Distribution Management 3.2
May 6th, 2022
The third-party management functionality of Core Banking refers to third-party entities (agents, brokers, insurers, etc.) which are registered with the bank to intermediate the selling of various banking products to customers.
This is part of the FintechOS 22.R2 release. Please check the main release notes for more information.
Main Features
A third-party invoicing process takes care of the accounting part of the payments. You can create invoices manually, or allow Core Banking to create the invoices automatically, using the TPM Invoices scheduled job.
The configurations needed by Core Banking regarding the setup of commissions for third-party management can be performed by users with the associated role of Loan Admin Officer or Retail Credit Officer using dedicated menu items.
The newly introduced Reconciliation Account Settings menu allows you to configure the default settings of reconciliation accounts so that Core Banking can determine automatically the account to be used within an invoice created for a third-party entity. The invoice payments are also automatically processed by Core Banking, depending on the value of the ThirdPartyPaymentIsNet system parameter.