CUSTOMER IDENTIFICATION PROGRAM ACCOUNT INTEGRATION
Disclosed herein are system, method, and computer program product embodiments for integrating Customer Identification Program (CIP) processing performed by a bank with contribution funded processing specified by an employer. An embodiment operates by enabling a CIP processing system to configure a management database to store a temporal threshold specified by and received from an employer. Upon receiving an employee's CIP status from a bank performing the CIP processing to enable access to an account, a CIP configuration component of the CIP processing system may generate an employee indicator based on the received CIP status and the temporal threshold. The employee indicator may be associated with an employer contribution funding amount and an employee contribution funding amount.
1 . A system for reducing synchronization time for Customer Identification Program (CIP) processing with contribution funding processing for contribution funded accounts (CFAs), comprising:
a management database configured to store a temporal threshold specified by an employer; and
a CIP processing system implemented by a management server coupled to the management database, the CIP processing system comprising:
an interface configured to receive the temporal threshold from the employer and a CIP status of an employee from a bank, the CIP status based on whether an identity of the employee has been verified before enrolling the employee into a CFA, and
a CIP configuration component configured to:
generate an employee indicator based on the received CIP status and the temporal threshold, the employee indicator associated with a contribution rule matching the employee indicator with a respective employer contribution funding decision and with a respective employee contribution funding decision, and
send the employee indicator to the employer.
2 . The system of claim 1 ,
wherein the management database is further configured to store the contribution rule received from the employer,
wherein the CIP configuration component is further configured to determine both an employer contribution funding amount and an employee contribution funding amount for the CFA based on matching the employee indicator with the stored contribution rule, and
wherein the system further comprises:
a contribution processing component configured to request from the employer a total contribution funding amount to fund the CFA of the employee, the total contribution funding amount comprising the determined employer contribution funding amount and the determined employee contribution funding amount.
3 . The system of claim 1 , wherein, upon the interface receiving an initial CIP status from the bank, the CIP configuration component is further configured to:
if the CIP status indicates that the identity of the employee has been verified, output the employee indicator as having a pass status; and
if the CIP status indicates that the identity of the employee has not been verified, output the employee indicator as having a risk status associated with the employer contribution funding amount having no value while the employee indicator has the risk status.
4 . The system of claim 1 , wherein if the temporal threshold is exceeded, the CIP configuration component is further configured to transition the employee indicator to a close account status indicating that the employee failed the CIP processing.
5 . The system of claim 4 , wherein the temporal deadline specifies a number of days after initiating CIP processing and prior to a given CIP processing deadline.
6 . The system of claim 3 , wherein the CIP configuration component is further configured to:
transition the employee indicator from the risk status to a resolved status indicating that the identity of the employee was subsequently verified during CIP processing, wherein the risk status is associated with an updated employer contribution funding amount based on matching the transitioned employee indicator with a stored contribution rule.
7 . The system of claim 1 , wherein the employee indicator is associated with a current account status of the employee and with a context of the current account status, and wherein the CIP configuration component is further configured to:
if the context indicates that the employee failed CIP processing, output the employee indicator as having a first close account status to close the CFA; and
if the context indicates that the CFA was closed prior to failing CIP processing, output the employee indicator as having a second close account status to close the CFA.
8 . A method for reducing synchronization time for Customer Identification Program (CIP) processing with contribution funding processing for contribution funded accounts (CFAs), comprising:
receiving, by an interface implemented on a management server coupled to a management database, a temporal threshold specified by an employer, wherein the management database is configured to store the temporal threshold;
receiving, by the interface, a CIP status of an employee from a bank, the CIP status based on whether an identity of the employee has been verified before enrolling the employee into a CFA at the bank;
generating, by a CIP configuration component implemented on the management server, an employee indicator based on the received CIP status and the temporal threshold, the employee indicator associated with a contribution rule matching the employee indicator with a respective employer contribution funding decision and with a respective employee contribution funding decision; and
sending the employee indicator to the employer.
9 . The method of claim 8 , further comprising:
storing the contribution rule received from the employer;
determining both an employer contribution funding amount and an employee contribution funding amount for the CFA based on matching the employee indicator with the stored contribution rule; and
requesting from the employer a total contribution funding amount to fund the CFA of the employee, the total contribution funding amount comprising the determined employer contribution funding amount and the determined employee contribution funding amount.
