Introduction to Retail Accounts

The Account property class is used by all the products which are account based. This property class primarily controls the description of the account. The ACCOUNT property allows the user to define and control balance treatment, posting restriction, linked account number (for memo accounts), currency market, date convention related setup for the account.

Although the account names are account specific, generic titles can be defaulted from the product and can be replaced or given additional detail at the arrangement level. Each product defined and processed in AA can have a single ACCOUNT Property defined.

The Activity Charges property class defines the charges that have to be applied when a particular activity is triggered on the arrangement. The charges so applied can be made due, capitalised or deferred. The user can enable auto settle the charges made due from unallocated credit balance by setting this to Yes.

In accounts, charges are enabled for dormancy, settle payoff and ageing. This property class is also extensively used for all AA related modules, charges are set for various other activities.

The Activity Restriction property class is used to specify a restriction on a particular transaction. The restriction rules including the relevant periodic attributes and activities are defined in the product condition. These rules are then used to define activity based or property based restrictions. A rule if broken can be set to result in an override or error. A charge can be attached for this and can be set to be made due, capitalised or deferred.

For the AR module, activity restriction is extensively used for restricting transactions by number, type, and so on. This is also extensively used in other modules to restrict the user from doing various user activity based on the life cycle status of contracts.

The Balance Availability property class allows the user to control the following features pertaining to AR module:

• Notice amount and period, which needs to be given by a customer for withdrawing money from his account.
• Default Credit Check and Available Balance update related set up.
• Activity class or Activity specific credit check, and NSF related fees pertaining to it
• Tolerance Amount or Tolerance Currency - To indicate the grace amount, which is the allowed overdraft before the bank imposes NSF or OD fees.
• Overdraft Grace Period - To waive the NSF fee levied on the account, if the customer clears the debit balance within the stipulated grace period.

The Dormancy property class allows the user to control the parameterisation of inactive or dormant accounts and movement of the same into various buckets at the arrangement or product level. The same can be controlled based on period, and some exceptions or rules also can be added for evaluation and movement. The user can include or exclude certain activity or activity class for the evaluation.

It is possible to,

• Configure different Dormancy status based on the period of inactivity
• Specify different charges and charging frequency for each Dormancy status
• Apply some exception rule filtering at an individual arrangement level (for example, account is in debit balance) and such rules can either be an API or a rule created using the Rules Engine
• Specify notices and notice frequency for each Dormancy status
• Specify Activities or Activity Classes or Activity Initiation Types which are qualified to keep an account active.
• Auto Reset can be enabled based on status or on Activity Type.

The Facility is a service component for financial products designed using arrangement architecture. The Facility property class controls the list of available services for an arrangement account.

When an external activity (financial or non-financial) is triggered and the corresponding service group is mapped to an activity through Activity Mapping and EB.EVENTS. And the same came allowed or restricted or charged corresponding error message is raised to stop the activity.

The Inheritance property class is used for BN pool structure for inheriting the product conditions set at Parent level arrangement to the Child level arrangement accounts. The product conditions that are set for inheritance are attached to Property records with type as Inheritance Only. The properties to be inherited can be controlled both at source and target level.

The Interest property class is used for all interest definition and processing in AA. A product defined and processed in AA can have multiple interest properties defined (for example, principal interest, penalty interest, commission, etc. Interest rates can be defined as fixed , floating , periodic or linked rate (referring an INTEREST property from other arrangement), routine based calculation. Tiered interest can also be defined. Further it is possible to define a negative rate, minimum interest amount and waive the interest.

Interest adjustment can be done in run time, and adjustment related detail or values can be captured in adjustment related fields.

The Limit property class primarily controls the use of LIMIT module by the product. We can set up single or shared limit. We can define the LIMIT.REFERENCE applicable for a specific product such that the system defaults the same in an arrangement. For a new limit, at the arrangement level, the LIMIT.SERIAL has to be given as NEW. The AR module can have self-contained secondary limit without having actual limit attached to it. Overdraft status or notice for AR module is handled inside the Limit Property class.

Further Limits can be set to use the LIMIT module (AL and AD) or it can be managed only within the arrangement architecture framework.

The Payment Schedule property class is used by all products which have amounts billed (that is,made due) or capitalised or Pay. A Payment Schedule can be comprised of one or more payment definitions with conditions such as payment Type and Method, arrangement properties, dates and amounts. The AA.PAYMENT.TYPE application is used to define the standard payment types such as constant, linear, actual and fixed equal and so on, that can be used by a product. This payment type is then attached to each payment schedule definition. The start and end date can be specified, the user can specify the repayment of arrangement to commence after ‘n’ months from the arrangement date or ‘n’ months before the maturity or ‘n’ months after the change product or reset and rollover has happened.

The Periodic Charges property class acts as a container to group different charge properties and calculate a periodic charge amount. The Payment Schedule property class drives this property class. A periodic charge property can be attached in payment schedule and on schedule date periodic charge amount is calculated.

At the arrangement level adjustment can be done by the user on whole periodic charge.

• Corporate account with fixed debit interest
• Regular current account with floating Interest for both debit and credit interest, amount based capping of NSF Charges and waivers during account closure
• Current account with periodic charge
• Current account limit secured by deposit
• Current account for staff with additional interest
• Account with predefined overdraft limit of USD 250
• Premium current account with some restriction on balance, and activities
• Current with some SME related features enabled
• Current account for SME - self service account
• Current account for students
• Current account for bundling, and gaining additional benefit through bundle
• Fully negotiable account
• Master account collects the interest from the Sub account and pays the interest accordingly
• Sub account pays the interest to the master account according to the maintained balance
• Payroll Account with cashback and count based capping of NSF Charges.

• Regular saving account with basic features
• Regular saving account with restriction in Interest capitalisation
• Savings account for child
• Savings account for non resident
• Regular salary savings account
• Traditional notice savings account
• Savings account for staff