry screen - On choosing the Interest Product the applicable Accounting entries based on the rule and product maintenance will get listed. User must map the accounting head and transaction code.
  • New UI Generic Parameters - to be used view the Interest and Charges processing parameters and can be used as a one-time set up in implementation and not to be modified.
  • New field Main Interest UDE in Interest Product UI - to be used to determine the UDE to configured as the main interest rate UDE.
  • UDE Value Input - Maintenance to be done for ALL branch before branch specific rates are maintained.