2.2 Localization Features

This topic lists all the features that are developed for localization.

Below features are developed for US region:

Ability to capture marital status

• Below values are introduced to capture the marital status of the applicant:
  • Widow
  • Unmarried
  • Married
  • Registered Domestic Partnerships
  • Legally Separated
• This field is mandatory for the mortgage loan product.
• This marital status values are applicable for Individual customer category.

Financial Institution Data Match (FIDM) data retrieval for existing parties

In the account opening origination process in Oracle Banking Origination, when an existing party is selected, the FIDM flag and FIDM amount is retrieved from Oracle Banking Party Services. This data is sent to Oracle Banking Accounts, Retail Deposit and Oracle Banking Retail Loans when the account information is sent to product processors. Based on this flag the debit block is applied on the account in the Oracle Banking Accounts.

External Account Fund Transfer using Oracle Banking Payments Integration

• The Direct Debit Transfer call is initiated to Oracle Banking Payment to debit funds from External Account Transfer and credit them to the newly opened Current and Saving Account.
• On success of fetching the external account details such as Account Number, Account Name and Routing Number, from Finicity, the NACHA direct debit API is called and fund transfer process is initiated.
• Once the process is initiated the user can submit the task and end the origination process.