Modern core banking systems are expected to enable banks to deliver a wide range of products, from everyday deposit accounts to more sophisticated trade and treasury operations. For consumers, Equation enables banks to deliver a wide range of products and services on both the asset and liability sides of the business including:

• Current / chequing accounts
• Demand deposits and savings accounts
• Term deposits
• Lending

Each product is supported by Equation’s common services – a range of facilities designed to assist with the volume management of accounts. These facilities include, interest handling, documentation production, direct debits, sweeps, standing orders, services charges, commissions, taxes and cheque processing.

Current Accounts

Equation provides all the facilities you need to support a wide range of current / chequing accounts, including cheque and cheque book management, periodic and irregular account service charges, credit and debit interest (including penalty interest), minimum balances, overdraft limits, statement frequencies, passbooks, delinquency management, standing orders and sweeps.

Savings Accounts

In addition to supporting classic savings accounts, Equation also provides a range of facilities to manage notice savings accounts, i.e. those accounts with terms and conditions regarding the notice required to withdraw funds. If customers intending to withdraw funds, do not give the required notice they can be charged a penalty. The system supports the definition of different types of notice account, configured with bank-definable rules governing free withdrawals, penalties for early withdrawal and the notice period.

Term Deposits

The processing of rollovers (renewals) and rate re-fixing, implementing specific customer instructions and the production of maturity reminders and statements are usually extremely labour intensive and error-prone, however Equation provides facilities to reduce the administration overhead. Up to 50 bank-defined periods can be configured, and the associated interest rates can be actual rates, base rates plus or minus a differential or tiered rates. Equation’s diary can be used to record customer instructions.

Lending

Equation handles the whole lending process, from application through opening and monitoring to delinquency management and reporting. The system’s built-in flexibility supports local lending practices, regulatory requirements, and individual bank and customer requirements. Automated workflow-based processing is used to reduce administrative effort and shorten time-to-market. Below are some examples of the range of lending facilities supported:

• Constant repayment loans
• Regular repayment loans
• Irregular repayment loans
• Bullet repayment loans
• Demand loans
• Discount loans
• Regular repayment discount loans
• Capitalising loans
• Mortgages, including interest only, constant repayment loans, regular and irregular repayment loans, negative equity loans, residential investment loans and cash-back loans.

In fast moving retail banking markets, being able to create new products rapidly is vital, as is the ability to deliver those products where they are needed the most.