1.4 Virtual Accounts Management

As part of this release, Virtual Accounts Management OBAPI offering has been enhanced with APIs that supports the following features:

Virtual Identifier Transaction Inquiry:

API has been developed for new feature “Virtual Identifier Transaction Inquiry” that enables a corporateuser to make Virtual Identifier based search inquiry and view the related Virtual Accounts transactions summary.

User can also download the inquiry result in CSV format.

Performance Optimization:

API calls related to fetching of virtual accounts from Host and their user access check have been optimized for improved performance. These changes have been implemented in following transactions -

  • List Virtual Account
  • List Virtual Accounts eligible for closure
  • Track closure of Virtual Accounts
  • Accounts & balance widget
  • Top 5 Virtual Accounts Widget
  • Balance Trends of Virtual Accounts widget
  • Create Virtual Account VA in selected Structure)
  • Create Virtual Account Structure (Header & Link VA)
  • Pre-generated Statement
  • Adhoc Statement
  • Transaction Inquiry
  • SpecialRates Maintenance
  • InitiateVirtual Account closure (transfer accounts)

Inter Entity Position Inquiry:

NewAPI - “Inter Entity Position Inquiry” has been developed that enables a corporate user to make lending and borrowing status inquiry allowing the user to track the fund movement between Virtual Entities and view its related outstanding position details.

Performance Optimization:

Move money (widget and transaction screen) API has been optimized for improved performance.

  • Changes have been implemented in the API calls to fetch the Virtual Accounts from Host when user selects “Transfer From” and “Transfer To” Virtual Account for fund transfer.

UI Download:

Using this API, users will be able to personalize the information to be displayed/downloaded from search grid displayed. Following features are supported:

Manage Columns:

Thesecolumn preferences/rearrangement setup by the user will be saved for future reference i.e., in case the user revisits, the preferred columns will only be displayed in the table. Following transactions have been enhanced for this change –

  • ListVirtual Entity
  • ListVirtual Accounts
  • TrackClosure
  • TransactionsInquiry
  • ChargesInquiry
  • ListRemittance ID

Download Columns:

New API is available to download the search result in CSV & PDF format. These changes have been done for the following transactions -

  • TransactionsInquiry
  • ChargesInquiry

UI Download

Using this API, users will be able to personalize the information to be displayed/downloaded from search grid displayed. Following features are supported:

Manage Columns:

These column preferences/rearrangement setup by the user will be saved for future reference i.e., in case the user revisits, the preferred columns will only be displayed in the table. Following transactions have been enhanced for this change -

  • List Structures
  • List Internal Credit Lines
  • List Internal Credit Line Linked Accounts
  • List VA eligible for closure

Download Columns:

New API is available to download the search result in CSV & PDF format. These changes have been done for the following transactions -

  • List Internal Credit Lines

Access check in Statements:

Currently, search results for the chosen statement type in both Pre-Generated and Ad hoc statements are driven only by the statement preference set at the Virtual Entity/Account level. With this change, existing API has been enhanced to verify if an appropriate access has been provided to the Virtual Account(s) for the selected Virtual Entity for which the user wants to download the statement.

  • Pre-Generated Statements -

PDF Statements:

  • In the scenario, when the statement preference is set to the Virtual Entity Level (consolidated), users can generate the PDF statement only if they have access to all the Virtual accounts associated within that Virtual Entity.
  • If the statement preference level is at the Account Level, users can download the PDF statement only if appropriate access has been maintained to the Virtual Account in context.

MT/CAMT Statements:

  1. Users can download MT/CAMT statement only if an appropriate access has been provided to the Virtual Account in context.
  2. Ad hoc statements -
  3. Users can download all statement types (PDF & MT/CAMT) provided an appropriate access has been maintained to the Virtual Account in context.

Removal of Core DDA dependencies:

Existing API has been enhanced to capture whether integration with bank’s DDA is available or not for Oracle Banking Digital Experience. With this, the Virtual Account module will work seamlessly even when integration to the bank’s DDA is not available. In such a scenario, the parameter "DDA availability for Virtual Accounts Management (Y/N)" will be set to N and the real account balances will not be displayed on the UI but the virtual account functionalities will continue to work.

Role Transaction Mapping Clean-up:

Existing API has been enhanced to simplify the categorization of role transaction mapping for all the transactions related to Virtual Accounts Management, effectively grouping them under the relevant transaction menu categories. Following changes have been done –

  • Grouping of transactions from individual transactions (Create, Edit, View, Download, etc.) into broader categories (Maintain, Inquire, Delete, etc.)

Additionally, the dependencies between cross transactions have been updated to ensure that all functional transactions in the Hamburger Menu works in line with the corresponding line items listed under RTM transactions.

Amount & Balance restrictions on Virtual Accounts:

  1. Amount Restrictions:
  2. In addition to the existing restrictions on number of transactions that can be performed on a Virtual Account for a period, now the user will also have an option to restrict the cumulative value of transactions that can be performed for a period.
  3. Three new fields (Allowed amount, utilized amount and Available Amount) have been added in the existing API for the same. This feature is available in both view and update Virtual Accounts restrictions.
  4. Balance Restriction:
  5. Existing API has been enhanced to view the maximum balance that can be held for a specific Virtual Account. This option is available under “View Virtual Accounts”.

Virtual Account Expiry Date:

This feature allows the users to define an expiry date during Virtual Account Creation. Additionally, API will also support to view the Expiry details, edit, and close Expired Virtual accounts.

Name Change Restrictions:

Currently during Virtual account creation, Virtual account name is defaulted to the Virtual Entity Name and is editable at an account level. With this change in API, based on the product selection user will be restricted from updating the Virtual Account name if the same is not permitted at the product level. User will be able to modify the Virtual Account name only if it is allowed at a product level.

The above change will be applicable in Create Virtual account (with or without templates) API, Edit Virtual Accounts API & Create and modify Virtual account API using File uploads.

Parent topic: Features and Enhancements