e-Banking supports the following transaction types:
Fund Transfer (For all payments within own accounts in home bank or in other bank including payments to credit cards)
Payment (For all payments from own account to beneficiary account. The beneficiary could be a personal payee, employee or biller)
Collection (For all receivables from debtors)
Application allows to link the Transaction type to a consumer and corporate user to control access to various operations on transactions of each type.
Customer can perform the following functions:
Initiate a real-time transaction
Schedule a transaction for future processing
Schedule a recurring transaction
Customer can initiate a transaction to/from:
Own accounts (Home bank, Other bank)
Third party (Linked) accounts
Existing counter party
Ad Hoc counter party
The customer can initiate a transaction request for Funds Transfer, Payment and Collection and can save, submit or add it to cart.
Transactions can be submitted as single entries (single debit single credit) or can be collated into a group of transactions and submitted to the external host.
By default the application supports:
NACHA format, for transactions made via ACH network
SWIFT MT101 format, for transactions debited from the customers account in another bank
Customer can initiate a single transaction (with single debit and single credit) or add a group of such transactions and submit the group. Each transaction in such a group will be treated as independent transaction for limit purpose.
Customer can choose the mode of delivery for each Dr:Cr::1:1 in a transaction of the form N(Dr:Cr::1:1). The various delivery modes are:
Electronic transfer
Cash
Instrument based (Cheque, DD)
The customer can
Specify the credit date and debit date while initiating a transaction.
Select a network through which the transaction will be processed at the time of transaction initiation. NEFT, RTGS, SWIFT, SEPA and ACH networks are supported out of box with a provision to extend the support to other networks too. The charge amount and delay associated with the selected network can be viewed by the customer. For multi currency transactions customer can refer to exchange rates which will be fetched from the core application.
View the charges and its various components, applicable for performing a transaction, before submitting the transaction. The components of a charge displayed in the application includes network charges, transaction charges and transaction commission. He can also specify whether the charge will be paid by the debtor, creditor or equally shared between the debtor and creditor for each transaction.
Authorize a list of transactions using the mode of authorization configured for his profile.
Hold and release a transaction at any stage of the transaction processing, from initiation till it is processed by the bank. A held transaction is not sent for the bank's approval, if required, or for processing to the host.
Stop one or more entries of any number of immediate consecutive pending instances of a recurring transaction.
Change any attribute, barring frequency type, of a transaction pending for processing. For recurring transactions the modification is applicable to all pending instances.
Submit all pending instances of a recurring instruction for processing instantly.
Submit transactions in cart for further processing or remove individual transaction from the cart.
Merge incomplete transactions which share the same common details like transaction currency and transaction date among others.
View the list of incomplete transactions and completed transactions.
Stop one or more entries of one-time scheduled transaction or any number of immediate consecutive pending instances of a recurring transaction.
Modify the details of one-time transaction request and also the whole schedule of the recurring transaction.
View the details of the transactions and individual entries within it and also all past instances of the recurring transaction.
Put the transaction on hold or release during any of the transaction stages until the transaction is submitted to host.
View the different stages that a transaction has gone through and also the old/new values of a particular stage. The application also supports statuses of Individual entries within the transaction. For the customer's ease of tracking reversals, application has a provision to reverse transactions in to the trace account.
Identify certain accounts as trace account and use the trace account for transaction reversal.
Based on the debit date specified by the customer, the application can derive and display the credit date.
The application provides "like" search which enables user to search on a substring wherever applicable.
For Example:
If the Counter Party Name is 'Anurag', the user is able to search on 'nura' string also.
The customer can sort on applicable columns present in a list screen. This sorting is applicable to all the records of the result set as per the criteria. The application has a facility to track the activities performed by the user and hence on click of application back button, the user is navigated to the correct page.
All error messages can be displayed along with or without the error code(s) highlighting the fields that resulted in the error.
The customer can download the details of a list screen in various formats as applicable. The formats supported will be PDF, HTML, XML, XLS, CSV, TXT, DAT, and RTF.
The type of drop-down can be configured as:
Simple drop-down (which will always be a drop-down)
Complex drop-down (If the list in the drop down contains more than 'N' number of records, the drop down is converted to a lookup).
If the host is down, the application has a provision to use the module independently (local database) and upload the data in host as and when the host becomes up.
Centralized Warehousing of Payments & Payees
The Banks wants to offer payment and recurring instruction functionalities across multiple channels. Hence, there is a need to centrally warehouse payments and recurring instructions at a central system. Each of the channels can access this central system and new or modify or stop payments and instructions.
With respect to warehousing of counterparties and payments, following scenarios are possible:
Counter Party Centralized and Payments Centralized
E-Banking will send the reference of the centralized counterparty as part of the message to the backend.
Counter Party non-Centralized and Payments non-Centralized
This is the default behavior where both payments and counterparties are defined in e-banking.
Note:
Across the transaction management screens and queues behavior of fields will differ based on the implementation of centralized payments and counterparties.
The sections discussed here are: