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

Introduction to Dormancy

According to regulatory guidelines in Sri Lanka, all banks that issued financial instruments like pay order, demand draft, etc are required to classify these instruments as abandoned property if they remain unpaid for a specific period from the expiry date.

The current scope of this functionality is for the classification of bank issued instruments like pay order, etc as abandoned property, if an instrument remains unrealised for a specific period of time after its expiry date. For example, 10 years as per regulation in Sri Lanka.

The ACCDOM.DORMANCY.PARAM application is used to parameterise instruments as abandoned property.

When an instrument is classified as Abandoned Property, the corresponding funds will be transferred to an internal account.

During the COB process, a version of the PAYMENT.ORDER application will be triggered to transfer the funds to an internal suspense account as parameterised in the ACCDOM.DORMANT.PARAM application.

The new functionality describes the classifications of bank issued instruments as an Abandoned property. It is considered as abandoned property any sum payable on cheques or on written instruments, on which the bank is directly liable (pay order issued).

This functionality provides an evidence of all the instruments abandoned.

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