Introduction to Payments Beneficiary
The payee’s payment details are required to initiate payments. The BENEFICIARY application is used to capture payees' payment details, which could then be re-used when the customer or user makes payments to these recipients. This can also be referred by various business modules to automate the settlement process. For example, the record in BENEFICIARY can be linked to a loan or deposit pay out condition to automate the loan disbursement or to make the deposit payment at the deposit maturity.
A payee can be owned by a customer or by the bank itself. The latter being the case when the bank sets up payees for frequent suppliers like utility companies. These are exposed to all customers who can refer them while initiating payments. The payee (beneficiary) created for payment purposes can be used either on a standalone payment platform or on an embedded Temenos Transact system.
A beneficiary can be defined for a customer who is maintained on the same Temenos Transact or standalone TPH instance as the Payments Beneficiary module, in the Party MS, on a different Temenos Transact instance or on an external, third-party Deposit Demand Account (DDA) platform. If the customer is defined on a different platform, the system validates whether the beneficiary’s owning customer exists through the Master Data Access Layer (MDAL).
Product Configuration
This section defines the pre-requisites and the associated applications to be configured for creating and defining beneficiaries.
Configuring Beneficiary Parameter
This application allows banks to setup the following options related to Payees Instructions processing:
| Field | Description |
|---|---|
| Validate Beneficiary Links |
Indicates whether the BENEFICIARY.LINKS application must be checked while amending the account in BENEFICIARY or while reversing the record in BENEFICIARY. This file is updated by AA contracts, Standing Order and Payment Order when they are using a BENEFICIARY record. When this field is set to Yes (for the first time), the system starts the ST.BENEFICIARY.LINKS.UPDATE service to update the Beneficiary Links File upon authorisation of the application. |
| Update Acct Block Closure |
Indicates whether the AC.BLOCK.CLOSURE application should be updated when the account is referred in a BENEFICIARY. During the closure of the account, the system raises an override to indicate the account is referred in one or multiple records in BENEFICIARY. When this field is set to Yes (for the first time), the system starts the ST.UPDATE.AC.BLOCK.CLOSURE service to update the Account Closure upon authorisation of the application. |
The user can set the value to Yes, No or NULL in the BENEFICIARY.PARAMETER application. The value cannot be changed, after it is set as Yes.
After the system record is created in BENEFICIARY.PARAMETER application, the Validate Beneficiary Links and Update Acct Block Closure fields in the DE.BIC.PARAMETER.RECORD application are updated with the values of the corresponding fields from the BENEFICIARY.PARAMETER application and are marked as No input.
If the BENEFICARY.PARAMETER is not defined, the BENEFICIARY application refers the setup in the DE.BIC.PARAMETER application for these options.
Configuring Beneficiary Customer Validation using MDAL
If the owning customer of the BENEFICIARY record resides in another instance of Temenos Transact or in an external system, other than the BENEFICIARY application, the system needs to be configured to support the MDAL functionality. Enabling the MDAL functionality allows the system to validate through a specific MDAL Rest API that the customer defined as owning customer exists in the BENEFICIARY application.
Read the Configuring the MDAL Framework section for more information on MDAL configuration.
Illustrating Model Parameters
Model Parameters are not applicable for this module.
Illustrating Model Products
Model Products are not applicable for this module.
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