Introduction to Beneficiary Services Functionality

UK banks can use the Current Account Switch Service (CASS) to move customer current accounts from one UK financial institution to another. Once this is done, the UK payment clearing system will automatically reroute the credit transfers still addressed to the old account to the new account for a certain period. However, by doing this, the originating institution is informed with a redirection notification and supposed to update their beneficiary details.

For example, a bank is originating the credit transfers via faster payments using a service provider. If a beneficiary has switched his account, the faster payments clearing system makes sure that the new account will be credited. The clearing will send a redirection notification to the service provider, who will forward this to the bank. The bank is supposed to update the beneficiary details in their core banking system to ensure that the new beneficiary details are used for the next payment.

This functionality will help the banks to be able to update the new beneficiary details of the customer as per the direction from clearing to enable the payments to be routed to the newly updated beneficiary account.

This document briefly explains how the update of the customer's beneficiary details is handled in Temenos Transact once the FPS redirect file is received.

Processing Incoming AWACS File

The incoming AWACS file received will be processed by the interface adapter and the BENEFICIARY application will be updated through the existing UKBSFU.BENEFICIARY.UPDATE service which compares the existing beneficiary details and received details.

The camel interface adapter will process the incoming AWACS file which will be in the XML format and will load the data into Temenos Transact application.

The Import Date, AWACS Record Status and File Source fields have been added to the UKBSFU.BENEFICIARY.UPDATE application to store the AWACS details.

The UKBSFU.BENEFICIARY.UPDATE,CREATE version has been introduced to upload the Input AWACS xml records to Temenos Transact.

The ENQ AWACS.BENEFICIARY.UPDATE.STATUS has been introduced to for the branch user to display the details of the beneficiary updates from the UKBSFU.BENEFICIARY.UPDATE application.

The solution overview is explained below.