1 Release Highlights

This section lists the highlights of release enhancements.

The rationale for the product release of Oracle Banking Origination Release 14.8.0.0.0 is to further enhance the origination features of the existing products supported such as Savings Accounts, Current Accounts, Term Deposits and Loans and help improve the competitiveness of our product in the market.

Following are the features included in the release along with forward porting of applicable fixes related to the incidences reported in previous versions and technical qualification to comply with approved Tech Stack.

1. Product bundling
   • Bundle creation and origination.
2. Buy now pay later (BNPL).
3. Relationship pricing.
4. Enhancements in loan origination
   • Insta personal loans.
   • Loan simulation, quick assessment, and quick account opening.
   • Simplified process is introduced for personal loan accounts.
   • Loan origination with fixed and floating rates.
   • User-Defined repayment schedule.
   • Support for moratorium - EPI and IOI - EPI repayment stages
   • External refinance feature.
   • Ability to schedule bullet repayment.
   • Loan disbursement related enhancement - ACH as a disbursement mode and split disbursement.
   • Loan repayment related enhancement - ACH as repayment mode.
   • Adverse action notice with reject reason.
   • IPA offer letters – viewing enabled in self-service channel.
   • Display for APR details in repayment schedule or repayment details data segment as provided by the product processor.
   • Capturing of ownership details for all type of collateral available.
   • Link service member details and insider details in relationship tab..
   • Account level consent for joint loan applications.
   • Ability to capture the account level address for loan accounts.
   • Offer letter rejection reasons.
5. Party related enhancements
   • Financial details - static details enhancements.
   • Ability to perform an early KYC.
   • Ability to search a party with advance parameters.
   • Ability to search the unique ID and display the column name based on the localization.
   • Enhancement of applicant data.
   • Enhancement in search filter for customer category.
   • Ability to add multiple addresses for an address type.
   • Ability to mandatorily capture one preferred ID type.
   • Ability to capture, edit and view the stake holder details
   • Address search and auto population of address details based on selection.
   • Ability to capture contact details for party.
   • Ability to select the state based on the state maintenance configuration in address details section.
   • Ability to capture suffix details for a customer.
   • Ability to capture the service member details for all the applicant roles.
   • Ability to handle frequency and multi-currency while capturing financial details of applicants.
6. Enhancements in current account, savings account, and term deposit
   • A new account funding stage introduced in checking or saving account opening process.
   • Ability to capture the account level address for current and saving accounts.
   • Simplified process is introduced for current and savings accounts.
   • Simplified process is introduced for term deposit accounts.
   • Funding and payout instructions for term deposit accounts.
   • Support for selection of interest payout frequency at account level for term deposits.
   • Generate welcome letter for current account, savings account and term deposit products.
7. Enhancements related to customer consents
   • Ability to capture the customer consent and preferences for each applicant in a joint account.
   • Customer consent email preference, phone number & fax details capture.
   • Ability to capture terms and conditions for a product.
   • Ability to validate that all the terms and conditions have been accepted before proceeding with account opening.
   • Fetching of consent & preference details for existing customer details - when onboarded from OBO and reused as existing customer for a new product origination.
   • Dynamic display of questionnaire.
   • Consolidation of terms and conditions & consent and preferences data segment.
8. Other enhancements
   • Rejection advice generation for all product originations.
   • Interest rate details, along with margin breakdown.
   • Account opening in a different branch other than the logged-in branch.
   • Addon card holder details now has the details of preferred ID details and uploading of supporting document feature.
   • Fetching of existing customer details ID details when onboarded from oracle banking origination and reused as existing customer for a product new origination.
   • Ability to generate the welcome letter by e-mail.
   • Enhancements in application document generated by the system.
   • Enhancements in inquiry and view the application details.
   • Identification of an account as a staff account.
   • Application tracker enhancements.
   • Auto termination of incomplete applications.
9. Documents generation related enhancement
   • New configuration and setup to generate advices based on pre-defined events.
   • Ability to maintain the outbound document templates, events and rules.
   • Ability to generate, dispatch and accept the outbound document for current account, savings account and term deposits and loans applications.
   • Notices & disclosures for loans, current account, savings account and term deposit.
10. Configuration related enhancements
    • Flexibility in business process configuration.
    • Ability to configure or define the applicability of solicitor and conditions & covenants for each of the lending products.
    • Configuration of allowed parties (applicant role) in the preferences section of business products.
    • Origination preference configuration – bank level configuration moved from properties table to a maintainable UI workflow.
    • Customer contribution applicability for personal loans is based on configuration.
    • Ability to maintain questionnaire to render consent response.
    • Ability to define add or modify or delete state codes which are mapped to a country.
    • State code related enhancement.
    • Ability to capture the option to fund the account post account opening.
    • Product origination allowed based on customer category or customer type.
11. Regional frame-work requirements
    • Implementation of dynamic changeover of UI screens which are user enabled based on the entities (default or US) for rendering of UI elements based on region specific flows.

Features for US Region

1. IRA business product configuration and account origination.
2. Ability to do debit assessment for checking and savings account origination for individual party types.
3. Service member related enhancement.
4. Insider functionality related enhancement.
5. Enhancement of tax status for applicants.
6. Financial Institution Data Match (FIDM) data retrieval for existing parties.
7. External account fund transfer using Oracle Banking Payments integration.
8. Nomenclature changes to call current account as checking account.
9. Nomenclature changes to call term deposit as certificate of deposit.
10. Regulation Z related enhancement.
11. Ability to capture marital status.
12. Ability to capture of beneficiary type in beneficiary details.
13. Ability to perform debit check on the added guardian or custodian.
14. ID type auto formatting.
15. Ability to capture military address as address type.
16. Tax validations.
17. Ability to capture co-signer role for lending products.
18. Ability to perform an early know your customer for minor customer.
19. Document generation and document acceptance for checking account, savings account and certificate of deposit.
20. Support for additional types of operating instructions for individual accounts.
21. Guardian consent for minor account.
22. Ability to capture guardian relationship type with the minor and a preferred flag for guardian.
23. Ability to capture residential address as a mandatory address.
24. Ability to calculate majority date for minor customers based on configured rule.