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

Introduction to Account Parties

Based on the banking companies (nomination) rules and the regulatory guidelines defined, banks are expected to provide guidance to deposit account holders on the benefits of nomination facility and the survivorship clause.

Nomination Registration for Accounts and Deposits

Banks generally insist that the person opening a deposit account makes a nomination. The nominee, in the event of death of the depositor/s will receive the balance outstanding in the account as a trustee of legal affairs, thus helping in a quick and easy settlement.

Under no circumstances, a bank is expected to refuse to open an account solely on the ground that the person opening the account refused to nominate.

The nomination facility enables the nominee to receive the balance outstanding in the account as a trustee of legal affairs, in the event of death of the depositor towards hassle-free easy settlement.

The functionality for capturing the nomination of customers who are individuals and sole proprietors (not a corporate) holding accounts or term deposits is enabled such that the details of the nominee are obtained towards nomination registration.

The nomination detail will include:

• Nominee name.
• Nominee’s age.
• Complete address of the nominee.
• Telephone contact number of the nominee.
• Relationship of the nominee with the customer.

Once the nomination details are captured in Temenos Transact, the bank user is able to modify the details in the system as per the requirement of the customer. The bank user is also able to delete the nomination as a whole or any of the details in Temenos Transact as per the corresponding customer’s instructions to the bank.

The nominee is created as a record in the CUSTOMER application, wherein various details like nominee name, age, address, postal code, date of birth, telephone contact number will be inputted and stored.

While creating an account or a deposit through the AA.ARRANGEMENT.ACTIVITY application, the nominee details will be linked to the arrangement by using the customer Id.

The existing record in the CUSTOMER application is modified to update any of the nominee details.

The removal of the nominee detail is handled by removing the customer Id for the nominee in the AA.ARRAGNEMENT.ACTIVITY application.

The benefits of this functionality are:

• Creation of nomination registration with nomination detail.
• Ability to modify the existing nomination detail.
• Ability to remove the existing nomination detail.