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 Rule
Search / Retrieve and Upload
Ad Hoc Documents
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 Action Notes
aView 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
bFrom the Product Snapshot, identify the system where the loan account is maintained. Ignite accounts will
display Ignite at the
beginning of the account
title.
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 Proceed to Step 1c
cIdentify 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.
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.
Mandatory fields will be
highlighter with an
asterisk* Linked Account
aNavigate to the Instructions section in LN100
Determine the customer's request type.
If Then
View existing Periodic Credit Instructions Click on Edit next to Periodic Credit Instructions
Click on Retrieve Instruction in view existing instruction
details
End of Procedure.
No Periodic Credit
Instructions will display
under the Instructions
section if there are no
periodic instructions
established.
Create a new Periodic Credit Instructions Click on Edit next to 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
Use this option to delete
an existing Periodic Credit
Instruction Immediately
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 for a date in
the future
Step 3: Create a New Periodic Credit Instruction
Step Action Notes
aRefer to the following table for specific details required for completion of fields.
DO NOT select Year
Based. This only applies
to Business Banking and
Interest Only loans.
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.
This will indicate for the Ignite 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 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
bComplete 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 Then
Yes Select the search icon in the
Account Number field
Select the account number and
press OK
The customers details will prepopulate
There is no linked account
if an Account Number
does not display in the
Search and Result Dialog
box
No Link Relevant account
Refer to Procedure: Set up Linked
Account
Return to Step 3a
External Reference Number This field must be left blank
Trace Account No This field must be left blank
cValidate and Finalise Periodic Credit Instruction
Click on Save
Click on OK
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
Identify the validation outcome
If Then
Validation Successful 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.
Ignite will automatically
generate Periodic Credit
Instruction changes.
Validation Failure Return to Step 3a to re-capture Periodic Credit Instruction.
Step 4: Update an existing Periodic Credit Instruction
Step Action Notes
aRetrieve 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:
If the number of transfers
is amended, Ignite will
count the number from the
original start date.
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
transfer funds each Week, type 1 in
the Transfer Funds every Week(s)
field. This will indicate for the Ignite
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 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
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
bIdentify 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 Settlement Instruction Details (i.e. Party ID and Account
Number details)
Update the relevant fields by expanding Settlement
Through Linked Account Details
Click Save
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 co-
borrower's account.
cValidate and Finalise Periodic Credit Instruction
Click on OK
Identify the validation outcome
If Then
Validation Successful Store any customer documents, if required (i.e. DDR Ignite will automatically
Form). Refer to procedure: Search / Retrieve & Upload
Ad Hoc Documents
Provide customer with original copy of DDR form, if
applicable
End of Procedure.
generate Periodic Credit
Instruction changes.
Validation Failure Return to Step 4a to update Periodic Credit Instruction.
Step 5: Close an existing Periodic Credit Instruction
Step Action Notes
aValidate deletion of Periodic Credit Instruction
Confirmation Message will display
Are you sure you want to delete the instruction?
Select OK to confirm
bIdentify the validation outcome
Ignite will automatically
generate Periodic Credit
Instruction changes.
If Then
Validation Successful 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.
Step 6: Expire an existing Periodic Credit Instruction
Step Action Notes
aRetrieve Existing Periodic Credit Instructions
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
This will instruct Ignite to
expire the Periodic Credit
instruction after tomorrow's
date.
Specify Number of Transfers Type in 1
Proceed to Step 6b
This will instruct Ignite to
expire the Periodic Credit
instruction after the next
transfer is completed.
bValidate expiry of Periodic Credit Instruction
Click on OK
Identify the validation outcome
Ignite will automatically
generate Periodic Credit
Instruction changes.
If Then
Validation Successful 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.
