This module will not be further enhanced. Support is limited to defect fixing only.

Introduction to Account Related Processing

The module includes functionalities related to the account products in Nordic countries, such as defining shared and ownership accounts and opening account on the last day of capitalisation.

Click here to understand the terms and abbreviations used in describing this module.

Shared and Ownership Accounts

Banks generally classify accounts as single, shared, ownership or shared and ownership.

The functionality enables the user to define an account as single, shared, ownership or shared and ownership.

Any static data change to the account or debit transaction done at the branch level to shared or ownership account, will require the user to capture the customer Id of the person who initiated the transaction. Similarly in case of a shared and ownership account, an override cautioning the user to take the consent of all owners will be triggered.

Account Debit Notification

Under Finnish regulations, banks are required to defer the debit interest pertaining to an account for 45 days. A pre-notification indicating the amount of the debit interest along with the date on which it will be debited, needs to be provided at least 21 days prior to the date of debit in the account statement.

This notification is required only in the first statement which is on or before at least 21 days prior to the date of actual debit of deferred debit interest and is not required in any of the other subsequent statements.

Opening Accounts on the Last Day of Capitalisation

If an account is opened on the last day of the capitalisation period, then, under certain circumstances, it is require, that the capitalisation of any interest (credit or debit) is effected on the date the account is opened, provided the capitalisation frequency us defined as such. This has been identified as a Nordic requirement, and hence is addressed as a country layer development.

In Nordic countries, there is a practice to include the one day’s interest while capitalising even when the account opened on the last day of the capitalisation period.

The functionality allows you to include the interest of the account while capitalising for the current period, even if the account opened on the last day of the capitalisation.

Currently in N-core, an account opened on the last day of the interest capitalisation period does not capitalise, or make payable in the case of an ASP account, the interest in that period. Instead, it moves it to the next capitalisation period, and only in that next period it is capitalised (or made payable in case of ASP – this applies throughout this section) to the account.

Account Statements Including Generic and Regulatory Notifications

This functionality allows banks to capture additional notifications to be sent to the customer as part of the account statement. This applies to all types of accounts that are offered to retail and corporate customers.

The account statements are customized to include generic and regulatory notifications or announcements for customers:

• Service fees to be charged.
• Payments due for charging.
• Deposit guarantee.
• Penalty interest.

The NORACC.PARAMETER application has been introduced to allow the bank to configure the property that needs to be included for the notifications in the account statement.

The NORACC.ACSTMT.PRENOTICE.DATA existing application has been modified to accommodate the following additional fields:

• Advice Indicator: This field indicates the type of charge.
• Fee Interest Amount: This field holds the total amount to be debited.
• Property: This field identifies the name of the property that has to be included in the statement.
• Int St Dt: This field identifies the start date of the interest accrual.
• Int End Dt: This field identifies the end date of the interest accrual.
• Interest Rate: This field indicates the rate used for interest or charge.
• Date Of Capitalisation: This field indicates the capitalisation date.
• Static Text: This field indicates the static text for the property.
• Payment Sto Date: This field indicates the standing order payment date.
• Payment Sto Bank Cus Indicator: This field holds the bank or customer indicator.
• Payment Sto Beneficiary: This field holds the beneficiary.
• Payment Sto Currency: This field holds the currency.
• Payment Sto Amount: This field holds the amount.

The service fees, payment due, deposit guarantee, and penalty interest will be captured based on the configuration from the NORACC.PARAMETER application and the required data will be stored in the NORACC.ACSTMT.PRENOTICE.DATA existing application.

Restrict View of Transactions

According to the regulations, banks will not disclose account transactions to the customer before the date, when the customer is added to the account. This is applicable to all types of accounts that are offered to retail and corporate customers.

This functionality allows banks to restrict the display of past transactions and balances to a customer who is added to an account. While adding a new customer to an account through the change customer activity, the branch user has the option to either permit or restrict the new customer from viewing the past transactions.

The following items have been introduced as part of this functionality:

• The XJOINTVIEW external property class is used to update the customer name, joint owner, joining date, and joint owner leaving date.
• The STMT.ENT.BOOK.JOINTVIEW.FI no file enquiry is used to get the list of transactions. A new API will be exposed to access this enquiry when the customer enquires from online channels and ATM. The branch user has to manually invoke this enquiry to view the transaction details.
• The View Past Transactions field has been added to the AA.ARR.CUSTOMER application to set the permission to view the past transactions in an account.
• A new activity API has been attached to the ACCOUNTS-CHANGE-CUSTOMER activity and ACCOUNTS-NEW-ARRANGEMENT activities.