L.7 Web Service Name: getEconomicCostWithParameters

Ability to calculate a breakage charge in real-time, for a specified instrument record.

This web service supports the calculation of an economic loss breakage charge. This calculation can be embedded in a front-line application to provide breakage charge quotes to customers. This calculation supports all three types of breaks including, Full break, Partial break, and Change in attributes break. A few examples of common break events are as follows:

• A customer wants to redeem their term deposit before expiry. The bank charges a fee equal to the actual economic loss incurred on the account due to the early redemption of the deposit.
• A customer approaches the bank to prepay the total outstanding balance on their Mortgage loan and want to know what the penalty will be. The bank can calculate the economic breakage charge to be paid by the customer and advise the customer before the payoff.
• A customer approaches the bank wanting to convert the interest rate on their loan from fixed to floating or vice versa. The bank can calculate the economic loss (or gain) and advise the customer on any fees they would incur.

Rest URL format:

http://<ServerName>:port/<contextName>/services/OFSAAFTPService/getEconomicCostWithParameters The attributes given with angular brackets should be replaced with the appropriate value in your environment.

• The server name is the name of the host where these services are deployed.
• Port: This is the port number on the server where it is listening for the incoming request.
• Context Name is the name of the web archive for the FTP Economic Cost web service (FTPWebServiceAXIS).