A Large European Bank Saved 25% in Operating Costs, Achieved ISO20022 Compliance, & Implemented Real-time Payment for International Finance
Overview.
A European multinational bank in Belgium faced challenges in managing and modernizing their international finance system across 9 European countries. The bank collaborated with Coforge to modernize the platform, implement real-time payments and ISO20022 compliance, and minimize risk and costs.
The bank needed to modernize and manage its International Finance System that supports Core Banking, Domestic & International Payments, Cross-border Cash Management, Commercial Banking Products, Money Market Products, and Customer & Account Services. The bank’s needs were to:
Select a banking expert and reliable technology partner
Modernize the platform to meet the needs of its business such as ISO20022 compliance, real-time payments, regulatory compliance, feature upgrades, and delivery of new products & services to customers in different European countries
Provide cost-efficient enhancement & 24x7 support services
Solution.
We are the bank’s strategic partner for Core Banking, Payments & Cash Management platform International Financial System (IFS) across 9 countries in Europe. Our solutions include:
Modernization from legacy tech stack to Microsoft Stack (.NET in ASYSCO framework with SQL) hosted on private cloud
ISO 20022 Compliance Program with a SWIFT messaging transformation layer across Europe aligning with CBPR+ timeframes
Payment Modernization Programs
Instant Payment rail (SEPA) integration with pre, post transaction checks from IFS to enable immediate payments for corporate customers
UK Faster Payment Implementation & Integration with Banking Channelso Payment tracking and tracing tool integrated with Kafka
Payment tracking and tracing tool integrated with Kafka
IASA security check for MT message signatures validation
Instant payment charges & interest calculations to enable a 24x7 payment availability
Batch Jobs Designed to support instant payments
Global Billing Connection interface to send and receive data from bank’s Global Billing Engine.
We set up an offshore development center and ITIL-based Managed Service operation to provide SLA-based support. Coforge ensured seamless knowledge continuity, minimized IT operational risk, met robust SLAs, and delivered frequent releases enabling the client to meet evolving market and regulatory needs
The Impact.
5
Major releases in a year
24
Minor releases in a year
25%
Reduction in operating costs due to managed services framework and onshore-offshore ratio
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