The Client
Our client is a Belgian subsidiary of an international banking company. It provides retail and commercial banking services to individuals and businesses in Belgium, together with related financial products such as insurance and asset management.
Business Challenge
Bank rolled out a Payments and Cash management platform in 9 European countries viz., London, Breda, Frankfurt, Madrid, Vienna, Milan, Geneva, Lisbon & Dublin, for its corporate customers in those countries. 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
The engagement of Coforge started in the year 2000 when a few Coforge consultants were inducted into the Bank’s team at Brussels to assist in Bank’s existing system upgrade operation. In 2005, the Support and Maintenance of system was outsourced to Coforge in onsite-offshore model under Time & Material based contract. Coforge commenced Service Desk operations in early 2006 and started delivering offshore development projects from 2007.
Now Coforge is in SLA based Fixed Price contract with client for Application Management and Development.
Some of the key projects completed by Coforge for client are:
- Coforge partnered in modernization of platform from legacy tech stack to ASP, Java Script. .NET in ASYSCO framework, SQL server hosted on private cloud.
- Coforge is supporting 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.
- Coforge set up an offshore development center and ITIL based Managed Service operation for the Bank. Providing IFS application enhancements and L1 & L2 support from offshore and onsite teams.
- ISO20022 changes for incoming CHAPS MX payment messages. Coforge completed technical release of all the changes to all the countries to be enabled in April 2023 as per new timeline provided by SWIFT.
- Carry out Projects for audit and regulatory compliances as well as for meeting ING strategic business goals through functional enrichment.
- Developed Global billing connection an interface to send & receive data from Bank’s Global Billing Engine.
- Developed IASA security check for MT message signatures validation.
- Payment tracking and tracing tool integration using Kafka
- Working on roadmap for conversion of other MT message types to ISO20022 standards.
The Result
- Reliable partner who ensured seamless knowledge continuity, reduced IT operational risk to the bank and meeting robust SLAs
- Frequent releases enabling Client to meet evolving market and regulatory needs (5 major and 24 minor releases / year)
- 25% reduction in operating costs by leveraging an application managed services framework and optimised onshore-offshore ratio.
- Scalable partner: 1000+ person-years effort across Change the Bank and Run the Bank
