Fee Calculation

OPEN Fee Calculation System

The OPEN Fee Calculation application is a support system that automatically calculates the fees and interest related to current accounts and securities accounts, and the transactions made on such accounts, while providing the full range of related services.

The Fee Calculation system computes fees and prepares invoices for customers in accordance with the specified fee conditions, and based on the records related to current and securities accounts, safe custody, and the transactions effected on the cash and securities accounts.

The system’s key functions and features are as follows:

• Turnover-based monthly fee calculation, band-based fee calculation, management of different fee categories
• Pro-rata interest calculation
• Invoicing
• Generation of financial transaction orders
• Electronic client connection
• Tracking of fee changes
• Flexible and configurable modules to support changes in fee regulations
• Suitable for integration with other internal and external applications

The OPEN Fee Calculation system performs the monthly calculation and invoicing of fees charged on the services provided to current and securities account holders, as well as the initiation of financial settlement and the preparation of statistical reports.

The system provides account holders with a detailed breakdown of their monthly fees, as well as generating detailed and aggregated information for controlling, for the purposes of checking and analysis.

Fees can be determined automatically or manually.

The automatic fee calculation function differentiates between Hungarian and foreign securities and account holders, and takes into consideration the differences in pricing. The manual maintenance of fees allows for the subsequent correction of the recorded transactions.

Functions of the Fee Calculation module

• Automatic calculation of the monthly fees for services provided to the holders of managed current and securities accounts
• Manual fee inputting
• Maintenance of individual, customised agreements
• Invoice generation, preparation of manual and cancellation invoices
• Generation of financial transaction orders
• Provision of information to account holders, controlling and the business areas
• Fee monitoring

The OPEN Fee Calculation System connects to other internal and external systems via a standardised interface.

The system connects to the Securities Account Management module of the OPEN Securities Clearing and Settlement applications, and, for the settlement of financial transaction orders, to the Current Account Management module of the Banking Systems software suite.

The Fee Calculation System also connects to the G/L Posting system.

The OPEN Fee Calculation system is a modular system with a client-server architecture and a user-friendly graphical interface, and can be flexibly developed to suit a wide range of user requirements.

The protection of the systems in terms of access and authorisation is ensured on multiple levels, partly by leveraging the opportunities offered by the applied technologies and partly by utilising the supplied application-level protection devices.

KELER (Central Clearing House and Depository Budapest) Ltd.