2 Data Migration Process

Oracle Banking Cloud Services data migration is a 4-step process with the following stages:

Figure 2-1 Data Migration - Process

Description of "Figure 2-1 Data Migration - Process"

Party Data Migration is the process of migrating customer information from an external systems to the Oracle Banking Party Management. The details on the mandatory/optional data segments are as below:

Table 2-1 Data Segment Category

Data Segment	Mandatory/Optional
Party Information	Mandatory
Party Account Information	Optional
Party Relationship Information	Optional

Party Information

Party information encompasses a comprehensive set of data and details pertaining to individuals as well as small and medium-sized businesses. Financial institutions actively collect and store this information as part of their efforts to effectively manage relationships with customers, deliver enhanced services, and make well-informed business decisions. This compilation of data plays a pivotal role in understanding and interacting with clients in a more personalized and efficient manner.

The following data segments are supported for migration through the party information:

Table 2-2 Party Information - Supported Migration

Data Segment	Retail Party (Applicable - Mandatory/Optional/Conditional)	SMB Party (Applicable - Mandatory/Optional/Conditional)
Basic Info and Citizenship	Yes - Mandatory	No
Business Details	No	Yes – Mandatory
Current Address	Yes – Conditional	Yes – Conditional
Previous Address	Yes – Conditional	Yes – Conditional
ID Details	Yes – Mandatory	No
Contact Details	Yes – Optional	No
Tax Declaration	Yes – Mandatory	No
Visa Details	Yes – Optional	No
Dates	Yes – Optional	No
Educational Qualification	Yes – Optional	No
Salaried	Yes – Optional	No
Self Employed	Yes – Optional	No
Consent & Preferences E-Sign Marketing Privacy Minor	Yes – Optional	No
Additional Info Insider Special Needs Politically Exposed Armed Forces FIDM	Yes – Optional	No
Membership and Association	Yes – Optional	No
Total Income & Net-worth	Yes – Optional	Yes – Optional
Assets & Liabilities Assets Liabilities	Yes – Optional	Yes – Optional
Income & Expense Income Expense	Yes – Optional	Yes – Optional
Other Relationship	Yes – Optional	Yes – Optional
Beneficially Owned Company	Yes – Optional	Yes – Optional
Profit and Financial Ratios	No	Yes – Optional
Party Memo	Yes – Optional	Yes – Optional

Note:

Total Income & Net-worth data segment is not available on UI in Insta Processes (Onboarding, Amend, and View).

Party Relationship Information

Party Relationship Information refers to the details and connections that exist between two distinct individuals or entities, often denoting specific types of relationships such as household relationships or guardian relationships. This type of information is crucial for understanding and managing the associations and dependencies between different parties. Examples of party relationships include connections within a household, where individuals may share familial ties, or guardian relationships, where one party assumes responsibility for the well-being of another.

This information provides a comprehensive view of how various parties are interlinked, facilitating a more nuanced understanding of social or organizational structures. For instance, household relationship.

Effectively managing party relationship information enables financial institutions to enhance decision-making processes, tailor services to specific needs, and foster more personalized and efficient interactions within the context of these relationships. The following data segments are supported for migration through the party relationship information.

Table 2-3 Party Relationship Information - Supported Migration

Data Segment	Retail Party (Applicable -Mandatory/Optional/Conditional)	SMB Party (Applicable -Mandatory/Optional/Conditional)
Household Relationship	Yes - Optional	No
Power or Attorney Relationship	Yes – Optional	No
Service Member Relationship	Yes – Optional	No
Related to Insider Relationship	Yes – Optional	No
Guardian	Yes – Conditional	No
Custodian	Yes – Conditional	No
Solicitor	Yes – Optional	No
Authorized Signatory	No	Yes - Optional
Owner	No	Yes - Optional
Supplier	No	Yes - Optional
Guarantor	No	Yes - Optional

Note:

• Guardian can be added for a major party.
• Either Guardian or Custodian is mandatory for a minor party

Party Account Information

Party Account Relationship Information refers to the details and connections between a party and its associated accounts. A party may hold various relationships with an account, including primary ownership, secondary ownership, guarantor status, and more. This information is vital for comprehending and effectively managing the interconnections and dependencies between different parties and their respective accounts.

• File Upload
  The file upload process facilitates users in submitting flat files containing pre-filled data to initiate the migration process. Flat files are specific to domain and migration event, such as Party (OBPY) and Party Information, or Party Relationship Information. This streamlined approach ensures a seamless and accurate transfer of information during the data migration.
• Initiate Migration
  Initiate Migration allows the data migration process by moving data from object store to staging tables.
• Monitor Migration
  Upon successful data migration initiation, the migration process can be monitored and managed using Monitor Migration user interface. The monitor migration feature serves as a centralized place, offering a single point of access to track and manage all in-progress and completed data migrations.
• Migration Cleanup
  Migration Cleanup provides an ability to cleanup history of migrated data from the database tables. The data migration cleanup feature can permanently delete the previously migrated data from staging, domain, and history tables.