| account closure (FS-AM-OM-AC) |
Business object that depicts the closure of the account between account holder and contract-managing organizational unit (such as a bank).
The account closure is managed in Account Managment as an order from Order Management. When the order is activated, the notice on the account is depicted and when the order is executed, the actual closure of the account is depicted. The account closure executes all necessary functions, such as the clearing of the remaining balance and the account settlement. Once these have been completed, the account's status is set to 'closed'.