Overview

Savings Pot microservices provides an independent cloud-enabled solution for managing savings pot information that is required for both the front office (Infinity) and back office (could be T24 or any other back-office system of the bank).

Based on the data access interfaces planned, the NoSQL database model is chosen as the data model for managing savings pot information. NoSQL is the standard language for dealing with unstructured text. NoSQL can be used to insert, update, and retrieve database records. NoSQL databases are more scalable and provide superior performance.

The distribution service of savings pot MS is fully containerized and can be deployed independently irrespective of any back-office system of the bank.

Purpose

Savings pot helps customers to save for specific things in a simple way to set money aside within the main account and secure from the spending.

For instance, if customers planning for a world trip, buy a new car, or simple savings, the savings pot helps the customer to contribute towards the modest goals and reserve the money.

Here, the funds of the savings pot remain within the main account and it is not included in the available balance of the main account. The money is reserved to a separate virtual account, that is logically tagged with the different types of Savings Pot.

Functionality

Savings Pot supports two types of Pot.

1. Goal Pot
2. Budget Pot

Goal Pot.

A Goal Pot is used to set aside funds periodically to meet a future Goals like vacation, buy a new car, etc. The Goal Pot can be created from a Main Account such as Savings or Current Account (Principal Account) where the latter is source of funds to the Goal Pot.

Key features of the Goal Pot:

1. Create goal pots for different savings purpose for housing, vehicle, education, and so on.
2. Scheduled funding can be set to achieve the Goal
3. Adhoc transfer of funds to the goal pot.
4. Anytime withdraw of funds to the main account during life cycle of goal pot.
5. You can edit the goal amount and their periodic contribution at any time during life cycle of goal pot.
6. Close the goal pot.

Budget Pot.

A Budget Pot is opened to allot some money for use at a future point of time.  Here too, The Goal Pot can be created from a Main Account such as Savings or Current Account (Principal Account).

Key features of the budget pot:

1. Create budget pots.
2. Adhoc transfer of funds to the budget pot.
3. Anytime withdraw of funds from budget pot to the main account.
4. Edit the budget pot at anytime.
5. Close the budget pot.

Entity Model