Concept of Product

• Product, in Aura, is a Template for setting up the common features of an offering.

• Products are created under various Product Types. Examples of Product Types: Current Account, Nostro Account, Consumer Loan Account, Term Deposit Account, Card Account

• The Product Type dictates the set of features for which the user has to define values which constitute a unique Product offering.

• In Aura, Products are created when the same features are to be applied to the accounts created under that Product, with minor variations in some features, like Pricing. Thus, the Product serves as a look-up or reference except for the Pricing features.

• This enables the Bank to create the Product features only once, irrespective of the number of accounts to be created under the Product. All accounts created under the product just refer to the Product record for these common features.

• In general, those features that are allowed to be modified at the account level are defaulted to the Account from the Product on Account creation. Example: Interests, Charges, Product level settings, Statements, Reminders, etc. However, the user can modify these parameters at the account level to customize the product offering for individual accounts.

• There are certain parameters defined at the Product that are not available at the account level -- as these are generic and not editable at the account level. Example: General Ledger accounts and Transaction Codes to be used for accounting various events in the life cycle of the account.