|
Introduction |
The Counter Party Maintenance is the process of registering beneficiaries for various payments from a retail or consumer. This option is used to add and maintain counter parties who are not registered by the bank. Beneficiary information is stored as pre-registered payee details in order to easily initiate payments and facilitate error free processing of payment. A retail user can create the user's own list of Counter Parties. The Counter Party may belong to Home Bank or Other Bank. The Counter Party ID is system generated. The Counter Party ID is populated with the prefix as entered by the user for the field Counter Party Alias and the Counter Party ID as the suffix generated by the System. The Counter Party may be retail or corporate entity. The user can capture the information like Counter Party Address, City, State, Country, Zip, Telephone, Mobile, Fax and Commission Indicator. The Bank Details information requires the user to capture whether the account is with Home Bank or Other Bank. The Bank Name, Branch Name, Address, City, Country, the Account ID, Currency and the type of account can be captured. The type can be checking, savings or a loan account. There is also a provision to indicate whether Pre Note is required or not. The Counter Party creation must be approved by the Bank RM. The functionality enables the user for the Counter Party Search activities. Users are allowed to search the counter party based on selection criteria. The user can edit the counter party details. The user can delete beneficiaries. The user can also view the status of the Counter Party which is in various stages like pending RM Approval, pending for pre notes release and so on. Counter party modification is not allowed when a transaction is pending for that counter party. However, counter party details can be modified if the transaction is complete. The counter party details in completed payments remains unchanged even if the counter party details are changed. The counter party ID also remains unchanged. User can provide the payment notification details while adding a payee/ counterparty. Once added, user can also modify, copy, delete the notification details provided. The notification details will enable the e-Banking application to send payment alerts to the payees to the mentioned channel. Note: As part of Anti Money Laundering or OFAC checks and interface for third party systems at the time of beneficiary creation or modification, custom hooks are provided by clicking the Submit or Update. System will first validate 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. |
|
Navigation |
|
|
What you can do |
The table below provides a brief description of the data that should be entered on the screen and the functions you can perform: |
|
Field |
Description |
|
Option |
Select the option for the counter party from the drop-down list and click OK to continue. Valid values: |