Clareti Banking
Deposit Functionality: Retirement Plans
Solutions
Clareti Banking delivers the functionality needed to support a variety of retirement planning programs. These programs vary greatly from jurisdiction to jurisdiction, but typically have some features in common.
From the perspective of the financial institution, there is typically a need to deliver a variety of deposit vehicles (e.g cash accounts, term deposits) and often a requirement for an annuity product of some kind.
Clareti Banking is able to meet these requirements, as well as support tax and customer reporting in local business environments. Features include:
Ability to create a Portfolio to manage all retirement products belonging to an individual. This includes the ability to manage more than one group of deposits under the Portfolio (for example, a husband and wife)
Contribution processing and receipt issuance
Redemption processing
Investment transfers
Reports, client receipts, tax forms
Customer statements and Inquiries
In Canada, Clareti Banking has been enabled to deliver Registered Retirement Savings Plans (RRSPs), Registered Retirement Income Funds (RRIFs) and Home Ownership Savings Plans (HOSPs). This latter product is not strictly a retirement plan, but its features are very similar. Support is also available for Locked-in Retirement Plans if required by legislation.
In Canada, RRSPs and RRIFs are used extensively by individuals planning and managing their retirement, and such products are a major source of deposits for financial institutions.
Deposit Functionality
