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Standing Instructions (SI)
Table of ContentsIntroduction
Slide 2
Introduction
Business Scenario
Finacle CBS Process Overview
Key Terminologies
Step by Step Process
Demonstration
Summary
Standing Instructions (SI) Slide 3
Introduction
Lesson Objective
Duration
Intended Audience
To understand the process of create Standing Instruction (SI) in Finacle
1 Hour
Counter PA and Supervisor
Standing Instructions (SI) Slide 4
Business Scenario -1
A customer wants to transfer some amount to his own or minor son’s recurring deposit maintained at your branch. This transfer has to happen every month on the particular date. You will need to use the facility of Simple Standing Instruction to auto-program this periodic transfer for your customer.Let us see the generic process in detail for creating Simple Standing instruction in Finacle CBS
Standing Instructions (SI) Slide 5
Business Scenario -2
A customer wants to transfer some amount to his own or minor son’s recurring deposit maintained at Axis Bank through ECS. This transfer has to happen every month on the particular date. You will need to use the facility of Complex Standing Instruction to auto-program this periodic transfer for your customer.
Let us see the generic process in detail for creating Complex Standing Instruction in Finacle CBS
Standing Instructions (SI) Slide 6
Finacle Process Overview
The approach for creating a Standing Instruction:
Standing Instructions (SI) is a facility for the account holders who want to make
payments or remittances of a recurring nature, like transfer of funds, instalments for a
recurring deposit or a loan account and so on.
Customers may give standing instructions to the Post Office to make payments or
remittances on their behalf on a specified date.
Customers can give certain conditions, which needs to be satisfied before making these
payments.
Payment / Receipts system is an interface provided, either to credit or debit, different
accounts of the customers.
Standing Instructions (SI) Slide 7
Finacle Process Overview (Contd…)
Finacle also provides the option of multiple Standing Instructions for the same customer,
i.e. standing instructions can be prioritised.
Standing instructions are automatically executed by the system based on certain criteria:
• Date on which it should occur during the given period
• Time during the day it should occur
• The number of times it should occur during the day
• The number of times it should occur during the specified duration
Standing Instruction are of two types - Simple Standing Instruction and Complex
standing instruction.
Standing Instructions (SI) Slide 8
Key Terminologies
TERMS DESCRIPTION
1 Standing InstructionStanding Instruction is a facility provided by Post Office to the customers for auto-occurrence of recurring transactions.
2Standing Instruction Execution
Standing Instruction can be executed During the day, Anytime during the day or at End of the day.
3 Customer Induced Standing Instruction transaction done at the request of the customer.
4 Post office Induced Standing Instruction done for Post Office for official purpose without any interference of a customer.
Standing Instructions (SI) Slide 9
Step by Step Process
Given below is the step involved in creating a Standing Instruction in Finacle:
Invoke the menu option HSSIM to create a simple SI (or HSIM to create a complex SI involving multiple accounts of a customer. This might include accounts at different Post Office branches requiring transfer of funds using payment systems like SWIFT or RTGS.)
Enter data like SI Type, SI execution From and To Date, Auto Post, Carry Forward if Failed, Execution Condition and so on.
You must visit the Instruction Details Tab to enter the fixed amount.
For Variable amount you need to furnish other details.
The SI requires verification using the same menu option HSSIM.
Standing Instructions (SI) Slide 11
Congratulations!! You have successfully completed the lesson on Standing Instruction in Finacle. Following are the summary of important points discussed in this lesson:
Finacle allows the standing instruction to be either Post Office
induced or Customer induced.You can create a simple SI using the menu option HSSIM and for
a complex SI you need to invoke the menu option HSIM.Complex standing instruction can be linked to a payment system
(ECS) to facilitate periodic transfer to accounts in other financial
institutions.The SI needs verification using the same menu option HSSIM (for
Simple SI) or HSIM (for Complex SI).Standing instructions created can be cancelled at any point of
time using the same menu.
Summary
Standing Instructions (SI) Slide 13
Assessment and Evaluation
No let us do a hands on exercise on Standing instructions. Please refer to Job aid for structured exercise
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