Submitted by Srini Nakka, TriCore Solutions, Senior Practice Manager.
Oracle Tip #17 - Regulatory Reporting of Payments
How can corporations manage their regulatory reporting required by a regulatory body, such as a country specific government, the central bank, or an individual bank?
The answer is regulatory reporting feature available in the Oracle Payments module. The regulatory reporting feature in Oracle Payment provides the following fields (seeded values) in the Regulatory Reporting region of the Payment Process Profile page. These fields enable you to determine the conditions under which regulatory reporting can be generated.
Reporting Directly to Central Bank
Reporting Made by Bank
Oracle Payments also provides a SQL function to personalize the conditions and implement business own criteria. Oracle Payments also allows you to set up payment reason codes that provide the payment system or bank with additional details about the reason for the payment for regulatory reporting purposes. You can define in the Create Payment Reason Code page of Payment Administrator.