Introduction to Deposits

Deposits in Temenos Transact has been enhanced with these unique features, which are prevalent in the Hong Kong market.

Pleasure Savings

Pleasure savings is a recurring deposit in multiple frequencies (such as monthly, quarterly, etc.). The product is restricted with a minimum and maximum installment amount. For any reason if a customer is not remitting installments for a defined period, then no further installments are allowed. Interest for the corresponding installment period will be forfeited if no payment has been received during the grace period.

Deposit Preferential Pricing

Specific deposits may be given preferential pricing for different channels and customer segment. In cases where the deposit is moved to a different type, the pricing variation is still carried over to the new deposit type.

Multiple Funding Source

Temenos Transact allows deposits to be funded in many ways such as cash, account transfer (within the same bank), inward remittance (transfer from other banks) and via cheques. Provision is included to have a combination of such multiple funding types in a single screen.

Multiple Payout Options

During maturity, pre-closure, partial withdrawal or rollover of deposits, the customer is provided with multiple options to get the funds back. These include cash pay-out, transfer of funds to another account within same bank, cashier order and outward remittance to other banks. Customers can also choose a combination of such pay-out methods.

Overdue Deposit Handling

Temenos Transact allows term deposits without maturity instructions. In some cases, such deposits become overdue if there are no maturity instructions, with the overdue amount earning a lower interest rate (usually savings account rate) and will not capitalize unless the customer has issued instructions. If the deposit is overdue for more than three months, then it is marked as dormant.

Deposit Payout on Holiday

If a deposit matures between consecutive holidays, instead of making the payment after the holiday, this module will process the payments on the previous working date with a value date of the holiday date. The balance is made available to the customer via channels.

Deposit Reports

Customized reports to display deposits by the account’s primary branch, instead of the usual deposit opening branch.