A price rule defines a single pricing element of a product. Users with the Product Marketer role can create and maintain Price rules. A price rule supports a number of pricing configurations, which consists of:

• Price name
• Price description
• Category – Specifies the node in the product structure hierarchy that defines the scope for the products that can include this price. For example, a price rule at the Retail > Lending node in the product structure hierarchy, Retail > Lending > Secured > Mortgage, is available for use by all products at the Lending, Secured, and Mortgagenodes.
• Currency – Specifies the currency of price amount. Leave this value blank to indicate that the application uses the currency you defined for pricing in your organization’s operational structure.
• Type
  • Fee – An amount charged for a service. You can configure the following Fee settings: - Fee occurrence

• Once – A one-time charge
• Recurring – A recurring charge with a frequency of annually, monthly, quarterly or semi- annually
• With account activity – A charged based on certain activities on the account. You can add the following details to an account activity:
• Account activity type – You can configure the following types of account activity:
  • Cash advance
  • International travel
  • Missed payment
  • Overdraw
  • Other
  • Description of fee circumstances – An optional text fields in which you can add information around the circumstances of an account activity.
  • Value – The value of the price. You can add the following details for the value:
    • Fee amount – Sets an amount for the price
    • Percentage of attribute – Sets a percentage by which the application calculates a price as a percentage of a product attribute. You configure which product attribute from the list of attributes in the library on which the application calculates the price value.
  • Value configuration – Specifies the price value. You can add the following details for the price value:
    • External document – Specifies that the price value is sourced from a file that can be uploaded to the price rule or a URL of an external document
    • Lookup table – Specifies that the price value is sourced from a lookup table you can configure in Product Designer for Financial Services
    • Type value – Specifies a hard-coded value
    • Set range – Defines the minimum and maximum values that the amount must fall within upon modification when the product is offered to a customer - Rate – An amount charged for the use of the product. You can configure the following Rate settings:
    • Rate type – Fixed. You can add the following details for a fixed rate: - Frequency – Specifies the frequency of when the rate is charged – annually, monthly, quarterly, and semi-annually
    • Rate base attribute – Specifies a product attribute from which the application calculates a rate
    • Value configuration - Specifies the source for the rate value. You can add the following details for a fixed rate value:
    • External document – Specifies that the rate value is sourced from a file that can be uploaded to the price rule or a URL of an external document
    • Industry benchmark – Specifies that the application calculates the rate value as a specified percentage over the LIBOR or Prime rates
    • Lookup table – Specifies that the rate value is sourced from a lookup table defined in Product Designer for Financial Services
    • Type value – Specifies a hard-coded rate value type
    • Set range – Defines the minimum and maximum values that the amount must fall within upon modification when the product is offered to a customer. - Rate type – Variable
    • Term intervals – A series of time intervals that defines how the specified variable rates are applied over the life of the account
    • Interval length – Length of the interval –
    • Value configuration - Specifies the source for the variable rate value. You can add the following details for the rate value:
    • External document – Specifies that the rate value is sourced from a file that can be uploaded to the price rule or a URL of an external document
    • Industry benchmark – Specifies that the application calculates the rate value as a specified percentage over the LIBOR or Prime rates –
    • Lookup table – Specifies that the rate value is sourced from a lookup table defined in Product Designer for Financial Services
    • Type value – Specifies a hard-coded rate value type
    • Rate floor – Defines the value that the rate cannot go below during the life of the account
    • Rate ceiling – Defines the value that the rate cannot go above during the life of the account