Manage Periodic Credit Instructions
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Manage Periodic Credit Instructions Overview The following procedure is used when a customer request is received to Create; Amend or Close a Periodic Credit Instruction on their loan account. The Periodic Credit Instruction is initiated on the loan account to draw funds from an external account only. Where the Customer wishes to set-up their Loan Repayments from a Suncorp Account Refer to Procedure: Transfer Payments (BPM) If the Customer wishes to set up a once off payment to payout their loan on maturity Refer to Procedure: Manage Payment Instruction Guiding Principles Pre-Requisites The following pre-requisites must be completed before commencing this procedure: Summary Pre-Requisite Tasks Customer Search completed and profile viewed in CRM. Refer to procedure: Search and Prepare Customer/Party Profile Linked account (source account of the credit instruction) must be already setup, maintained and verified. Refer to procedure: Set up Linked Account Customer has been identified and authenticated. Refer to procedure :Identifying a Customer - Branch& Phon Rules The following rules must be understood before completing this procedure: Summary Search / Retrieve and Upload Ad Hoc Documents Rule A paper Security Packet is no longer required for Unsecured Personal Loans. All loan submission documentation is to be uploaded to Ignite, where a virtual Security Packet is created. The following must be completed: Check the quality of all documentation uploaded to the loan submission to ensure all text, signatures and alignment of documents are displaying correctly Note: Where the quality of documents do not display correctly, re-upload documents to the loan submission. Refer to procedure: Search/Retrieve & Upload Ad Hoc Documents Documents must be securely stored until destroyed All documents uploaded to the loan submission must be kept for five working days post settlement completion date Note: Where the Hindsight team do not contact the originating Lender to upload a new copy of any documents submitted as part of the loan submission, after five working days all documents for the loan submission must be securely destroyed. Information Customer Phone Request to Store / Contact Centre A customer can Add, Delete or Change the Periodic Credit Instruction details via a phone request providing the Customer Locate and Customer Identification requirements are met and details recorded in CRM A Direct Debit Request form must be completed for Store - in person requests This form must also be completed for Add/Change/Delete requests When closing/updating/re-opening existing Periodic Credit Instructions, first clear the screen of existing details (by clicking on the clear link) prior to moving between these actions As Ignite unable to perform a balance check on the external FROM account all Periodic Credit Instructions will be successful unless the status of the Suncorp Loan is closed, user status of stop credits, PMI stage, the loan maturity date is less than the system date, or the BSB of the external account becomes invalid Automatic Retry does not apply to Periodic Credit Instructions A lodgement reference cannot be entered for a Periodic Credit Instructions Fixed Repayments are only available (repayment amount that changes in accordance with balance is not available) When updating an existing Periodic Credit Instruction, all fields except the following can be changed: Start Date (cannot be changed until the first DD has occurred) Next Execution Date Note: To change these two fields the Periodic Credit Instruction has to be expired and a new Periodic Credit Instruction established the next business day. Expired Periodic Credit Instruction will state No Further Execution in the Next Execution Date field and are unable to be reopened. A new Periodic Credit Instruction will need to be created The account holder of the external account must request the Periodic Credit Instruction cancellation At the time of setting up Transfer Payment/Periodic Credit Instruction, customer to be informed: When first repayment is due Repayment amount To have sufficient funds available in their account When setting up Transfers/Periodic Credit Instruction, ensure that: Weekly/fortnightly repayments commence on a date which will result in the FULL repayment amount being made before the monthly repayment due date, i.e.; loan settles 31 May, weekly repayments to commence on 07 June to make full minimum monthly repayment by monthly repayment due date A one off transfer may be required to the loan account to ensure regular transfer amount is sufficient to meet full scheduled repayment A Transfer Payment and Periodic Credit Instruction can only be set-up after the day of Settlement Check to ensure all previous Periodic Credit Instructions have been expired, as only one payment instruction can be active at any time Periodic Credit Instruction exists in Ignite for update/close/expired requests Cautions The following cautions must be understood before completing this procedure: Risk Caution Customer Experience Failure to follow this procedure correctly could cause delays and result in poor customer experience Related Items The following tools, folder locations, websites or documents, are required for this process: Tools, Folder or Document Location Ignite Intranet Home Page>Tools>Tools for Banking>Systems / Sites(A-O)>Ignite Related Tasks The following procedures are linked as related processes within