The Client
Our client is a Dutch multinational bank providing Payments and Cash management services for corporate customers in 9 European countries viz., London, Breda, Frankfurt, Madrid, Vienna, Milan, Geneva, Lisbon & Dublin.
Business Challenge
The bank wanted a reliable technology partner to manage the platform end to end and evolve it to meet the needs of its business. The objective was to use a global workforce to provide 24x7 support while keeping the cost low.
Coforge Solution
- Coforge implemented the modernization of platform from legacy tech stack to ASP, Java Script. .NET in ASYSCO framework, SQL server hosted on private cloud.
- We set up an offshore development center and ITIL based Managed Service operation to provide SLA based support.
- Coforge also supported bank’s domestic & international Payments, International Cash Management, Commercial Products – Lending, Facilities, Guarantees, Collaterals, Money Market – Loans & Deposits, Account Management, Reconciliation, and Customer Reporting operations
- We created Global Billing Connection, an interface to send and receive data from bank’s Global Billing Engine.
- We also developed IASA security check for MT message signatures validation, payment tracking and tracing tool integration with Kafka.
- Coforge implemented ISO20022 changes for incoming CHAPS MX payment messages. We have completed technical release for all locations and are currently forming a roadmap to convert the other MT message types to ISO20022 to align with CBPR+ timeframes
The Result
- Coforge ensured seamless knowledge continuity, minimized IT operational risk and met robust SLAs
- Frequent releases enabled the client to meet evolving market and regulatory needs (5 major and 24 minor releases in a year)
- 25% reduction in operating costs by leveraging an application-managed services framework and optimized onshore-offshore ratio
