Introduction to Customer and Account Statements

Banks worldwide provide customers with the details of their account transactions by means of Account Statements. The requirement is to produce customer based statements that holds all information about all the accounts of the customer including loans and deposits.

The statement frequency is maintained at customer level. If the accounts belonging to the customer has different frequencies then statement frequency is arrived using the least frequency account to ensure all the accounts are reported in one statement. The statements can be either printed or E-mailed to the customers. There is an option to select or ignore the products that needs to be displayed in the report. All information required to print on the statement will be accessible on a live application.

Statement generation - online: The online account statement can be generated for a specific period, till the last working day. The statement can be generated through an ENQUIRY.REPORT application which generates the report based on the parameters defined in the ENQUIRY > Mem Acct Stmt Detail file.

Statement generation - COB: On close of business, during online stage the account with the least frequency as last working days is selected and the details are updated in the 4 live applications.

Consolidated account statement : Consolidated statements of a customer include all products (such as accounts, loans, deposits, etc.) that the customer owns or co-owns (i.e. set as joint holder). Provides a clear information on whether a specific product is owned or co-owned by the customer. (Role of the customer specific to an account).

Individual account statement: The individual account statement contains the following.

• Individual account statement will be generated with the specific account details.
• Eligibility of separate statement per account is maintained at customer and arrangement level.
• Also displays the ordering customer details and additional ordering details in the account statement.

Closed Accounts: The closed account covers the following.

• Generation of account statement includes the account if closed or in pending closing status during the statement cycle.
• When an account is closed before the statement generation date, then the system must generate the statement for the closed accounts until the statement date is reached.

Statement product details: The below mentioned account details are supported for statement generation.

• Escrow account details: Escrow account is an account in which money for property taxes and insurance is held until paid. Transactions details on such escrow accounts are displayed in the account statement. Information includes, account number, opening balance, interest earned, tax payment towards the municipality, closing balance and payment made towards escrow account.
• Reserve account details: FI require to have a reserve account linked to the loans and collect funds from the loans to the reserve accounts for future needs. loans with such reserve account feature associated to it, will display the reserve account transaction details on loan statement, the reserve account details like opening balance, total debit, total credit and closing balance.
• Balances: All the financial transactions in a statement period is shown on loan statement with details like opening balance, disbursement, fee, closing balances, principal paid or interest paid which excludes escrow and reserve account charges. Prepayment or early payment information and charges details also available on loan statement.
• Skipped pay and interest adjust details: Loan statement will display the number of skip payment in statement period based on the skip payment activities and interest adjusted details such as rate change and interest amount adjusted towards the rate change.