Payout Rules
The Payout Rules Property Class is used to payout the bill amount due to the customer. An arrangement can have one or more bill outstanding dues to be paid to the customer.
The Payout Rules Property Conditions decide whether the first bill to be settled first or the last bill to be settled first. In addition, the sequence in which the Properties should be settled as also defined in this Property Class.
Product Lines
The following Product Lines use the Payout Rules Property Class:
- Accounts
- Agent
- Deposits
- Facility
- Lending
- Rewards
- Safe Deposit Box
Property Class type
The Payout Rules Property Class uses the following Property Class Types:
- Dated
- Multiple
- Tracking
Property Type
The Payout Rules Property Class is associated with PRODUCT.ONLY Property Type.
Balance Prefix and Suffix
The Payout Rules Property Class is not associated with balance prefix and suffix.
Attributes
The attributes of the Payout Rules Product Condition are explained below.
Application Type
It allows the user to define if the payments are to be applied by PROPERTY (for example, all principal amounts followed by all interest amounts, etc.) or BILL (for example, all the amount on bill 1 followed by all amounts of bill 2, etc).
The value must be a valid record in AA.PAYMENT.RULE.TYPE.
For Deposits, the payment rule type record should have a PAY value in the Payment Method attribute.
Application Order
It allows the user to define the order in which multiple bills can be processed.
Available values are:
- Oldest First - Order of processing starts from first bill
- Oldest Last - Order of processing starts from last bill.
Sequence
It allows the user to specify the Property sequence in which the balances are appropriated during repayment. This attribute is associated with the Property attribute.
Property
This attribute along with the Sequence attribute is used to specify the sequence in which the balances from which the funds can be paid out.
Balance Type
When the Application Type attribute is set as BALANCES, this attribute allows the Balance Type of the arrangement to be defined that will be used for payment allocations.
This field is
- Mandatory when the Application Type field is set as BALANCES.
- Must a be a valid Balance Type in AC.BALANCE.TYPE
- Allows only the Balance Types with the prefix CUR, ACC, RES, REC.
Application Type
It represents the balance to be paid for the defined Properties. Only ACCOUNT Property is allowed. APPLICATION.ORDER is not applicable as only Account Property is allowed.
Remainder Activity
When a payment satisfies all of the pay amounts and there is a remainder of funds, then this Attribute can be used to handle remainder of funds request.
Rebates
Rebates (Pay charges) can be credited using the PAYOUT.RULES Property definition. For example, PAYOUT.RULES record BONUS.PAYOUT for Deposits and LENDING.PAYOUT for Lending are used for PAY CHARGES, LENDING.PAYOUT Product Condition is illustrated below.
Add Payout Rules Property to Existing Arrangements
The financial institutions can add the Payout Rules property to the existing arrangements of the Accounts, Deposits, and Lending product lines using the Add New Property, New Prop Avl, and New Prop Avl Date fields in AA.PRODUCT.MANAGER.
Though the Payout Rules property is a mandatory property in the Deposits products, the Payout Rules property is supported by the Add New Property feature, being a multiple type property. So, a new Payout Rules property can be added to the Deposits products and added to the existing arrangements.
Read Add New Property for more information on the configuration.
Periodic Attribute Classes
The Payout Rules Property Class is not associated with any Periodic Attribute Class.
Actions
Individual AA.PROPERTY.CLASS.ACTION records control which Product Line it’s associated.
The payout Rules Property Class performs the following Actions:
| Action Name | Description |
|---|---|
| ALLOCATE | The ALLOCATE Action updates the bills when the payout activity is triggered. Based on the payment amount and payout sequence, the outstanding bill amounts and status would be updated. |
| UPDATE | The UPDATE Action is initiated manually and allows the user to change any of the PAYOUT.RULES Attributes. This action can be initiated as part of the NEW-ARRANGEMENT and PAYOUT.RULES-update activities. |
Accounting Events
The Payout Rules Property Class does not perform any Actions that generate Accounting events.
Limits Interaction
The Payout Rules Property Class does not perform any Actions that impact on the limits system.
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