Features for US Region

This section lists all the features that are developed for US Region.

Below features are developed for US region:
  1. IRA business product configuration and account origination
    • Ability to configure IRA Savings business product.
    • Ability to configure IRA Certificate of Deposit business product.
    • Ability to originate IRA Savings account for IRA plan types – Traditional and Roth,
    • Ability to configure IRA Certificate of Deposit account for IRA plan types – Traditional and Roth.
    • Ability to generate IRA documents and upload the acceptance from the customer.
  2. Ability to do debit assessment for checking account and savings Account Origination for individual party types
    • The system provides the ability to perform debit assessment during the origination process for Checking and Savings accounts for individual customers. This ensures a thorough evaluation of the customer's financial standing before account approval.
    • This functionality enhances customer onboarding, ensures risk mitigation, and improves decision-making for financial institutions offering checking and savings accounts.
  3. Service member related enhancement.
    • Ability to capture new fields of Service Obligation End date, Rank, Pay Rate and Service Status for the applicant.
    • Ability to stamp the application for armed forces benefits.
    • Ability to check if the application will breach MLA rate and stop the application if breached.
    • Ability to display MAPR at Repayment Schedule generation and assessment
    • Ability to show the APR and MAPR in the offer letter
  4. Insider functionality related enhancement
    • Ability to capture the relationship type when a party is added as related to insider in the relationship data segment.
  5. Enhancement of tax status for applicants
    • Ability to capture new fields in the Tax Declaration section in Applicant data segment during an application.
      • TIN Type
      • TIN Status
      • Tax Identification Number
      • Foreign Tax Identification Number
      • Certification Date
      • Tax Country Code and Province
      • Backup Withholding Code
    • Ability to validate the format of capture of different Tax Identification Number.
    • Ability to validate capture of Tax Identification Number based on TIN Status.
  6. 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.

  7. 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.
  8. Nomenclature changes to call current Account as checking Account

    For the Current Account product type, current account will be displayed as checking account at all places in the origination flow.

  9. Nomenclature changes to call term deposit as certificate of deposit
    • For the Term Deposit product type, term deposit will be displayed as certificate of deposit at all places in the origination flow.
  10. Regulation Z related enhancement.
    • Ability to display Finance Charges, Total number of Payments and Fixed & Variable Rates in Offer Letter, Promissory Note, TILA disclosure and Personal Loan agreement.
  11. 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.
  12. Ability to capture of beneficiary type in beneficiary details.
    • Nominee Details data segment is named as Beneficiary Details for US localization as part of regionalization.
    • A new flag Payable on Death/Transferable on Death is added as Beneficiary Type in the Beneficiary Details Data Segment for Savings Account, Current Accounts and Term Deposits.
    • If this new flag is selected then it is mandatory to add one beneficiary details.
  13. Ability to perform debit check on the added guardian or custodian
    • In the account opening origination work flow, if the primary applicant is minor then one or more guardian or custodians can be added. The Debit Check process is triggered for all the guardians or custodians added in the application except the primary applicant who is minor.
    • The bureau data of all the guardians or custodians is displayed in the Bureau Information data segment.
    • The account opening decision is based on the bureau decision of all the guardian or custodians in the applications.
  14. ID Type auto formatting
    • An auto validation & formatting feature is now available on the National ID field in the Customer Information data segment where SSN (US) or National ID details are captured.
    • The auto formatting of SSN number is introduced, as the SSN format necessitates the breakup of 9 digits using hyphen (xxx-xx-xxxx).
    • This validation is only for SSN. There is no validation for National ID. All other existing validations of SSN will continue.
  15. Ability to capture military address as address type
    • Military address is captured as one of the existing address type.
    • The Value for City field is captured as Army Post Office (APO) or Fleet Post Office (FPO) or Diplomatic Post Office (DPO).
    • The Value for State field is captured as Armed Forces Americas (AA) or Armed Forces Europe (AE) or Armed Forces Pacific (AP).
  16. Tax validations
    • For Non – resident Alien,
      • In the Customer Information data segment, W8 BEN is defaulted as Form Type, in the Tax Declaration section and will not be editable.
      • The Valid From date of the Form W8-BEN must be the party onboarding date for existing parties or Application Date for new parties. It should be editable and can be edited to future date or past date but not beyond the party creation date.
      • The Valid Till date is auto calculated and displayed. It will not be editable.
      • The Foreign Tax ID is captured in the ID Details section. This field is non mandatory.
      • The Country of Residence is mandatory to capture if the Resident status is Non-Resident Alien.
    • For Citizen or Resident Alien,
      • The Country of Residence field in the Customer Information data segment is to US.
      • In the Customer Information data segment, the Form Type field in the Tax Declaration section is defaulted to W9 Standard and will not be editable.
      • The Valid From date of the Form W9 must be the party onboarding date for existing parties or Application Date for new parties. It should be editable and can be edited to future date or past date but not beyond the party creation date.
      • The Form W9 has no end date so the Valid Till Date in the Tax Details section is not applicable.
  17. Ability to capture co-signer role for lending products.
    • The co-signer role is introduced for loans. This role is configured while configuring the product in the Business Product Configuration screen.
    • The financial details are also captured for the co-signer in the Financial Details data segment of the Application Entry screen.
    • The lending application can have both guarantors and co-signers. In case multiple applicant are added in the single application, the system validates that the same added applicantsapplicant cannot be addedare not same for different roles.
    • The user can add multiple co-signer in a single lending application.
  18. Ability to perform an early know your customer for minor customer
    • Early Know Your Customer for minor party.
    • Ability to perform an initial verification of a minor's identity, guardianship details, and background checks before account origination. This helps banks comply with regulatory requirements related to minor accounts.
  19. Document generation and document acceptance for checking account, savings account and certificate of deposit
    • Addition of Application Documents stage for US Checking Account, Savings Account, and Certificate of Deposit process like Application Form, etc. The new stage consists of Document Generation and Document Acceptance data segments which will generate and dispatch the document to recipients and track the documents that requires signed acceptance.
  20. 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 drop down. 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 drop down for mode of operation.
  21. Guardian consent for minor account

    Capture consent from minor’s guardian to obtain personal information of minor. This is applicable for party type individual. The facility is available only for minor party that are calculated based on date of birth captured.

  22. Ability to capture guardian relationship type with the minor and a preferred flag for guardian
    • Creation and maintenance of party to account relationship as Guardian
    • Creation and maintenance of minor party to account relationship as Guardian with preferred flag for guardian
  23. 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.
  24. Ability to calculate majority date for minor customers based on configured rule.

    Ability to calculate and send the date of majority to party module in case of minor applicant in the account opening application. The date of majority is calculated based on the configure rule and date of birth captured in customer information details.

Parent topic: Release Enhancements