Introduction to Retention Account

In accordance to the directive of the national bank, some banks are authorized to establish retention foreign currency accounts to exporters, service providers to foreign customers, resident companies, institutions, individuals, and government organizations other than diplomatic mission who continually receives incoming foreign remittances.

This functionality provides the service for the above mentioned customers.

The currency of the retention account is the same with the main account, because the main account is used as the intermediary account that handles the incoming retention transactions.

A routine also writes the value A in the first account and B in the second account being created in the field RETENTION.TYPE. The system allows the capturing of different retention accounts under different currencies for each customer.

During creation of the main account, the user needs to specify the liquidation account for retention account B, the percentage, 0 days if the customer prefers to liquidate the funds immediately.