Third-Party Commission Type

Third-party commission types are used to categorize third-party commissions according to their intended usage. For example, there are third-party type commissions and third-party clawback type commissions.

IMPORTANT!  
You can add other third-party commission types if needed, with the desired periodicity, just bear in mind that the business logic must also be implemented for your new third-party commission types. To benefit from the implemented business processes, we recommend you to select one of the following options for periodicity: Once, Monthly, or Annual.

To manage third-party commission types:

  1. Log into FintechOS Portal.

  2. Click the main menu icon at the top left corner.

  3. In the main menu, expand the Admin Configurations menu.

  4. Click the Third-Party Commission Type menu item to open the Third-Party Commission Type page.

On the Third-Party Commission Type page, you can:

  • Add a new third-party commission type by clicking the Insert button at the top right corner of the page.
  • Edit an existing third-party commission type by double-clicking it.
  • Delete a third-party commission type by selecting it and clicking the Delete button at the top right corner of the page. You can't delete commission types already used to define commissions.
  • Search for a specific record by filling in any of the column headers of the displayed records list.
NOTE  
Users with the associated role of Loan Admin Officer or Retail Credit Officer can insert, update, or delete third-party commission type records. Users with the other associated Core Banking security roles can only view such records.

Creating Third-Party Commission Types

Follow these steps to create new third-party commission type records:

  1. In the FintechOS Portal, click the Insert button on the top right side of the Third-Party Commission Type page. The Add Third-Party Commission Type page is displayed.

  2. Fill in the following fields from the Commission Type section:

Field Mandatory Data Type Details
Commission Schema Yes Lookup Select the schema to which this third-party commission type belongs.
Name Yes Text Enter the name of the third-party commission type.
Periodicity type No Option set Select a periodicity from the drop-down. To benefit from the implemented business processes, we recommend you to select one of the following options: Once, Monthly, or Annual.
NOTE  
The periodicity type can only be Once and it cannot be changed if Commission Schema = Third Party Clawback.
For example, this is the case for a list of commissions that are applied at a contract's approval. These commissions are applied only once per contract.

  1. Click the Save and Close button at the top right corner of the page. The new third-party commission type is created and ready to be used.