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30% slash in operating costs with the advanced Payments Services Hub

 

30% slash in operating costs with the advanced Payments Services Hub

Objectives

The bank wanted to strengthen corporate anking with greater revenue, standardization and better customer service. It also wanted to reduce time-to-market for any product changes.

The Problem

The bank's present system was not flexible enough to handle different customer formats both as input payment files and as output files for balance and transaction reporting. This resulted in high levels of manual processing at back end processors, increasing the processing time.

The Obstacles

This resulted in low customer service levels as real-time status reporting in customer formats was not available. The co-ordination activities between RM's, credit team and operations for the purpose of tracking and monitoring payments were cost intensive.

The Solution

The solution for the bank was to expand the financial contribution of the global wholesale banking division by offering standardized services and providing its corporate customers the advantage of sending messages in custom and industry standard formats. This was to be achieved by the bank offering a common window to its corporate customers to initiate individual payments or file uploads.

The Underlying Products

Payments Services Hub

How the Product met the Requirements

Payments Services Hub supports transformation and enrichment of industry standard payment file and message formats like EDIFACT, SAP, iDOC, ISO20022 XML, SWIFTNet FIN etc. as well as propriety messages from corporate systems. This allowed greater standardization. It also ensured a high degree of STP of individual and bulk payments. The solution was able to seamlessly integrate with multiple upstream and downstream systems for payment orchestration.

 

Business Benefits

The solution allowed the bank to offer a "single window" to its payments customers. It improved the bank's ROI by providing canned support for industry standard formats, enabling quick and easy integration to corporate payment system. A faster time-to-market for new products and payments standards was achieved along with a uniformity of service offering across the geography.

Business Impact

The rate of onboarding corporate clients was doubled. The operational cost was reduced by 30% due to high configurability.  Faster operations through STP reduced the turnaround time by 20%. A peak throughput in excess of 1 million transactions per day was provided. The bank experienced a 44% increase in transaction volume since 2010 and 95% STP in payments processed.

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