Clareti Banking
Deposit Functionality: Retail Term Products
Solutions
These continue to be a core product offering of the competitive deposit gathering organization. Whether they are known as 'Certificates of Deposit' or 'Term Deposits' or 'Guaranteed Investment Certificates' or anything else, clients continue to demand the safety and security of these instruments.
Product innovation and the ability to implement new Clareti Banking products quickly is critical to maintaining your organization's competitiveness and is designed to support rapid implementation of new products to meet customer needs and respond to competitive threats. Full reporting is of course available to support: management, product managers, operations staff and financial personnel.
Clareti Banking so delivers the functionality needed to manage a wholesale Term Deposit book, with full reporting available to support management of these critical liabilities.
From the perspective of operations personnel, the objective of the deposits system is to provide:
Management and accounting records and control over the deposit portfolios
Automated classification of international deposits for management evaluation
Day-to-day cash management and profitability information
Support for non-resident accounts
The system maintains all the accounting and information records needed to run your business.
At the time a deposit contract is established, all necessary information and accounting details are entered into the deposits data base
On the value date, the system generates entries to the general ledger
All changes of information on an existing deposit are entered into the deposits data base
At maturity of a deposit, the system automatically generates general ledger entries for the principal amount and outstanding interest to date
Each day, reports are produced to show the information entered into the system and the entries generated to the general ledger. In addition, the system produces:
A daily listing showing every deposit scheduled to commence or mature within a specific number of days
Information for day-to-day monitoring of asset and liability positions including limits applicable to each country
Information necessary to monitor profit and loss positions to date
Information necessary to complete bank and government returns
Deposit Functionality
