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Deposits
Deposits are considered to be one of the major sources of a bank’s assets. Rather than pointless competition over small differences in interest rates our solution creates other, more flexible and competitive advantages for the depositors:
Deposits with the opportunity to add funds and partially withdraw deposit funds.
Pre-paid interest - the interest to be earned on the deposit is calculated and accredited to the depositor at the time of making the deposit.
Deposits - for set periods (e.g. 137 working days, 201 working days etc.) or maturity at a certain date (e.g. on the 30th of December).
Selectable period for interest payments (any number of days, months).
Multi-currency deposits (several currencies deposited under one agreement).
Deposits with the opportunity to credit interest on a capital to a separate account or a credit card.
Automatic credit of the balance to a different account (e.g. a credit card) at maturity or on demand.
Integration with internet and telephone banking.
Therefore, the Deposits module allows banks to market attractive competitive products, as well as Automatic credit of the balance to a different account (e.g. a credit card) at maturity or on demand.helping to improve the following operations:
Deposit agreement and deposit account holder registration
Loading of data linked to an agreement
Agreement quality check
Cash and non-cash payments of the deposit amounts, withdrawals and unlimited deposits with flexible compounding
Accrual method and interest calculation: – A fixed interest rate for term deposits depending on the maturity and the deposited amount – A floating interest for standard agreements that can be altered daily or varied depending on the account balance – An individual rate for a specific agreement with a schedule of future interest rate changes
Management of parameters for bonus rates of interest
Verification of incoming/outgoing and minimum/maximum balance at interest calculation
Print out of data into a special deposit book (receipt)
Re-execution of an agreement with the opportunity to change the term and control account
Flexibility in payments of interest accrued on assets
Use of differing day count conventions (30/360, actual/365, etc) for various agreement types and various branches
Various ways to terminate an agreement
Making changes in any of the conditions of the standard agreement: dates, maturity, payment periods, and interest and account holders
Viewing and printing out of all necessary agreement report sheets
Audit of all events under the agreement and definition of access rights
Account closure for terminated agreements and unused accounts of current agreements
Agreement renewal when:
- retaining an existing account
- opening a new account
Agreement prolongation and automatic transfer to a new account (there is also the option to set the number of prolongations)
Maintenance of deposit agreement records
The following types of reports and statements are supported in this Deposits module:
Inventory of agreement entries
Statement of calculated and accrued/unpaid interest
Statement of interest paid per certain date or income tax
Report on accrued interest
Preliminary statement on income amount
Register of each transaction under the deposit agreement
Trial balance on agreements
Deposit and interest payments forecast (Forecast statement of deposit and interest payments)
Quarterly report (Form 345) ‘Data on daily balance that should be insured as the cash received from individuals and invested in deposits’
All procedures in the module can be canceled and corrected in case of operator error.
The Deposits module has been successfully implemented and is in use in such banks as:
Bank Saint Petersburg
Russian Standard Bank
AKIBANK
Russian Development Bank
Baltinvestbank
Severnaya Kazna Bank
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Opinions of clients and partners
Saveliev A.V.
Chairman of the Board
Bank 'Sankt-Peterburg'
About the BANKIR system:
It is a centralized multi currency and scalable system, which allow multi level data processing and a possibility to reduce transaction costs and solution of management and analysis tasks due to centralization of information processing. It opens new possibilities to a bank for operating management of its resources for analysis and strategic planning and, of course, allows to better service its clients.
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