10 . The method of claim 7 , wherein the CIP status is an initial CIP status generated upon enrolling in the CFA, wherein the generating comprises:
if the identity of the employee was initially verified, outputting the employee indicator as having a pass status; and
if the identity of the employee was not initially verified, outputting the employee indicator as having a risk status that is associated with the employer contribution funding amount having no value while the employee indicator has the risk status.
11 . The method of claim 7 , further comprising:
if the temporal threshold is exceeded, transitioning, by the CIP configuration component, the employee indicator to a close account status indicating that the employee failed the CIP processing.
12 . The method of claim 11 , wherein the temporal deadline specifies a number of days after initiating CIP processing and prior to a given CIP processing deadline.
13 . The method of claim 9 , further comprising:
transitioning the employee indicator from the risk status to a resolved status indicating the that identity of the employee was subsequently verified during CIP processing, wherein the risk status is associated with an updated employer contribution funding amount based on matching the transitioned employee indicator with a stored contribution rule.
14 . The method of claim 7 , wherein the employee indicator is associated with a current account status of the employee and with a context of the current account status, the method further comprising:
if the context indicates that the employee failed CIP processing, outputting the employee indicator as having a first close account status to close the CFA; and
if the context indicates that the CFA was closed prior to failing CIP processing, outputting the employee indicator as having a second close account status to close the CFA.
15 . A non-transitory computer readable storage medium having instructions stored thereon that, in response to execution by a computing device, cause the computing device to perform operations for reducing synchronization time for Customer Identification Program (CIP) processing with contribution funding processing for contribution funded accounts (CFAs), the operations comprising:
receiving, by an interface implemented on a management server coupled to a management database, a temporal threshold specified by an employer, wherein the management database is configured to store the temporal threshold;
receiving, by the interface, a CIP status of an employee from a bank, the CIP status based on whether an identity of the employee has been verified before enrolling the employee into a CFA at the bank;
generating, by a CIP configuration component implemented on the management server, an employee indicator based on the received CIP status and the temporal threshold, the employee indicator associated with a contribution rule matching the employee indicator with a respective employer contribution funding decision and with a respective employee contribution funding decision; and
sending the employee indicator to the employer.
16 . The non-transitory computer readable storage medium of claim 15 , the operations further comprising:
storing the contribution rule received from the employer;
determining both an employer contribution funding amount and an employee contribution funding amount for the CFA based on matching the employee indicator with the stored contribution rule; and
requesting from the employer a total contribution funding amount to fund the CFA of the employee, the total contribution funding amount comprising the determined employer contribution funding amount and the determined employee contribution funding amount.
17 . The non-transitory computer readable storage medium of claim 15 , wherein the CIP status is an initial CIP status generated upon enrolling in the CFA, the operations further comprising:
if the identity of the employee was initially verified, outputting the employee indicator as having a pass status; and
if the identity of the employee was not initially verified, outputting the employee indicator as having a risk status that is associated with the employer contribution funding amount having no value while the employee indicator has the risk status.
18 . The non-transitory computer readable storage medium of claim 15 , the operations further comprising:
if the temporal threshold is exceeded, transitioning, by the CIP configuration component, the employee indicator to a close account status indicating that the employee failed the CIP processing.
19 . The non-transitory computer readable storage medium of claim 15 , wherein the temporal deadline specifies a number of days after initiating CIP processing and prior to a given CIP processing deadline.
20 . The non-transitory computer readable storage medium of claim 15 , the operations further comprising:
transitioning the employee indicator from the risk status to a resolved status indicating the that identity of the employee was subsequently verified during CIP processing; and
determining an updated employer contribution funding amount based on matching the transitioned employee indicator with a stored contribution rule.
21 . The non-transitory computer readable storage medium of claim 13 , wherein the employee indicator is associated with a current account status of the employee and with a context of the current account status, the method further comprising, the operations further comprising:
if the context indicates that the employee failed CIP processing, outputting the employee indicator as having a first close account status to close the CFA; and
if the context indicates that the CFA was closed prior to failing CIP processing, outputting the employee indicator as having a second close account status to close the CFA.