3 Instant Current Account Origination Process
This topic describes the information about Instant Current Account Origination Process.
Additional Instant Business Process is available wherein various stages in the Reference Flow for Current Account have been automated.
Note:
Refer the Retail Onboarding User Guide for more details.Based on whether the Application has been initiated by self-service channel or by a Branch personnel the automatic submission of the stages or skipping of the stages are done by the system.
This process is not applicable for Small and Medium Business customers.
- For the automatic submission to work, it is expected that document and checklist are not configured in any of the stages.
- Initial Funding is either not taken for the Account or taken as Account Transfer for which the mode configured has to be ‘H’ which represents that the selected Account will be debited by the Host as part of the Account Opening Process (Allowed for both Self-Service Channel and Branch Initiated Applications) or Initial Funding is taken via External Bank Account Transfer on self-service channel (This mode is not allowed for Branch Initiated Applications). For more details refer Initial Funding Configuration in the Configurations User Guide.
In the Instant Current Account Origination Reference Business Process, the stages that have been configured are mentioned below.
- Application Entry Stage: On successful submission of the Current Account Application from self-service channel, the system starts the Application Entry stage without any manual intervention and completes the Data Segment level validation. On successful completion of the validation, the system automatically submits the Application Entry Stage.
Similarly, for the Branch initiated Application also this stage is automatically submitted, if the data segment configured for Application Entry stage are updated in the Application Initiate Stage itself by clicking the ‘Application’ button in the Product Details Data Segment.
- Account Funding Stage: On successful submission of the Application Entry Stage, system checks if Initial Funding has been updated for the Account Opening or not.
- The initial funding mode allowed for self-service initiated applications are External Bank Account Transfer and Account Transfer.
- In case Initial Funding has been taken for the Account via the External Bank Account Transfer in the self-service channel, system starts the Application Funding Stage and validates the Initial Funding Details Data Segment and submits the Application Funding Stage automatically.
- For Application where the Initial Funding is updated as Account Transfer or where no funding has been taken for the Account, this stage is skipped completely by the system for Application initiated from Self-Service Channel and Branch Initiated Applications.
- For the Branch Initiated Applications wherein the Initial Funding has been taken in Cash or Other Bank Cheque, this stage has to be manually actioned by the Branch User having access permission for this stage.
- Account Approval Stage: System skips this stage for self-service initiated application and submits the application directly to the Product Processor for Account Creation.
However, for Branch initiated Application considering the 4-eye principle, system expects the application to be approved by a Supervisor. Hence this stage, will have to be picked and actioned by the Supervisor User. Supervisor User can either approve or reject the Application. On submission of this stage by selecting ‘approve’ outcome, system submits the Application to the Product Processor for Account Creation.
- Handoff Retry: Application moves to this stage and appears in the Free Task only if the Current Account creation has been rejected by Product Processor. User having the required access rights can pick such task and can retry submission to Host after taking required actions on the Failure reason.