2.1 Functional Features

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

  1. Pricing Enhancements
    1. AER/APY/APR Display Configuration

      Introduces the centralize display settings in Origination Preferences to show or hide AER/APY for liability accounts and APR for loans, by replacing the region-specific configuration.

  2. Disclosures and Agreements
    1. Pre-contractual Disclosures for Overdrafts and Loans

      The system now generates and dispatches pre-contractual disclosure documents during overdraft and loan origination, so borrowers receive the required information at an early stage of the process.

    2. Overdraft and Loan Agreements

      Introduces the market-specific agreement templates that are generated and sent to borrowers when an overdraft or loan offer is issued. These templates also support cooling-off periods within the disclosures.

  3. Onboarding and Verification
    1. Minor Onboarding Controls

      A new age-check rule is introduced in Origination Preferences. For minor applicants, the system now requires a guardian/custodian or a joint holder to open an account. The system also validates the mode of operation (such as single or joint) based on the account-holder relationship rules configured in Origination Preferences.

    2. Verification Framework

      Supports definition of verification types, policies, and rule-based checks, and apply them at any stage of the onboarding process. This supports both manual and external verification, provides a complete audit trail for compliance, and ensures appropriate checks for individual and SMB onboarding through a configurable and easy-to-use interface.

    3. Digital Banking Enablement for New Customers

      The Origination flow now includes an option to automatically enroll retail and Small and Medium Business customers in the digital banking channel. Once selected, the system sends the enrollment request to the host, which publishes onboarding events to initiate the digital banking onboarding process for each applicant.

  4. Address, Documents, and Privacy
    1. Address Standardization

      The system now supports structured, hybrid, and unstructured address formats in line with Common Core and Oracle Banking Party standards. It provides a unique, consistent experience for capturing and maintaining addresses, ensures synchronization across domains, and enforces single active address per address type.

    2. Inbound Documents

      A new flexible, policy-driven framework is introduced to manage inbound documents across the origination workflow.

      • Document Category

        Related documents can be grouped and simple rules can be defined (for example, require any 2 out of 5 documents)

      • Document Policy

        Document requirements can be configured based on customer type, applicant role, and other conditions, ensuring that only relevant documents are requested.

      • Event and Stage-Driven Configuration

        Documents can be marked as mandatory or optional according to the workflow stage and the corresponding lifecycle event.

      • Improved User Experience

        Only the relevant required documents are displayed during processing, based on configured rules (such as application type and workflow stage), reducing manual effort.

      • Inbound Documents in Global Actions

        Applicant documents have been moved from the Applicant Data Segment to the Global Actions quick link, making them easier to access across all stages of processing.

    3. PII Masking

      Sensitive identifiers in identification documents are now automatically masked to protect customer privacy and comply with regulatory requirements for both individual and Small and Medium Business customers.

  5. Collateral and Vehicle Lending
    1. Estimated Market Value for Existing Collateral

      The system now allows to capture the Estimated Market Value while linking the existing collateral to a new application and automatically updates the available linkage amount to reflect any appreciation. This value is included in the loan-to-value ratio and credit assessment calculations.

    2. Configurable Parameters for Collateral
      • A new “Enable Fetch Vehicle Detail” option is added in Origination Preferences to allow automatic retrieval and valuation of vehicle attributes through external interfaces.
      • A new Collateral Parameters section allows users to set default values for collateral type, valuation mode (Manual, External Interface, or Not Applicable), charge type, and seniority, ensuring consistent defaults and handling across applications.
    3. Vehicle Collateral Capture Enhancements

      Streamlines the capture of vehicle details with dedicated fields and offers optional integration with third-party valuation services for automated valuation, while still supporting manual valuation. This improvement accelerates vehicle collateral onboarding and ensures compliance with business rules and configured preferences.

    4. Single-Stage Vehicle Loan

      Introduced a single-stage vehicle loan process (INSTAVECHICLELOAN) that reduces manual effort, speeds up turnaround time, and improves onboarding efficiency. Supports integration with external vehicle valuation providers for automated upfront valuations and automates collateral onboarding and validations, shortening the time to account opening.

  6. Stress and Affordability Test (Loans)
    Introduced a new data segment to perform stress and affordability assessments, reusing read-only loan, stage, and interest details from existing segments. It supports three repayment schedules that are
    • Account Interest: Displays the current effective rate and instalment details.
    • Stress Test: Applies a configurable read-only Stress Margin (from Business Product - Preferences) to simulate higher interest rates.
    • Affordability Test: Uses a user-defined Affordability Margin to simulate affordability repayment schedules.
    Stress and Affordability margins are mutually exclusive per section. All generated schedules are stored for underwriting and regulatory purposes, and both Stress and Affordability schedules are required before proceeding.

Parent topic: Release Enhancements