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PRODUCT - Functions



Term Accounts

The OLYMPIC Banking System provides support for processing contracts such as fixed-term deposits, with fixed or variable rates. Contracts can be rolled over, with or without capitalization of interest, and with or without a modification of the capital amount, and a new interest rate can be applied, either manually, or automatically via capture from a data feed.

Functional coverage includes:

  • Fixed-term deposits
  • Centrally-maintained variable rate key
  • Automatic renewals/settlements
  • Maturity date extension
  • Limits.

Contract renewal can be managed automatically by the OLYMPIC Banking System on the basis of instructions which are defined at the contract level. The validity period of the instructions is of course defined and the instructions can be modified at any time during the life of the contract.

Examples of possible maturity instructions:

  • Repayment
  • Principal only
  • Principal and interest
  • Automatic interest rate reset at roll-over date
  • Principal increase or decrease on roll-over dates
  • Principal increase by adding to the deposit the balance of the settlement account otherwise used to settle/mature the contract
  • Principal increase by adding to the deposit the balance of the settlement account otherwise used to settle/mature the contract less a minimum amount to be left on that
  • Manual interest rate reset at roll-over dates
  • Increase capital by
  • Decrease capital by
  • New capital (amount)
  • Keep balance per value date
  • Keep balance per system date
  • Block a certain capital amount
  • Change of currency.

On contract maturity, funds will automatically revert to the designated client cash account and all the accounting entries will be generated.

Term Accounts - OLYMPIC Banking System