End-to-End Account Services Workflow
Note: To use our Retail Banking Lending APIs with the Temenos Cloud Banking Sandbox, you will need credentials and a custom endpoint. To get started Register Your Interest.
This guide takes you through the end-to-end process of the account creation and services via API in Temenos Transact.
The list of components and services we will focus on are:
- Account Block & Unblock Funds.
- Liability Dashboard.
- Account contract creation.
- Posting Restriction.
- Add/Remove Party.
- Make account payment.
- Account change product.
- Change OD Limit.
- SCV account tab.
Account Block & Unblock Funds
Blocking funds means preventing customers from withdrawing or transferring a specified amount from their accounts.
Customers can still withdraw any remaining funds and receive deposits, but the blocking stops withdrawals or transfers over a certain amount from going through.
Therefore, a set amount deposited stays in the account and later gets transferred to the creditor.
Banks might need to block customers’ funds because of:
- Payments and clearances.
- Account holder passes away, so the funds are blocked while assessing who the legal recipient is.
- Creditors seek judgment against bank customers.
- Transaction disputes.
This section displays the graphical representation of inactive and dormant customers in the branch.
Account Contract Creation
New contract creation in Transact refers to the activity of creating an account/deposit/loan and requires that new contract deposits be creatable for the customer at any point in time. Thus, a bank officer should have the option to create a new contract when required.
A Posting Restriction is carried out by a bank which prevents some transactions from occurring in an account. Posting restrictions can be actioned by either an account holder or a third party, such as a government, regulatory authority, or a court order.
Posting restrictions can be placed to prevent transactions debiting an account, crediting an account and for specific types of debits and credits.
The mode of operation of an account specifies how a Bank account will be operated and by whom. When a customer is opening a savings bank account, they can specify if the account will be self-operated, or it will be used as a joint account.
Additional Parties can be added after the account is opened.
There are different modes of operation of the accounts available in a bank, depending on the customer’s circumstance.
These may include:
- Single Account
- Jointly or Survivor
- Either or Survivor
Account-to-account transfer enables the banker to process payment online upon the customer’s request.
Changing Account Products
Customers can change their accounts from one type to another for a variety of reasons, such as:
• The customers increasing affluence.
• The customer’s account has idle funds so is recommended to upgrade to an account, which bears a better interest rate.
• The existing account type is going to be discontinued.
Changing Overdraft Limits
An overdraft facility is a credit agreement made with a bank that allows an account holder to use or withdraw more money than they presently have in their account, to the approved overdraft limit.
The overdraft facility works like a pre-approved loan. Money can be withdrawn when required and the interest must be paid only on the amount utilized and only for the time it was borrowed.
Establishing an overdraft facility with a bank can help individuals or small businesses with short-term cash flow issues.
Note: Customers may request a change (increase/decrease) in the overdraft limit.
The single customer view allows the user to see immediately the details of the customer and the accounts belonging to the customer.
The details of the account such as account number, account product, different balances and the services that can be performed on the accounts will also be displayed.