FINS BIAN Savings Account Process API
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Examples of Use
A customer transfers money from a current account to savings account in order to obtain a better rate of interest.
Role Definition
The savings account product may share many features with a standard bank current account (e.g. standing orders, direct debits, payments and deposit services) with some constraints/limitations. There can be restrictions on the amount and frequency of withdrawals with an associated fee/penalty structure to offset higher interest benefits. Sweep mechanisms linked to other products (current account) can also be supported.
Related Business Scenarios
PERFORM CUSTOMER ELIGIBILITY PROFILE UPDATE
HANDLE REQUEST TO TERMINATE SWEEP AGREEMENT
HANDLE REQUEST TO OPEN SAVINGS ACCOUNT
HANDLE REQUEST FOR CASH WITHDRAWAL FROM SAVINGS ACCOUNT
HANDLE REQUEST FOR INTERNAL CREDIT TRANSFER FROM SAVINGS ACCOUNT
EXT HANDLE REQUEST TO ADD ACCOUNT TO SWEEP AGREEMENT
HANDLE REQUEST TO CLOSE SAVINGS ACCOUNT
PROCESS INTEREST BOOKING BY ACCOUNTING
VERIFY COMPLETION OF CUSTOMER UPDATES
ASSESS CUSTOMER BEHAVIOUR MODEL PERFORMANCE
HANDLE REQUEST FOR CORPORATE SWEEP AGREEMENT
HANDLE REQUEST FOR CORPORATE SWEEP AGREEMENT CONSIDERING INTER-COMPANY LOAN AGREEMENTS
PROCESS END OF DAILY BOOKING WINDOW FOR INTEREST ACCRUAL SAVINGS ACCOUNT
PERFORM CUSTOMER RELATIONSHIP DEVELOPMENT PLANNING
EXT HANDLE REQUEST TO TERMINATE SWEEP AGREEMENT
INITIATE CUSTOMER RELATIONSHIP CASE
PROCESS INTEREST SETTLEMENT SAVINGS ACCOUNT
Core Business Object
Key Features
- Set-up savings account facilities
- Issue cards, check-books, etc. for the account
- Process deposits and withdrawals
- Handle sweeps/liens linked to the account
- Handle standing orders and direct debits linked to the account
- Process fees and apply interest charges
- Provide balance/statements and reports
Customers can use this integration template to accelerate implementation.