Automated Funding Configurations and Examples

Approved applications may be processed automatically based on administrative configurations. Automated processing enables institutions to completely process an approved application with limited or no employee interaction through document processing and disbursement. This process may fully automate approval processing or only specific steps in the post-approval process.

This topic contains two business examples, as well as a list of the configurations required to automate the post-disbursement process.

For a complete overview of the process to automatically process approved applications, please see the Approval Introduction in the User guide.

Business Examples

The following section provides an overview of business examples that highlight the capabilities of the automated post-decision process, as well as instructions on how to configure those scenarios at the institution.

Partially Automated

Show Account Origination Example

Happy Days Financial has a business policy where a financial services officer must review the signed documents for an IRA prior to funding and disbursing the account. Once the documents have been signed, management wants applications routed to the IRA Document Review queue for a financial services officer to manually fund and disburse the account.

Richie Cunningham, an existing customer at Happy Days Financial, applies online for a new IRA. The account application is automatically approved and there are no outstanding stipulations, so the system automatically gets the next available suffix for Richie's account and then generates the documents for him to sign via IMM’s remote signature functionality.

Once the documents are signed, the Document Set Status field is set to Signed, and the queue routing rules run to move the application to the IRA Document Review queue for the financial services officer to review the documents and then manually fund and disburse the IRA.

How to Configure

To configure the partially automated scenario, complete the following configurations:

Show Event Processing Configurations

Create an Event Processing pair that configures how the next suffix is retrieved:

Select the Application Approved event.
Select the Generate Account Number action.

Create an Event Processing pair that configures how documents are generated:

Select the Field Changed event and select the following fields:
- Application.IsAccountReadyForDocs
Select the Generate Documents action.

Fully Automated

Show Account Origination Example

Neverland Financial would like to automate all of the funding process for account applications applied for by existing account holders so that the customer service representatives can focus on increasing sales with new account holders.

Peter, an existing customer at Neverland Financial, wants to open a Certificate of Deposit with money he currently keeps in a basic Savings account. Since he cannot make it into the branch, Peter creates the account application online. His application is processed and automatically approved. There are no outstanding stipulations, so the system automatically processes the following tasks:

Creates a funding record to transfer the deposit amount from Peter's savings account to the new CD
Gets the next available suffix for Peter's CD account
Generates the documents for Peter to sign via IMM's remote signature functionality

Once Peter has signed all of the account documents, the Document Set Status field is set to Signed and the system automatically disburses and funds the new CD account.

How to Configure

To configure the partially automated scenario, complete the following configurations:

Show Event Processing Configurations

Create an Event Processing pair that configures how the next suffix is retrieved:

Select the Application Approved event.
Select the Generate Account Number action.

Create an Event Processing pair that configures how documents are generated:

Select the Field Changed event and select the following fields:
- Application.IsAccountReadyForDocs
Select the Generate Documents action.

Create an Event Processing pair that configures how funding records are created:

Select the Field Changed event and select the following fields:
- Application.ApplicationFundings
Select the Create Member Account Number action.
Assign the Stop_NewMember_Account rule created in the rules step.

Configurations to Automate the Post-Disbursement Process

For an application to automatically complete the post-approval process, the application must be flagged as Ready for Documents and Ready for Disbursement. Once these criteria are met, disbursement may proceed.

Reference the following section for an overview of the configurations required to automatically proceed to the Ready for Documents and Ready for Disbursement stage in an application.

Ready for Documents

To automatically proceed from the Application Approved stage to the Ready for Documents stage, the calculation process flags an application as IsAccountReadyForDocs. For an application to be flagged as IsAccountReadyForDocs the following items must be fulfilled:

Primary Applicant Account Number is not blank.
Application Account Number must have a value.
No remaining account stipulations/to-dos required for documents:
- Stipulations met/waived
- Manual To-dos completed
- Automated To-dos completed

The fulfillment and enforcement of these requirements may be completed through the following configurations:

Assign Primary Applicant Account Number

Configure an Event Processing pair to automatically create new member account for non-member applications.

If Account Origination is active or the HOST_AUTOGEN_PERSONNUMBER parameter is set to True, use the new Create New Member Account action in the event/action pair.
If using custom code to create new member accounts, use the existing Execute Code action to call the custom code in the event/action pair.
If a Symitar PowerOn is used to create new member accounts, use the existing Execute PowerOn action to call their PowerOn in the event/action pair.

Assign Application Account Number

Configure an Event Processing pair to automatically generate the next available suffix.

If using custom code to assign the next available suffix, use the existing Execute Code action to call the custom code in the event/action pair.
If using rules to assign the next available suffix, use the existing Execute Rules action in the event/action pair.
Otherwise use the new Assign Next Available Suffix action in the event/action pair.

Fund Application

Author event processing rules using the following templates to automatically create/add funding records:

Add an Internal Transfer funding record to an Account

Once the funding rule has been authored, use the Execute Rules action within Event Processing to automatically create funding records based on rule logic.

Validations and Stipulations

Stipulations: Using Rules Manager author Stipulation rules that assign stipulations which are required for document generation.

For more information on authoring Stipulation rules, refer to the Add a Stipulation topic within Vocabulary Template Examples.

To-Dos: Using Rules Manager author Validation Rules that add To-Dos which are required for document generation.

For more information on authoring Stipulation rules, refer to the Add a To-do topic within Vocabulary Template Examples.

Ready for Disbursement

To automatically proceed to the Ready for Disbursement stage, the calculation process flags an application as IsAccountReadyForDisbursement. For an application to be flagged as IsAccountReadyForDisbursement the following items must be fulfilled:

No remaining account stipulations/to-dos required for disbursement:
- Stipulations met/waived
- Manual To-dos completed
- Automated To-dos completed

The fulfillment and enforcement of these requirements may be completed through the following configurations:

Generate Documents

Configure an Event Processing pair to automatically create application documents based on the following configurations:

Select the Field Changed event and choose the following field:
- IsAccountReadyForDocs
Select the Generate Documents action.

The Document Set Status is set to Complete automatically by the Remote Signature and Virtual Capture E-Signature delivery methods. The Document Set Status is set to Complete manually by end users for the Sign-in Branch and Mail delivery methods.

Validations and Stipulations

Stipulations: Using Rules Manager author Stipulation rules that assign stipulations which are required for disbursement.

For more information on authoring Stipulation rules, refer to the Add a Stipulation topic within Vocabulary Template Examples.

To-dos: Using Rules Manager author Validation Rules that add To-Dos which are required for disbursement.

For more information on authoring Stipulation rules, refer to the Add a To-do topic within Vocabulary Template Examples.