2.1 Functional Features

This topic explains functional features that are enhanced or added in this release.

Ability to integrate with Oracle Banking Accounts to originate Term Deposit for Retail customers (Individuals)

Oracle Banking Origination is now integrated with Oracle Banking Accounts application. Users will be able to originate Term Deposit Account for Retail Customers. The Term Deposit Account will be created and maintained under the Retail Term Deposit accounts within the Product Processor. This release supports origination of both Simple Term deposit & Reinvestment Term Deposit.

The following configuration and workflows are also available:

• Business product configuration wherein the Oracle Banking Accounts for Retails Term Deposit Host product is mapped
• Interest Components and allowed action
• Maturity Instruction Maintenance
  • Auto Rollover
  • Close on Maturity
• Payouts can be routed via General Ledger Accounts or Customer Accounts
• Renewal of Principal only for simple Term deposit
• Renewal of Principal only / Principal with Interest / Interest only for Reinvestment Term Deposit

Ability to integrate with Oracle Banking Accounts to originate Current and Saving accounts for Small and Medium Business customers

• Origination for Current Account with or without overdraft for SMB type of Customers is now supported. Origination for Savings Account for SMB is also supported. Accounts is created and stored in Oracle Banking Accounts product processor.
• The origination flow supports both Secured (other than Term Deposit) & Unsecured overdraft limit origination flows.
• All other existing origination workflows for SMB Current Account with or without overdraft is available.

The following configurations and workflows are also available.

• Business Product configuration wherein the Host product mapping is configured
• Interest and Charges details mapping
• Defaulting of Product or Channel preferences from host
• Limit based rates fetched in the Account limit details data segment with the provision to load Margin or Variance

Ability to schedule bullet repayment

• A new repayment type, Bullet Repayment, is introduced in the loans origination workflows within the Repayment Details data segment
• Bullet repayment helps to enable repayment of Interest and Principal in the last installment. The other existing repayment types will remain unchanged.
• If Bullet is selected as Repayment type, the first installment date is defaulted to Maturity Date and number of installments is default to 1. The repayment schedule is accordingly generated.
• Moratorium not allowed for bullet type of repayments. If bullet type is selected as Repayment and if Moratorium is allowed at business product, it will be defaulted to Zero (0) at Application Level and this field will be disabled.
• The Bullet Repayment type option is available for Loan Repayment only when OBO is integrated with FLEXCUBE Universal Banking Service (Product processor).

Onboarded Guarantor Details are made available in the Host

• For Current and Saving type of accounts, a new applicant role as Guarantor is captured and pushed to host. These captured details are stored under the Joint Holder type using party services.
• In case of Loan Accounts, the Guarantor details are pushed to host and are stored under Other Applicant type with Responsibility as Guarantor. The Liability percentage is set as 0 (ZERO) with effective date same as value date of the Loan Account.
• This feature is available for Current and Saving Account only if Overdraft requested.

Ability to edit and view the Stake Holder details

• View option is now available in the stake holder information data segment.
• Additionally, the user can now amend the entered details of non-customers during the origination of SMB applications

Ability to generate the welcome letter by e-mail

• Welcome letter is generated for all Liability Product of originations.
• E-mail is sent to the preferred email address of the Primary Customer.
• In case of Minor account holder, the email is sent to the preferred email address of the Guardian or Custodian
• This advice or letter can be viewed under the advices section in the Application Enquiry widget from Dashboard

Enhancements in application document generated by the system

• In an Advice, all the new fields of Application Form can be viewed.
• As configured in the Business Process Definition screen, the application details appears as an advice for the respective stages.
• The revised Advice is available for all Liability Products.

Ability to send last contact date to Party Module

In the origination flow of an application for an existing party (parties), a notification will now be sent to the Oracle Banking Party Module to update the Last Contact date. The contact date is available as part of Basic Customer details in the Oracle Banking Party Module.

Ability to search a party advance parameters

• Party search is enhanced with advance search parameters. Regular search parameters are based on Party ID or CIF ID from Common Core. Advance search parameters are from Oracle Banking Party such as, Name, Mobile number, SSN/National ID/Unique ID, DOB, email ID, and soon on.
• This party search section appears in multiple data segments as mentioned below:
  • Customer Information
  • Relationship
  • Stakeholder
  • Add-on Card Holder

Enhancements in inquiry and view the application details

• On the Dashboard in the Application Details widget, the user can view,
  • For multiple products – Application Number of all products, Status of each product application, Details of each stage (view mode).
  • For single product- Application Number of product, Status of application, Details of each stage (view mode).
• Advices and Documents details.
• Other application details.
• Application search based on Unique ID of the applicants.
• Details of joint holders, guarantors who are added as part of the application can be viewed.
• All applications associated with the same application number are displayed on the same page with a tabular view (Multi-application origination)

Ability to capture contact details for party

• As part of origination workflow, in the Customer Information data segment, the user captures the contact details for a party apart from the address details.
• This contact details are used for capturing the marketing communication consents in the Customer Consent and Preferences data segment.

Ability to select the state based on the State Maintenance configuration in Address Details section

The State is selected from list using search icon. On clicking search icon, the list of State that are mapped to the particular country appears in pop up window.

A new Account Funding stage introduced in Checking or Saving account opening process

• The new stage Account Funding is introduced in the account opening process for Checking or Saving Account. This stage is configured in Business Process screen under Checking and Saving Product. This stage appears once the checking and saving account creation in the host is successful.
• Funding can be done using the different modes such as, External Account (Finicity), Own Internal Account, Fund Later
• This new stage is auto-launched based on the configuration done in Domain Specific Language (DSL).Once the task is submitted by the user from a stage before account opening and the account is successfully opened, then the Account Funding stage is auto-launched.

Ability to capture Suffix details for a customer

• A new optional field Suffix is added in Customer details to capture suffix.
• It is applicable for Individual type of Customers and applicable for all the roles.
• It is applicable in below data segments in which party personal information is captured.
  • Nominee Details
  • Add on Cardholder
  • Stakeholder Details
  • Solicitor Details
  • Guardian for minor Nominee
• The values of the Suffix dropdown are configurable in entity codes in Oracle Banking Party.

Ability to capture residential address as a mandatory address

• Current Address flag is introduced for an address type
• One of the Current address can be a Preferred Address and there can be only one preferred address for an address type.
• The mandatory marked address at least one Current Address as residential address (incase the country is US) in Oracle Banking Party.

Support for Additional types of Operating Instructions for Individual Accounts

• All the Operating Instructions, will be maintained in PDS.
• On load of Mandate Detail Data Segment in OBO applications, a call is made to PDS to fetch the relevant Operating Instruction as per the number of applicants in the application.
• The LOV of Operating Instruction displays the values as fetched from PDS.
• In case of one applicant, Tenants by the Entirety (TBE) will be defaulted in the mode of operation dropdown. I
• In case of more than 1 applicants, then all the 3 values [Joint Tenants with Right of Survivorship (JTWROS), Tenants in Common (TIC), Former or Survivor and Tenants by the Entirety (TBE)] will be displayed in the dropdown for mode of operation.

Link Service Member Details or Insider Details in Relationship tab

• The user can be able to link Service Member Details party onboarded through Oracle Banking Party as a related party in Service Member tab of relationship data segment in Oracle Banking Origination during application origination.
• The user can be able to link Insider party onboarded through Oracle Banking Party as a related party in Insider tab of relationship data segment in Oracle Banking Origination during application origination.