on 28-07-2016 01:15 PM
How do we make periodical payments based on percentage of Deposits?
For eg, say a Small Businesss wants to put aside in saving accounts from every deposit:
10% for GST
8% for Tax
12.5% for Investment purposes
A deposit of $100 is received, automatically $10 gets transfered to acc1; $8 to acc2; $12.50 to acc3.
Another deposit of $250 is received, automatically $25 gets transferred to acc1, $20 to acc2; $31.25 to acc3
The Bank that implements this function first will corner the small business, and the money savvy market.
The tecnology exists as most banks fees for fx is based on a percentage.
31-07-2016 06:44 PM - edited 31-07-2016 06:46 PM
From reading your post @SmallBusiness, I'm confident you already know BWA don't offer this feature.
Whilst banks can calculate percentages already (which is done based on the transaction origin, type and product) - implementation of such a feature you've described for an account or product isn't that simple.
Firstly, there's the security, regulatory and audit control issues. Most business accounts require two or more signatures - so you have to design a workflow that maintains 'signing rules' and other security mechanisms when setting up and making adjustments to percentage transfers.
Then there's the interface itself. How you design it? Is it on every transaction, or done on the balance of an account at defined periods? Is it a percentage, or fixed dollar value? Does it apply to all transactions or only those over a specific amount? A bank would need to build the rules engine and public/private interface to manage and deliver all this - which would take some serious work. And that's before the testing and assurance needed to ensure it works as expected every time.
You'd also need the data to justify if this would provide a big enough point of difference to drive customers to the bank. Is it just you that wants a service like this; or are there a significant number of customers who want it that would justify the investment needed to design, deliver and maintain it, thus increasing profits? And should it be free, or would it be paid for? If paid for, how much would it be to encourage use and pay for ongoing development, but not make it cost prohibitive?
If you're waiting for a bank to do something like this, you might be waiting a while. You'd be far better off having all deposits going into one account, then transferring out the balances at frequent times based on your percentages to your relevant accounts.