LC:LCDGUAMD || Concerns , Risk And Operational Costs Due To Design- Beneficiary Confirmation Required Flag Consideration For Amendment.
(Doc ID 2826268.1)
Last updated on DECEMBER 12, 2021
Applies to:Oracle FLEXCUBE Universal Banking - Version 12.0.3 and later
Information in this document applies to any platform.
LCDGUAMD || Concerns , Risk and Operational costs due to Design.
We have informed about the New amendment screen process to Business and the feedback from business is that this way of Processing is Not acceptable. It was stated by them that ,Currently we do process amendment as a single step and as part of SWIFT approach it is moved to two screens LCDGUONL for Non-financial Amendment and LCDGUAMD for Financial Amendment. Further making things complicated amendment from LCDGUAMD is made as a 4 step process and this was not clearly communicated during the approach document.
Now User has to do amendment from LCDGUAMD and the same needs to be Authorized. Then again maker needs to query the contract in Amendment screen, click on Confirm to see and update the Advice and commission details. This is a Risk and will result in increasing the processing time. We will have Report changes as well in this case.
amendment and confirmation supposed to be as a single step
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