Features for US Region

2.2 Features for US Region

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

Below features are developed for US region:

Insta Checking and Savings Process for US region
- Streamlined Insta Checking and Savings origination with predefined standardized stages, such as Application Entry, Debit Assessment, Manual Assessment, Handoff Retry, and Account Funding.
- Data segments, validations, documents, and checklist steps are aligned with US region.
- Funding stage supports Finicity, external, and internal account funding methods.
Alignment of Advanced Search with Oracle Banking Party
- Advanced Search now follows Oracle Banking Party logic for the US region.
- Supports search by Unique ID or TIN.
- National ID is no longer supported in advanced search.
Workflow Simplification - Reduced Stages
Removed the approval step from specific US region process flows, including Checking, Savings, Certificate of Deposit, and Individual Retirement Accounts.
Origination of Money Market Savings Account
- Money Market Savings Account origination now supported for existing customers using Oracle Banking Accounts as the product processor.
- Supports single-credit funding and Money Market Savings Account disclosures.
Zero Balance Certificate of Deposits
Certificate of Deposit can be opened with a zero balance using the “Fund Later” option, and all required application documents and welcome letters are generated automatically.
Removal of Place in all Advices as part of Signature Panel for US region
‘Place’ field is removed from signature blocks in the US region, DocuSign integration updated. No changes for other regions.
Business Product Configuration of IRA products
Enhanced configuration for IRA Savings and IRA Certificates of Deposit to comply with US requirements
Origination of IRA Accounts (Savings and Certificate of Deposits)
Supports origination for Traditional, Roth, and Simplified Employee Pension IRAs (using Oracle Banking Account as the product processor), including Simplified Employee Pension plan employer validation and disclosure generation.
Origination of IRA Money Market Savings Account
The origination of IRA plan types - including Traditional, Roth, and Simplified Employee Pension has been introduced using Oracle Banking Accounts as the product processor. This functionality includes eligibility checks, single-funding validation, and disclosure generation.
View Application Document for IRA accounts
Enhanced application document to view for IRA Savings and IRA CDs in the US region.
Currency and Amount Format Standardization
All amount fields are formatted according to the user’s locale, with the currency code always displayed as a prefix. Field alignment is managed by a shared UI component.
Date Format Standardization and Regionalization
All dates and times are now formatted according to locale. In the US, they appear as “Month DD, YYYY,” and this format is consistently applied across the Oracle Banking Origination UI.
Flexible ZIP Code Entry for US Addresses
US ZIP Codes support the extended and alphanumeric formats; however, special characters (“-”, “&”) remain disallowed.
Enhanced Validation Rules by TIN Type
System supports and strictly validates multiple TIN types (SSN, ITIN, ATIN, EIN).
Conditional Country of Residence Field
Country of Residence field is now optional for users in the US region.
Regulatory and Disclosures
1. Adverse Action Notice
  Bureau‑returned rejection codes are now automatically mapped to descriptions through Reason Code maintenance, and the mapped descriptions are stored and displayed in Adverse Action Notices.
2. Regulation Z account Identification
  The system now flags the accounts under Regulation Z and automatically enables the required disclosures, APR calculations, and fee validations.
3. TISA Disclosures
  Generates and displays TISA disclosures during the Application Documents stage for Savings, IRA Savings, MMSA, and IRA MMSA accounts.
4. The E-Sign Agreement appears in Document Generation only if consent is set to “Yes” in the Terms and Conditions. in Application Documents continues as usual.
Applicant and Eligibility Controls
1. Minor Onboarding
  The onboarding process for minors now allows emancipated minors to open accounts independently, without require a custodian, guardian, or joint holder.
2. ECOA Multi-Applicant Validations
  System now enforces marital status and gender validations to all applicant in multi-applicant cases.
3. Service Member Active-Duty Records (Unique Identifier) Key fields in the Applicant data segment are now mandatory. Each record is assigned a unique identifier, which is sent to Oracle Banking Party. All service member and related records are displayed in the ‘Armed Forces Eligible Applicant’ drop-down for selection, and the selected record ID is sent to the host to process active-duty benefits.
Repayment and Offer Advice
1. Holiday Treatment for Repayment Schedules
  Installment due dates are now automatically adjusted for Oracle Banking Retail Lending Servicing loans if a scheduled date falls on a holiday. The date will move forward or backward based on the product configuration and the applicable host holiday calendar.
2. Rescission Clause in Loan Offer Advice
  The system now includes a rescission clause in loan offer advice. The rescission type, allowed period, and event can be configured at the product or segment level in the host system.
Fees, Insurance, and Event Mapping
1. Event Linking to Fees
  The system now displays the event associated with each fee or charge during host product mapping. When fees or charges are received from Oracle Banking Retail Lending Servicing, Oracle Banking Origination shows the corresponding event descriptions in the host product mapping data segment.
2. Fee-to-Event Mapping
  Each fee component is now linked to a specific loan origination event to ensure it is applied at the correct stage. Event codes and descriptions are displayed as read-only for all host systems. Fee capitalization is allowed only during the Disbursement event.
3. Insurance Configuration
  Insurance is now available as a configurable component along with interest and charges. Oracle Banking Origination can retrieve insurance codes, descriptions, and events from Oracle Banking Retail Lending Servicing, and multiple insurance components can be mapped to a single product.
4. Insurance Collection
  Captures the insurance amount in Oracle Banking Origination and collects it at the event assigned to the insurance component. If multiple insurance components are configured, each component is collected at its designated event throughout the loan lifecycle, as defined in Oracle Banking Retail Lending Servicing.
Products and Operations
1. Loan Against Deposit
  Supports the loan origination against deposit products from Oracle Banking Accounts. Interest rates are retrieved from Oracle Banking Retail Lending Servicing and applied to the loan. Currently, only a single deposit account can be linked to each loan.
Tax and Identification
1. Tax Panel Date Validations
  - The Certification Date is required only when the TIN Status is “Certified”; otherwise, it is optional.
  - Both Certification Date and Tax Form Start Date must fall between the applicant’s Date of Birth and the current date and cannot be auto-populated.
  - For W‑8 forms, the End Date can be provided only if a Start Date exists.
2. TIN-Based Search in Application Tracker
  Enables searching for applications using any valid TIN (SSN, EIN, ITIN, or ATIN), with or without hyphens, and the TIN number is displayed in the search results.

Parent topic: Release Enhancements