REGULATORY COMPLIANCE
The following are the key features of 202104. For a complete list of the new features, refer What's New PDF.
| Feature | Description |
|---|---|
| US Tax Database | The US tax database feature is introduced to centrally hold the key information that banks can rely on to subsequently generate the tax forms in the IRS prescribed format using their reporting tools. |
| Account Switching Service | The Account Switching Service enables customers switch payment accounts seamlessly from one bank to another without disruptions. The feature ensures continuity of payments for a customer within a prescribed switching period of 13 months. |
The following are the key features of 202103. For a complete list of the new features, refer What's New PDF.
| Feature | Description |
|---|---|
| Qualified Intermediary | The Qualified Intermediary or QI module is introduced in Temenos Transact to enable banks that act as a Qualified Intermediary (QI) as per chapter III of IRS, to comply with documentation and withholding requirements relating to the income received from US securities. Such income is subject to withholding under either Chapter III (QI) or Chapter IV (FATCA) of Internal Revenue Service (IRS). |
| Berlin Group Confirmation of Funds Consent | The PSD2 Account Information module (PZ) supports the Account Information Service flows under the Berlin Group. The PZ module has been enhanced to assist banks to support the Confirmation of Funds Consent endpoints exchanged between the third-party provider (TPP) and Account Servicing Payment Service Provider (ASPSP). |
| CRS XML Schema Updates | This functionality provides the banks with the right tools to assist them in meeting the new requirements introduced by the new CRS schema Version 2.0 |
The following are the key features of 202102. For a complete list of the new features, refer What's New PDF.
| Feature | Description |
|---|---|
| Moving and Resuming of Non-Performing Loans | This functionality allows the accrual of interest to be suspended and amortisation of fees/cost to be stopped, when a performing loan moves to non-performing status. Delta accounting and the splitting of delta are also stopped. When a suspended loan is resumed to performing status, delta accounting and the splitting of delta are resumed with the recalculation of a new Effective Interest Rate (EIR). |
| FATCA Portfolio Identification | The FATCA status identification at portfolio level functionality is now available for joint ownership of a portfolio. This functionality supplements the QI Status functionality in Temenos Transact to handle US taxation on income from US securities from the Qualified Intermediary (QI) perspective. |
The following are the key features of 202101. For a complete list of the new features, refer What's New PDF.
| Feature | Description |
|---|---|
| FATCA US Territories | This functionality allows users to map US assimilated and unincorporated territories to their reportable jurisdiction (which is the US) and support the correct identification of customers, potentially reportable under FATCA. |
| CRS Overseas Territories | This functionality allows users to map overseas territories to their reportable jurisdiction and support the correct identification of customers, potentially reportable under CRS. |
The following are the key features of 202012. For a complete list of the new features, refer What's New PDF.
| Feature | Description |
|---|---|
| Country of Incorporation as CRS Indicia for Legal Entities | The system is now enhanced to consider the country of incorporation for an entity as indicia, in addition to the pre-existing indicia processing. |
The following are the key features of 202011. For a complete list of the new features, refer What's New PDF.
| Feature | Description |
|---|---|
| Berlin Group Endpoints for Bulk Payments | The PSD2 Payment Initiation Module (PX) has been enhanced to assist banks with Bulk Payment Initiation API endpoints according to the Berlin Group Standard v1.3.4. |
| CRS Corporate Customer | The CRS module is enhanced to identify corporate customers reportable under CRS to support the automatic creation/updation of CRS supplementary information records for those corporate customers who were not flagged during on boarding and a reasonableness test for corporate customers to detect any data inconsistencies between the indicia detected and customer tax declaration. |
| FATCA Corporate Customer | The FATCA module is enhanced to identify corporate customers reportable under FATCA to support the automatic creation/updation of FATCA supplementary information records for those corporate customers who were not flagged during on boarding and a reasonableness test for corporate customers to detect any data inconsistencies between the indicia detected and customer tax declaration. |
The following are the key features of 202010. For a complete list of the new features, refer What's New PDF.
| Feature | Description |
|---|---|
| Excluding Customers from Customer Activity | The enhanced Customer Activity framework now allows banks to exclude or remove certain types of customers from Customer Activity processing. This is enabled using a new parameter application, ST.REG.EXCLUDE.PARAM. |
The following are the key features of 202009. For a complete list of the new features, refer What's New PDF.
| Feature | Description |
|---|---|
| Modification and Derecognition of Loans | This functionality supports modification and derecognition accounting according to IFRS guidelines. This allows banks to comply with the appropriate accounting methods as per IFRS9 guidance whenever there is modification on the original contractual terms of financial instrument. |
The following are the key features of 202008. For a complete list of the new features, refer What's New PDF.
| Feature | Description |
|---|---|
| Identification of Default of Obligors | This functionality provides the logic to identify the default of obligors, which is a pre-requisite in applying the default contagion logic to assess the effect of default of one obligor on other related obligors, by leveraging the existing asset classification logic in the Provisioning module (PV). |
| Default Contagion | The Default Contagion functionality offers to assess the contagion effect of the default of an obligor on other related or grouped obligors. |
The following are the key features of 202007. For a complete list of the new features, refer What's New PDF.
| Feature | Description |
|---|---|
| Creation and Maintenance of Obligor Objects | The Obligor Objects (OX) module is designed to support the structural component of the regulatory requirements, of European Banking Association’s (EBA) and Banking Commission of Central Africa (COBAC), to provide the basis for assessing the contagion effect on default of one obligor on the other or grouped obligors. |
| Automated Consent Creation | Banks can now create an automated Customer Data Protection (CDP) consent, when on boarding a customer or block an existing consent of an inactive customer in an automated workflow. |
| Erasure Process for Prospect Customers | This functionality enables banks to configure a default retention period for holding prospect customer’s data. The retention periods can be based on the prospect’s criteria and whether the prospect has made a request for erasure or not. |
The following are the key features of 202006. For a complete list of the new features, refer What's New PDF.
| Feature | Description |
|---|---|
| Updating the Risk Stage for Undrawn Commitments | Configuring the Risk Stage in the Consol key of contracts is now extended for undrawn commitment contracts such as undrawn Loans and Deposits, Arrangement Architecture, Facility (which is SL commitment), overdraft accounts (both Accounts and Retail Accounts) and Limit. |
| Rebuilding Customer Activity | This functionality allows the user to rebuild the content for the Customer Activity applications if there is a change to any criteria or configuration that impacts Customer Activity. |
The following are the key features of 202005. For a complete list of the new features, refer What's New PDF.
| Feature | Description |
|---|---|
| Consent Validations using Auto Complete | The Auto Complete field is introduced in the CDP.CONSENT Property to allow banks to configure whether the Consent Given values within the consent arrangement should be automatically updated after validation. |
