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. In FintechOS Portal, click the main menu icon and expand the Admin Configurations menu.

  2. 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 create a new third-party commission type, search, edit, or delete an existing one. You can't delete commission types already used to define commissions.

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:

    • Commission Schema - Select the schema where this third-party commission type belongs.

    • Name - Enter the name of the third-party commission type.

    • Periodicity type - 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. (missing or bad snippet) The new third-party commission type is created and ready to be used.