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PRODUCT - Functions



Current & Savings Accounts

Account management
Managing cash accounts and providing all the related services are fundamental elements of the banking business. The OLYMPIC Banking System offers all the functions required to provide and charge for these services. Users can take advantage of highly automated processes and a wide range of products on offer.
 
- Real-time management:

  • Real-time and multi-currency position keeping
  • Real-time transaction management and posting
  • Real-time controls of limits and authorisations with a validation process that can span several users
  • Full STP management of messages with settlement platforms (CORE, SEPA, TARGET2, SRBM, SIMT and RTGS, etc.).

-  Customisable work flow enables users to quickly open accounts. Automatic opening also available with pre-customised packages.

- The OLYMPIC Banking System can charge fees for each transaction category. It calculates premiums (credit/debit) according to customised frequency cycles and rates. It also enables accounts to be grouped together and interest calculations combined or netted.

Savings products
The OLYMPIC Banking System's facility for managing savings products empowers banks to create a wide range of products, including medium-term notes, term deposit accounts and passbook savings' accounts, through to specialized products such as private plans or savings accounts combining saving and then lending phases.

- The OLYMPIC Banking System enables banks to create these products by bringing them together in a catalogue specifying the terms underpinning how each product works: 

  • The conditions for opening and having right of access to a product
  • The terms of use (duration, minimum deposits and ceilings, withdrawals, premiums and penalties, etc.)
  • Remuneration conditions:
    • Type of interest rate and management (fixed, variable, indexed, revisable, as a formula, applicable margins)
    • Method of calculating interest (frequency, calculation basis, prorata and capitalisation methods, loyalty premiums)
  • The various types of fees and taxes related to the product (charges, penalities, VAT, and deductions, etc.)
  • Related legal agreements.

As well simplifying the input procedures, these functions can also be used to quickly create new products and manage how they evolve.

- The OLYMPIC Banking System provides functions to manage events related to the life of a contract, such as:

  • incoming and outgoing payments
  • one-off and recurring deposits and withdrawals
  • termination in advance or at maturity (with penalty where appropriate)
  • automatic renewals
  • periodic calculations of interest, deductions and capitalisation
  • managing holders and agents
    • pledges and guarantee arrangements
  • changing the remuneration conditions during the contract term (progressive rate, loyalty premium, etc.).

- The OLYMPIC Banking System offers a function to manage client instructions for specific future events. When these events occur, there is an automatic prompt for the actions specified in the instructions to be triggered (e.g. contract renewal at maturity).

- Other savings and investment products.
This range of products can be further complemented by a set of investment products supported by the OLYMPIC Banking System, including mutual funds and security portfolios, private equity plans, treasury products, forex, gold, precious metal and raw materials' transactions as well as derivatives.

OLYMPIC Banking System - Current & Savings Accounts