This service domain orchestrates a consumer savings account. The typical range of services and fees covers payments from and scheduled and ad-hoc deposits to the account, standing orders, sweeps, and liens.
Examples of Use
A customer transfers money from a current account to savings account in order to obtain a better rate of interest.
The savings account product may share many features with a standard bank current account (e.g. standing orders, direct debits, payments and deposit services) with some constraints/limitations. There can be restrictions on the amount and frequency of withdrawals with an associated fee/penalty structure to offset higher interest benefits. Sweep mechanisms linked to other products (current account) can also be supported.
Related Business Scenarios
Core Business Object
- Set-up savings account facilities
- Issue cards, check-books, etc. for the account
- Process deposits and withdrawals
- Handle sweeps/liens linked to the account
- Handle standing orders and direct debits linked to the account
- Process fees and apply interest charges
- Provide balance/statements and reports