Introduction to Account Parties

The banking regulations provide the ability of an account holder to nominate a person or persons who, in the event of the demise of the account holder, would receive the funds standing to the credit of the account holder. Such nominated persons are designated as nominees. Nominees are usually nominated for term deposit or current or savings accounts.

This module supports the nomination functionality for account and deposit products.

Nominee Details at the Product Level in Accounts and Deposits

Banks request that the Temenos Transact system allow the user to capture and record the particular information of a nominee to link to a specific individual account or to individual deposit product. The nominees linked can be one or more in the same account or deposit. In the case of register multiples nominees, the percentage allocation summation has to be equal to 100%.

The nominees need to be created as customers and after that they can be linked to a specific individual account or to an individual deposit product.

The nominees linked can be one or more in the same account or deposit. In case of registering multiples nominees, the percentage allocation summation always has to be equal to 100%.

The CUSTOMER application is used to input, capture and record the customer data.

This functionality allows the user to:

• Register one or more nominees in an individual account or term deposit and control that sum of percentage allocation is equal to 100%.
• Link an existing customer as a nominee in an individual account or term deposit. This can be done defining the relation like nominee in the customer record.