Integration with Transact - Bridge Loan
Integration between Temenos DigitalAssist and T24 for creation of Bridge Loan accounts
The API connectivity between Temenos Digital Assist and T24 helps the bank user in creation of the Bridge Loan account.
When the RM completes the task i.e, Review Executed Document in the Closing stage, Integartion with transact takes place, where the Arrangement ID is created for a particular account, using the account creation API used for PL.
This is applicable for all the Bridge Loan scenario mentioned in the excel sheet.
Display Bridge Loan Account in Temenos Digital Assist
Once the Bridge loan account and Transact account gets created,all the relevant details of the product and the customer in Temenos Digital Assist including the Account ID (Arrangement ID) received in response from the T24 during fulfillment is accessible by the bank user.
Update collateral
As per Scenario1 in the excel sheet - When a customer already holds a Mortgage Loan in the same bank for the same property is used to obtain a Bridge Loan.
Example:Customer has an ongoing Mortgage Loan with the bank and approaches the bank for a Bridge loan (secured by the same property as collateral) to meet the house renovation or home improvement expenses.As the same collateral is used for BL, Temenos DigitalAssist updates the Collateral rights request to Transact after fulfilment. Transact does not create a new collateral, rather adds the Bridge Loan arrangement ID to the existing collateral ID in the Collateral rights table (while adding BL arrangement ID, the previously linked arrangement ID is not removed).
The above update Collateral is applicable only for scenario 1 in the excel sheet, for other scenarios, the Collateral is created by the respective Update Collateral API.
Collateral Creation
When the RM completes the fullfilment task, a collateral record gets created in the transact for the particular account.
The Bridge Loan Product is created successfully and Bridge Loan arrangement ID is received.
Incase of second charge,the outstanding loan value needs to be updated in the third party value field in the Transact during fulfilment.
- Once the BL arrangement ID is created,asset is created/registered, collateral is created and the collateral rights is also updated in T24 using the respective IRIS APIs (as followed for Mortgage Loan).
- Register Asset.property - T24
- Create Collateral Right - T24
- Create Collateral - T24
- Update Product Documents with arrangementId
The Collateral creation is applicable for all Bridge Loan scenarios except scenario1 in the excel sheet .The Collateral is created for BL using the same API to create collateral for Mortgage Loan or Remortgage Loan.
Create ASSET.REG.PROPERTY
When the Bridge Loan application gets approved and the offer is accepted by the customer, contract creation is done in the core banking,ASSET.REG.PROPERTY is used to store the Bridge Loan Asset information.
The Collateral Creation is applicable for all Bridge Loan scenarios except scenario1 in the excel sheet. The Collateral (Asset)is created (Registered) for BL using the same API used to register the asset for Mortgage Loan or Remortgage Loan.
Creation of COLLATERAL.RIGHT
When the Bridge Loan application gets approved and the offer is accepted by the customer, contract creation is done in the core banking and Collateral right is one of the core table in the collateral management system.
The Collateral Creation is applicable for all Bridge Loan scenarios except scenario1 in the excel sheet. The Collateral right is created for BL using the same API for Mortgage Loan or Remortgage Loan.
Incase of second charge, the outstanding loan value is updated in the third party value field in Transact during fulfilment.
Creation of COLLATERAL
Collateral is the core application which stores property related data captured in the Origination journey.The collateral is always created for the main applicant in the core banking.
The Collateral Creation is applicable for all Bridge Loan scenarios except scenario1 in the excel sheet.The Collateral is created for BL using the same API of Mortgage Loan or Remortgage Loan. Please refer the mapping sheets - Collateral Data , Collateral Details to map the data from OPMS to the fields.
Creation of BENEFICIARY
In the Bridge Loan contract creation process if the disbursement account details provided are inter bank account, the details are captured in the BENEFICIARY table which updates in settlement instructions while creating the Bridge Loan arrangement.
The Beneficiary captures both the IBAN account number as well as the Swift references.
Mapping sheet
The system follows the mapping of OPMS as mentioned in the excel for all the above APIs for Integrating with Transact in Bridge Loan creation.
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