this procedure: Procedure Procedure Manual Direct Debit Prin + Int Loans - General Information Bank Procedure Manual Direct Debit Prin and Int Loans - Add Bank Procedure Manual Direct Debit Prin and Int Loans - Change Bank Procedure Manual Direct Debit Prin and Int Loans - Delete Bank Procedure Manual Identifying a Customer - Banking Contact Centre Bank Procedure Manual Identifying a Customer - Branch & Phone Bank Procedure Manual Search and Prepare Customer/Party Profile Ignite Procedure Manual Search/Retrieve & Upload Ad Hoc Documents Ignite Procedure Manual Set up linked Account Ignite Procedure Manual Transfer Payments Bank Procedure Manual Step 1: Receive and Validate Customer's Request Step a Action Notes View the customer's request details and refer to their Customer Profile and Accounts in CRM to validate the following: Signature/s of authorised signatory/ies Account operating instructions Account Status Transaction Details Refer to the following procedures: Identifying a Customer - Banking Contact Centre Identifying a Customer - Branch & Phone b From the Product Snapshot, identify the system where the loan account is maintained. If Then Existing Hogan Loan Refer to existing DDR procedures: Direct Debit Prin + Int Loans - General Information Direct Debit Prin and Int Loans - Add Direct Debit Prin and Int Loans - Change Direct Debit Prin and Int Loans - Delete End of Procedure. Ignite Loan c Proceed to Step 1c Identify the channel in which the customer request has been received. If Then Store - in person Access the DDR form and complete with customers. Proceed to Step 2 Contact Centre Record Notes in the customer's CRM profile confirming request was received via phone. Ignite accounts will display Ignite at the beginning of the account title. or Store - over the phone From the customer's profile, locate the Heads up display bar and click on the Notes link Click on New Subject = DDR In the Comments field, include the following DDR details: Start Date End Date Frequency Amount requested External BSB and Account details (new request) Reason for Cancellation/Change (close request) Click on Save. Note will now appear in the Customer's profile Proceed to Step 2 Step 2: Record Periodic Credit Instructions in Ignite Step Action Notes As the Party context switch from CRM to Ignite has occurred, Ignite will automatically display the customer's details in the LN100 Manage Loan Account screen. a Navigate to the Instructions section in LN100 Mandatory fields will be highlighter with an asterisk* Linked Account Determine the customer's request type. If Then View existing Periodic Credit Instructions Click on Edit next to Periodic Credit Instructions No Periodic Credit Click on Retrieve Instruction in view existing instruction Instructions will display details under the Instructions section if there are no periodic instructions End of Procedure. established. Click on Edit next to Periodic Credit Instructions Create a new Periodic Credit Instructions Proceed to Step 3 Update an existing Periodic Credit Instruction Click on Edit next to Periodic Credit Instructions Proceed to Step 4 Close an existing Periodic Credit Instruction Click on Delete next to Periodic Credit Instructions Proceed to Step 5 Expire an existing Periodic Credit Instruction Click on Edit next to Periodic Credit Instructions Proceed to Step 6 Use this option to delete an existing Periodic Credit Instruction Immediately Use this option to delete an existing Periodic Credit Instruction for a date in the future Step 3: Create a New Periodic Credit Instruction Step a Action Notes Refer to the following table for specific details required for completion of fields. Field Name Additional Field Details Amount Periodic Credit amount cannot be greater than the loan amount Recurrence Select Week Based or Month Based Week Based = Number of transfers based on Weeks Where Week Based is selected, to transfer funds each Week, type 1 in the Transfer Funds every Week(s) field. DO NOT select Year This will indicate for the Ignite to Transfer Based. This only applies to Business Banking and Funds every week Interest Only loans. Where Week Based is selected, to transfer funds each Fortnight, type 2 in Transfer Funds every Week(s) field. This will indicate for the Ignite to Transfer Funds every 2 weeks. Month Based = Number of transfers based on Months Where Month Based is selected type 1 in the Transfer Funds every Month field b Start Date Cannot be greater than or equal to loan maturity date End Date Cannot be greater than loan maturity date Select from either of these options Specify End Date Specify Number of Transfers Where Specify Number of transfers is selected, a field will populate to record the number of transfers required For one-off payments, this date must be the same as the Start date or 1 Transfer specified in the Number of Transfers field Complete the fields in the Settlement Instruction Details section. From the Settlement Through column, select Linked Account from the drop down list Complete the Collection fields Field Name Additional Field Details Transaction Category Leave blank New Counter Party or Account Number Determine if there is an account linked If Yes Then Select the search icon in the Account Number field Select the account number and press OK The customers details will prepopulate No Link Relevant account Refer to Procedure: Set up Linked Account There is no linked account if an Account Number does not display in the Search and Result Dialog box Return to Step 3a c