Creating Agreements For Third-Parties

Third-party agreements are complex agreements between a financial institution and third-party entities such as agents or brokers, who intermediate the creation of contracts with customers, in exchange of a payment previously negotiated with the financial institution.

Before creating an agreement for a third-party entity, make sure that:

  • the third-party roles and the role-based limits are set up according to your financial institution's needs,

  • the third-party entity is recorded as a customer in Core Banking,

  • the third-party has the desired role associated within its customer record,

  • a settlement account (a current account contract for the same third-party entity) is set up for the desired currency.

To create a new third-party agreement:

After defining the relevant details of the agreement and at least one pricing record, proceed to agreement approval.

You or Core Banking's automatic process can create invoices only for agreement records with Approved status. These invoices are later used for paying out the commissions to the third-party entity and/ or the financial institution.