Debit accounts are defined as bank details to be used to deduct the amounts to fund retrocession payments/reinvestments. For such purpose they can be provided with the feed to the payment system.
Debit accounts are a separate feature and can be enabled or disabled for each instance separately via a feature flag. The feature flag drives the visibility of the relevant fields for debit accounts in the user interface.
The default set up is to provide debit account details for each payment currency. There are controls in place set no payments can be released if no debit account details are available: The payment status will stay on ‘simulated’ with payment attribute ‘missing debit account information’.
Settings on entity level
An enhanced mode is available if there can be multiple debit account types within an instance. In such case the default setting in the operational settings tab of the entity menu needs to be changed from the default ‘no’ to ‘yes’ to enable debit account types
Then the user can define which debit account types can be used. This can be done in the entity menu under the tab debit account types
The debit account details themselves can be entered in the tab ‘debit account details’ via the add button.
If there are multiple types set up, the user needs to define for each currency set to which debit account type it belongs.
Settings on agreement level
If multiple debit accounts are available, the user must define per agreement which debit account type should be applied. This can be done in the reinvestment and/or payment instructions. It is not possible within the same agreement to select different agreement types for payment and reinvestment.
During the payment/reinvestment export, RCP will identify based on the debit account type and the payment/reinvestment currency which debit account should be applied.