External Reference Number This field must be left blank Trace Account No This field must be left blank Validate and Finalise Periodic Credit Instruction The Start Date and Next Execution Date can be confirmed by clearing the screen and navigating back. Initially, this will appear with a blank Start Date and next Execution Date = No further execution Click on Save Click on OK Identify the validation outcome If Then Store any customer documents, if required (i.e. DDR Ignite will automatically Form). Refer to procedure: Search / Retrieve & Upload generate Periodic Credit Ad Hoc Documents Instruction changes. Provide customer with original copy of DDR form, if applicable Validation Successful End of Procedure. Validation Failure Return to Step 3a to re-capture Periodic Credit Instruction. Step 4: Update an existing Periodic Credit Instruction Step a Action Notes Retrieve Existing Periodic Credit Instructions Click on Retrieve Instruction and update the details accordingly If Then Update Periodic Credit Instructions Details Complete the relevant fields below: Field Additional Field Details Amount Periodic Credit amount cannot be greater than the loan amount Recurrence Select Week Based or Month Based Week Based = Number of transfers based on Weeks Where Week Based is selected, to If the number of transfers transfer funds each Week, type 1 in is amended, Ignite will the Transfer Funds every Week(s) count the number from the field. This will indicate for the Ignite original start date. to Transfer Funds every week Where Week Based is selected, to transfer funds each Fortnight, type 2 in Transfer Funds every Week(s) field. This will indicate for the Ignite to Transfer Funds every 2 weeks Month Based= Number of transfers based on Months Where Month Based is selected type 1 in the Transfer Funds every Month field Start Date End Date Cannot be greater than or equal to loan maturity date Cannot be greater than loan maturity date Select from either of these options Specify End Date Specify Number of Transfers Where Specify Number of transfers is selected, a field will populate to record the number of transfers required For one-off payments, this date must be the same as the Start date or 1 Transfer specified in the Number of Transfers field Proceed to Step 4b Update Linked Account Details From the Fast Path field, type in PC015 and press Enter to access the Counterparty Maintenance screen Locate the required existing Periodic Credit Instruction with the status displayed as: Closed Select the Periodic Credit Instruction to view the existing Linked Account details in the Counterparty Details section Proceed to Step 4b b Identify further updates required: If Then Add new Linked Account Refer to procedure: Set up Linked Account. Once completed, proceed to Update Settlement Instruction Details (i.e. Party ID and Account Number Details) Update the relevant fields by expanding Settlement Through Linked Account Details Click Save Update Settlement Instruction Details (i.e. Party ID and Account Number details) If required, set up new linked account. Refer to procedure: Set up Linked Account Where Joint Borrowers, link can be set up to the co-borrowers account however, the linked account must already be set up on the coborrower's account. c Validate and Finalise Periodic Credit Instruction Click on OK Identify the validation outcome If Validation Successful Then Store any customer documents, if required (i.e. DDR Ignite will automatically Form). Refer to procedure: Search / Retrieve & Upload generate Periodic Credit Instruction changes. Ad Hoc Documents Provide customer with original copy of DDR form, if applicable End of Procedure. Validation Failure Return to Step 4a to update Periodic Credit Instruction. Step 5: Close an existing Periodic Credit Instruction Step a Action Notes Validate deletion of Periodic Credit Instruction Confirmation Message will display Are you sure you want to delete the instruction? Select OK to confirm b Identify the validation outcome If Validation Successful Then Store any customer documents, if required (i.e. DDR Form). Refer to procedure: Search / Retrieve & Upload Ad Hoc Documents Provide customer with original copy of DDR form, if applicable End of Procedure. Validation Failure Rectify the reason for Validation failure. Return to Step 5a to close Periodic Credit Instruction. Ignite will automatically generate Periodic Credit Instruction changes. Step 6: Expire an existing Periodic Credit Instruction Step a Action Retrieve Existing Periodic Credit Instructions Notes Click on Retrieve Instruction Locate the End Date field and identify the current option If Then Specify End Date Type in Tomorrow's date Proceed to Step 6b Specify Number of Transfers Type in 1 Proceed to Step 6b b This will instruct Ignite to expire the Periodic Credit instruction after tomorrow's date. This will instruct Ignite to expire the Periodic Credit instruction after the next transfer is completed. Validate expiry of Periodic Credit Instruction Click on OK Identify the validation outcome If Validation Successful Then Store any customer documents, if required (i.e. DDR Form). Refer to procedure: Search / Retrieve & Upload Ad Hoc Documents Provide customer with original copy of DDR form, if applicable End of Procedure. Validation Failure Rectify the reason for Validation failure. Return to Step 6a to expire Periodic Credit Instruction. Ignite will automatically generate Periodic Credit Instruction changes.
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