Remove ProductRateTier.subTier object used in Get Product Detail

[anzbankau]

Description

This proposal is to remove the ProductRateTier.subTier object used in the Get Product Detail endpoint. [Deposit|Lending]RateTier.tiers were created as arrays in the very early days of the standards to support more than two dimensions (i.e. tier types/sets). It also implied that tier types/sets had relative precedence or importance. The ProductRateTier.subTier object was not removed at the time because it was seen as a structural change just prior to lock-down of version 1 of the standards (and there was no mechanism for deprecating it as far as we were aware).

Note: This proposal arose from @perlboy 's issue #94 - Clarification of rate presentation and use of subTier.

Area Affected

Endpoint: Get Product Detail
Schema: ProductRateTier

Change Proposed

Remove the subTier property from the ProductRateTier schema used in the Get Product Detail endpoint.

Impact

Data providers using the ProductRateTier.subTier object would need to convert their subTier to a ProductRateTier object as part of the [Deposit|Lending]RateTier.tiers array. The subTier object becomes an additional object 'alongside' its 'parent' tier object. See below as an example (not representing current data provider data).

Using ProductRateTier.subTier object

"depositRates": [
            {
                "depositRateType": "FIXED",
                "rate": "0.005",
                "calculationFrequency": "P1D",
                "applicationFrequency": "P1Y",
                "tiers": [
                    {
                        "name": "10000 to 20000",
                        "unitOfMeasure": "DOLLAR",
                        "minimumValue": 10000,
                        "maximumValue": 20000,
                        "rateApplicationMethod": "WHOLE_BALANCE",
                        "subTier": {
                            "name": "1 Month",
                            "unitOfMeasure": "MONTH",
                            "minimumValue": 1,
                            "maximumValue": 2,
                            "rateApplicationMethod": "WHOLE_BALANCE"
                        }
                    }
                ],
                "additionalValue": "P2M"
            }

Using DepositRateTiers array

"depositRates": [
            {
                "depositRateType": "FIXED",
                "rate": "0.005",
                "calculationFrequency": "P1D",
                "applicationFrequency": "P1Y",
                "tiers": [
                    {
                        "name": "10000 to 20000",
                        "unitOfMeasure": "DOLLAR",
                        "minimumValue": 10000,
                        "maximumValue": 20000,
                        "rateApplicationMethod": "WHOLE_BALANCE"
                    },
                    {
                        "name": "1 Month",
                        "unitOfMeasure": "MONTH",
                        "minimumValue": 1,
                        "maximumValue": 2,
                        "rateApplicationMethod": "WHOLE_BALANCE"
                    }
                ],
                "additionalValue": "P2M"
            }

[commbankoss]

Commonwealth Bank is supportive of the change that ANZ has proposed. We will not require the use of a Sub-Tier in the foreseeable future.

[perlboy]

Biza.io is supportive of the removal of subTier and, in fact, chose not to support subTier within babelfish-cdr based on prior conversations. We are also broadly supportive of ANZ's proposal to add additionalInfo in their proposal within #107.

We do however request clarification as to whether the proposed change(s) would represent V3 of the BankingProduct and BankingProductDetail payloads, the intended adoption timeline of such payloads especially in the context of likely more changes and the fact this area of the Standards, now being implemented by Tier 2/3's, should now be in a 3 month cadence period.

[CDR-API-Stream]

Given the broad support for removal of subTier and simplification of the product reference data the proposed position is to adopt this change request. This will remove subTier from BankingProductRateTier.

This will be incorporated into v1.3.0 (based off Maintenance Iteration #2) and would have a future dated obligation of July 2020 inline with the PRD Get Products V2 dates.

[Susan-CDR]

Hi - I have just come across this proposal. Suncorp is mid stream in build and where planning to use the sub-tier. A future date of Jul 20 would require re-work for us at this point. This change needs to be deferred to a later timeline to avoid impacts to non-majors working to their first deliverable.

[CDR-API-Stream]

Hi @Susan-CDR based on the consultation during the maintenance iteration, similar feedback has been raised by other implementing data holders. We have considered this and recommended a future dated obligation of February 2021. This change will result in a versioned change of product data (v3). Other product-related change requests may be considered in Maintenance Iteration 3 to apply to the same Feb 21 future dated obligation.

[CDR-API-Stream]

This change has been incorporated into v1.3.0 of the standards.