Interest Re-Accrual and Reset

The reaccrual solution has three parts. The first portion will either read a file or use batch parameters to generate a list of accounts for which it will that recalculate accruals on each of the accounts.  The second is a batch application that inactivates the account level overrides created by the first application, so that on a go –forward basis the account is looking to the product level settings for interest and accrues at the rate schedule rate on the product. 

The custom batch application PS_INT_REACCRUAL will read a file of account numbers or use batch parameters to generate a list of accounts and perform an interest reaccrual on the accounts for the current interest accrual period.

The custom batch application PS_REACCRUAL_RESET will restore the interest rate and interest parameters back to their original values prior to the reaccrual process, so the accounts will accrue based on product level settings going forward.

The custom application PS_REACCRUAL_STAGE provides a means to process a re-accrual account file during normal business hours which mitigates potential data and performance issues.

Benefits

By allowing an interest rate to be set at the end of an interest period, the institution is given flexibility to ensure that accounts have met certain criteria before earning a certain rate.