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

Introduction to Certificate of Interest Paid (COIP)

In general, the customers would like to know the details of the interest paid by them for the loans and overdrafts held with their banks and also, the interest received for deposit products from the bank, for various purposes. This module enables the generation of the certificate of interest paid by the customer to the bank for loans and overdrafts and also, the generation of certificate of interest received from the bank to the customers for the time and demand deposits for a period. The data output will be in an XML format.

Depending on a country’s practice, the certificate is generated at the financial year end or at the tax year end. While some countries have the same financial year and tax year, certain other countries could have a different financial year period and a different tax year period.

The debit interest (for loans and overdrafts) certificate will be automatically generated for the product every fiscal year. Additionally, the debit interest and credit interest certificate can be generated on an ad-hoc basis when the customer requests so. The ad-hoc generation applies to the existing and closed products.

The TAX.PARAMETER, LUINTX.INPUT version has been introduced to manage the configuration of the tax year and to generate the interest certificate.

This functionality allows banks to choose the period of the interest certificate generation as the tax year or the financial year. If the tax year is configured, then this would be considered for the generation of the certificate, if no tax year is configured then the financial year defined will be set as default.