End-to-End Deposit 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

Deposit Contract

A deposit contract is usually funded automatically by defining the appropriate settlement instructions for the required amount; however, a customer may request to make use of an alternate source of funding such as a cash amount or an amount from another bank account. 

  • Deposit withdrawal.
  • Deposit creation.
  • Blocking & Unblocking funds.
  • Change Interest Payout Term.
  • Single customer view deposit tab.
  • Liability dashboard.
     
Deposit Withdrawals

Withdrawing a deposit before its maturity is a right given to the customer, with or without penalties, that are at the bank's discretion.
Deposit withdrawals can be carried out at any point in time during the life of the deposit, and the bank could also place period-based restrictions. This could be allowing withdrawals without penalty after crossing a particular threshold such as, no penalty if a 2-year deposit is withdrawn after 90 days.
When a full withdrawal is made before maturity, the deposit can be scheduled to close automatically after zero balance.

 

Deposit Creation

A new contract creation in Transact is the action of creating an account, deposit, or loan, at any point in time for a customer- bank officers should have the option to create a new contract when required. 


Blocking and Unblocking 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:

  • Transaction disputes.
  • Account holder passes away, so the funds are blocked while assessing who the legal recipient is Creditors seek judgment against bank customers.
  • Payments and clearances.

Change Interest Payout Terms

If a customer wants to request to change the terms of their pay-out terms, such as:

  • The interest pay-out frequency.
  • The method of interest payment (capitalize or payout).
  • The account to which the interest is to be paid out.

An option to change such pay-out terms is required by the banks to carry this out.
 

Single Customer View

The single customer view allows the user to easily see the details of the customer and the deposits belonging them.
The details of the account such as account number, account product, different balances and the services that can be performed on the deposits will also be displayed.

 

Liability Dashboard

This section lists the records of deposits that are going to mature in the next 7 days.
The columns displayed are:

  • Account - Account no of the customer.
  • Product - AA.Product description.
  • Currency – Currency.
  • Amount - Deposit Amount.
  • Maturity Date - Maturity date of the deposit contract.