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Difference between FInancial Account and Party Account

  • 1.  Difference between FInancial Account and Party Account

    TM Forum Member
    Posted May 04, 2020 07:45
    Hi Colleagues,

    I have a doubt a on Account Management API.

    I wanted know the exact difference between Party Account(Billing Account , Settlement Account) and Financial Account so that I can able to map in  my existing API. Though I have gone through the document of Account Management API but still it's not much clear .

    Please help me out on the same.

    Thanks In Advance.

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    Akansha Agarwal

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  • 2.  RE: Difference between FInancial Account and Party Account

    TM Forum Member
    Posted May 04, 2020 08:56
    Hi Akansha
    As you probably realize, Account is an abstract entity, with the following concrete specializations:
    • Financial Account - an account that has monetary balances, but does not deal with payments. Typical usage might be aggregation of other accounts for reporting or other purposes
    • Party Account - an account that has monetary balances and can deal with payments.
    • Billing Account - specialization of Party Account that is intended for accounts-receivable, i.e. manages the balances for customers (or other party types) that generally receive service from the service provider and pay in respect of these
    • Settlement Account - specialization of Party Account that is intended (I believe) for accounts-payable, i.e. manages the balances for suppliers (or other party types) that generally give service to the service provider and expect to be paid in respect of these
    Hope it helps

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    Jonathan Goldberg
    Amdocs Management Limited
    Any opinions and statements made by me on this forum are purely personal, and do not necessarily reflect the position of the TM Forum or my employer.
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