Retail User Activities - General Services

Introduction

The retail user can initiate transactions when the user has the appropriate menu options linked to the user’s profile. The following sections discuss about how the user can initiate and inquire on different transaction types.

Note:

As part of Anti Money Laundering or OFAC checks and interface for third party systems at the time of beneficiary creation or modification, the custom hooks are provided by clicking Submit or Update.

The system first validates the existing validations available in the application. Post this, the custom hook is called and the details as specified by the user during the creation or modification screen are passed in the custom hook.

Functions

On the retail user’s main screen, you can find the Transaction Management option in the menu tree. On clicking Transaction Management, you can access a list of sub menu options under the Transaction Management node. The available menu options are as follows:

• Initiate Funds Transfer

• Initiate Payment

• Initiate Collection

• View Incomplete Requests

• View Scheduled Payments

• View Completed Payments

• View All Requests

• View Transaction Entries

• View Approval Queue

• View Incoming Payment Requests

The consumer can also do activities related to transaction support. The menus available under this function are:

• Manage Counterparty

• Manage Mandates

• Manage Billers

• Manage Peer to Peer Profile

Other Features

• The retail user can make an instant transaction or schedule a transaction on a future date

• Transactions are multi-currency enabled

• In case of multi-currency transactions, the transfer rate is obtained from the host or from the Finacle consumer e-Banking database. Spreads can be applied on the basic rate based in Finacle consumer e-Banking (optional).

• The retail user can save the transaction, clear if required to edit some fields, or keep on adding to a list so that multiple transfers can be made at once.  Once the user has added all the transactions to the list, the system validates for the user ID and transaction password and generates a transaction ID.

• The Finacle consumer e-Banking supports multi-currency transaction at negotiated rate. The retail user must specify the negotiated rate and the dealer reference number. A negotiated rate always goes for a relationship manager approval.

•  When a transaction goes online and if the host is unavailable, persistent network failure or insufficiency of funds in user’s account, the application prompts the user to opt for offline processing. If the user chooses not to go offline, then the action is reversed.

• The transactions can be recurring in nature

• Pay Your Bill

• View Recurring Instructions