Account Domain
The Account domain serves as an operational hub responsible for the management of account data within the system. It primarily revolves around two main concepts: managed accounts and referenced accounts, both provided by the Contract business entity.
- Managed Account: A managed account is an account that the Account domain fully manages and serves as the system of record. This means that the Account domain has complete control over the management and maintenance of the account data.
- Referenced Account: In contrast, a referenced account is an account that is managed in a different system, which can be either internal or external to the organization. The Account domain acknowledges the existence of referenced accounts but does not have full control over them.
Components of an Account
An account consists of two essential components:
1. Agreement
An agreement is a critical element within an account, responsible for managing legally binding terms for a relationship between an institution and any party with whom the institution has a legal relationship. It contains the necessary legal terms required for conducting financial transactions.
Example Use Cases for Agreements:
- In the banking sector, an agreement may include terms and conditions for loans or credit cards.
- In the insurance industry, an agreement can define the coverage and terms of an insurance policy.
- In a business-to-business (B2B) context, an agreement might outline the terms of a partnership or service level agreement (SLA).
2. Accounting Units
Accounting units play a crucial role in tracking all debits and credits associated with a specific type of balance that must be managed within an agreement. While the accounting unit entity is not provided within the Account domain itself, it is integral to the overall account management process.
Example Use Cases for Accounting Units:
- In financial institutions, accounting units can track debits and credits in various account types, such as savings, checking, or investment accounts.
- For a service provider, accounting units may monitor usage and billing information for different services offered to customers.
- In the context of utility companies, accounting units can manage balances for electricity, gas, or water usage.
The Account domain plays a crucial role in ensuring the integrity and accuracy of account data, whether managing it directly as a managed account or recognizing its existence as a referenced account. It provides the necessary infrastructure to handle legal agreements and the financial transactions associated with them.
Brief Overview of Core Features
Agreement Business Services
- Description: A comprehensive framework enabling customers to determine eligibility for products/services and simulate what-if scenarios for agreement modifications, integrated with the Party and Account domains.
- Use Cases: Personalized offerings, financial planning, risk assessment, strategic decisions, compliance adherence, data utilization, market analysis, customer retention.
Agreement Terms and Conditions
- Description: A feature facilitating the management of terms and conditions across Product and Account domains, allowing for inheritance, modification, and the establishment of multi-product relationships.
- Use Cases: Special discounts, product bundles, contract flexibility, service agreement customization, regulatory compliance, terms and conditions rule creation.
Agreement Dynamic Attributes
- Description: Enhances the data model for agreements by introducing dynamic attributes, leveraging the Specs feature for flexibility and configurability across various agreement types.
- Use Cases: Custom agreement attributes, seasonal terms, compliance features, SLA metrics, personalized terms, renewal clauses, variable rates, environmental compliance, multilingual support, digital signature tracking.
Billing
- Description: Manages billing summaries and associated miscellaneous values, providing CRUD services for billing data, without performing actual billing calculations or tracking billing status.
- Use Cases: Multiple billing cycle tracking, ancillary charge management, component-specific billing, historical data management, adaptable billing models.
Claims
- Description: Offers a unified view of all claims associated with a party and their policies or contracts, aiding in fraud detection and the management of financial transactions against personal belongings.
- Use Cases: Fraud detection, multi-policy claim management, financial tracking for belongings, lifecycle management, system integration, asset-liability linkage.
Contract Values
- Description: Specializes in classifying and storing various contract values, integrating with contract objects and offering extensive storage and retrieval functionalities.
- Use Cases: Financial analysis, contract performance tracking, data warehouse integration, custom value tracking, historical comparison, risk management, lifecycle management, compliance monitoring, negotiation support, budgeting, and forecasting.
External Rules for the Account Domain
- Description: A set of rules in Open Cloud MDM for managing accounts and contracts, streamlining processes like contract search and value package management.
- Use Cases: Contract retrieval, condition evaluation, suspect processing, terms and conditions management, value package integrity check.
External Validators for the Account Domain
- Description: Validators in Open Cloud MDM ensuring data integrity and compliance in Contract business entities, Contract Relationships, and Terms and Conditions.
- Use Cases: Contract validation, product type checks, managed account compliance, value package validation, relationship verification, terms and conditions association, entity verification.
Holdings
- Description: A feature in Open Cloud MDM offering a comprehensive view of all holdings linked to a party and their contracts or policies, aiding in asset management and fraud detection.
- Use Cases: Asset tracking, fraud prevention, claim processing, wealth management, risk evaluation, estate planning, financial auditing, collateral management, investment advice, taxation compliance.
Managed Accounts and Value Packages
- Description: Managed accounts in Open Cloud MDM centralize the management of bundled product offerings like value packages, serving as the system of record.
- Use Cases: Product bundling, package management, individual product tracking, up-selling, benefit addition, terms and conditions governance, ongoing package evaluation.
Relationships
- Description: A feature in Open Cloud MDM for creating and managing connections between different accounts, offering an integrated financial perspective.
- Use Cases: Financial integration, holistic customer analysis, cross-selling, risk and compliance management, customer lifecycle tracking, account administration, customer service enhancement, financial reporting.
Value Package
- Description: A feature in Open Cloud MDM for bundling multiple products into a single offering, efficiently managed through the Account domain.
- Use Cases: Banking service bundles, telecommunications packages, insurance product bundling, retail product combinations, software and service packages.
About OCMA - Open Cloud MDM Alliance
OCMA is an innovative collaboration among a diverse array of pioneering companies and customer-focused software vendors. Their collective mission is to establish the 'Hub and Dock Open Industry Standard for Master Data Management (MDM)'.
About HubDock
HubDock, as the legal entity representing the ecosystem and maintaining the platform, is integral to OCMA. It leads the essential initiative, 'Hub and Dock Open Cloud MDM'.
This stakeholder-driven ecosystem liberates businesses from the complexities of traditional business software, offering seamless integration, data consistency, and community-driven innovation to empower companies in the digital age.