Accounts Management Module & Commission Platform

Accounts Management Module (Current Accounts/Savings/ Term Deposits) & Commission Platform

Management of accounts and transactions in real time

General Description

The specialized Account Management Module is designed to support full range of accounts operations in real time. The Module supports management of accounts in local and foreign currencies as well as transfer of funds from one account to another. The module enables processing transfers among accounts with automated verification and validation mechanisms on data entry based on specific business needs and checking correctness of specific data. The integrated Commission platform enables flexible definition of commission for different type of transfers as well as defining VIP commission for particular Clients and accounts.

The Account Management Module supports functionalities that are convenient for financial organizations that include Current, Savings and Term Deposits in their scope of operations, flexibly defined according to the Client’s Business Policy. The Module enables process of opening and maintaining all accounts types, through defined workflow which allows implementation of four eye principle in the process as well as managing authorized persons. The access to personal accounts is possible from any Branch of the financial organization, with streamlined access to personal settlement, as well as streamlined application process.

The dynamic process allows independent management of Product Policy for all Accounts types and definition of the required parameters as interest rates, interest calculations methods, interest maturity type, General Ledger transactions postings, status flow management, product activation/deactivation periods specification which enables fast release of new products on the market and competitive advantages.

Generation of agreements is convenient and requires minimal number of steps to be fulfilled, with automatic calculation of interest, maturity and penalty rates to be considered in case if some of the agreed conditions are not fulfilled. The validations set in the Accounts Management Module against the conditions in the Product Policy enable high control mechanism and efficient process in the Front Office Operations.

The module supports various types of transactions such as non-cash operation among Current, Saving and Term Deposit Accounts as well as cash operations within the integration with the Cash Management Module.

The flexible definition of Dormancy conditions enables completely automatized process of accounts status changes or accounts closing, enabling compliance with local regulations.

The Advance operations platform enables full range of activities that are possible to be performed in order to change the current conditions of an already active account, interest rate change, change of the account’s condition, account termination, rollover, and termination by Court decision, defining standing order details.

The Module is completely integrated with the Back Office operations that enables automatic transaction postings in General Ledger and matching on predefined posting schemes, which are dynamically defined from user side.

The Commission Platform enables flexible commission definition and maintaining, commission accrual as well as repayment of various commissions that can be applied on any accounts types according to the Client’s Business Policy.

The module supports setting up range of commissions groups such as Account related commissions:

as well as Transactions related commissions:

The system enables flexible definition of the frequency of execution of the fee, based on predefined periods (monthly, quarterly, yearly, for those commissions that are paid on certain frequency, such as the maintenance fee). The commissions can be applied as absolute amount as well as percentage where minimum and maximum amount can be also specified as well as definition of commissions exception in case when a special commission need to be applied on certain account for certain commission type.

The module supports integration with different services in order to provide fully automatization in the process of payments and country specific regulation compliance.

With integration to local payment system operators for clearing and settlement, the module enables processing domestic/local payment transfers as well as automatically processing received payment messages (incoming transfers) and transferring payments towards beneficiaries in other Banks (outgoing transfers – outgoing message).

International Payments Module supports payments and processing incomes in foreign currencies in favor of beneficiaries from and to any country in the world via SWIFT as a global provider of secure financial messaging services between correspondent bank networks. The processing of all incoming and outgoing swift messages are in accordance with the SWIFT standards.

The Accounts Management module can be integrated with Real Time Gross Settlement Systems and enables automatic swift message processing (import and export) according to SWIFT standards. With the integration, the Module can support fully automatized processes and enable incoming and outgoing transfers as well as automatic real time settlement/confirmation of each transaction and end of day bank statement reconciliation.

The module has capability of performing payments and processing incomes in foreign currencies in favor of beneficiaries from and to any country in the world via SWIFT as a global provider of secure financial messaging services between correspondent bank networks. The processing of all incoming and outgoing swift messages are in accordance with the SWIFT standards.

Key Features