Fund Transfer

Overview

This interface in Accenture Life Insurance Platform provides the ability to initiate a one time transfer of money from one or more source fund to one or more destination fund. The Fund Transfer can only be supported as of the current system date, and transfer can be done by only either option of Amount or Percentage.

Technical Requirements

Business Requirements

Process Flow

The external system would fire the REST URL with the JSON message containing the transaction information to be created or retrieved on the request queue.

ALIP webadapters would pick up, process the message, convert it into XML format, and posts it onto the ALIP request queue.

ALIP process server will pick up the message, convert from ACORD to the canonical format, perform the necessary XSD validations, and other basic validations on the completeness of the transaction information, existence of the contract id in ALIP etc.

Post the necessary validations, it would invoke the necessary ALIP APIs/workflows to create or retrieve the necessary transaction information from the database.

The transaction information in case of a “GET” request, or the status information in case of a create, would be generated in XML format, converted to ACORD format, and sent back to the REST layer.

Here, it would be further converted back into the final JSON output format and returned back to the external system.

Impact on ALIP system

This transaction is for one timeFunds Transfer where the transfer of funds is requested between the specified subaccounts.

For the funds where date tracking is enabled at product level, Fund Name is expected to be accompained with tracking date. Refer to Rest and soap request section for Sample Request .

Upon receiving request , ALIP system checks if any pending requirements for the transaction needs to be generated based on the rules specified in Business Configuration.

If there are Pending requirements, they will have to be satisfied or waived before the next steps in the workflow are executed.

If there are no pending requirements or when the requirements have been satisfied or waived off the transaction is placed in the “Pending” status.

During the next nightly batch cycle,the next steps in workflow are executed to validate and perform the required actions on the contract.

If the validations are successful money will be be transferred between specified accounts. The face value of the contract is not impacted by this transaction. ALIP system will show transactions in Processed section.

If the validations fail the appropriate error messages will be displayed on ALIP system next to the transaction request. The status of transaction will reflect the same as in “Error”.

Assumptions

API will not do any validation against the funds which are allocated for a particular product. If the request is run with invalid fund or fund which is not bound to a particular product. Then, API will not observe any failure, but it will fail to process the transaction from UI.

If UI is supporting current/past/future transaction effective date, then API will also support the same

Dependencies

It is assumed that the incoming message from the calling system, will contain the required the RequestType, TransType, TransSubType within the request header provided by the external system to ALIP.

Request Data Elements

Response Data Elements

NA

Success/Error Handling