Challenges
Major banks have a need to process corporate payment transactions. by converting data in a secure manner Adopt new tax regulations from the Revenue Department. and supports payments through banks as well as between various work systems within the same bank.
Bank’s objectivesÂ
- Increase Revenue Rapid customer onboarding to generate revenue through fees and float
- Increase Customer Satisfaction on easier on boarding process
- Improve Cash Flow by speeding time to market
- Reduce Costs by maintaining a single platform
- Grow Margin by leveraging on technology
- Increase Brand Equity
Our Solution
Stream helps major banks start processing corporate payments transactions. by converting data in a secure manner Adopt new tax regulations from the Revenue Department. and supports payments through banks as well as between various work systems within the same bank with the Corporate Data Exchange system and the Universal Connector system.
Corporate Data Exchange System
The Corporate Data Exchange for Cash Management system is a system used to send and receive files in the form Host-to-Host connection and reformat data in files according to the specified template. This system was created to respond to the bank’s policy. The bank wishes to introduce the system to support the use of bank clients who wish to send and receive files to services available within the bank. The system can support transforming the file that the originating customer sends data to in the format that the bank’s service requires. as well as users can upload or download the said file through the CDE system screen which is a Web Application in the HTML5 working format.
Universal Connector System
Universal Connector is a bank initiative to enhance efficiency in data transformation and exchange systems between bank and clients by providing secure and automated file transfers.
The Bank ideally would like to enable the corporate internet banking system to be able to send the data files from clients seamlessly. Therefore, it is important that further action is taken to not only transform client data to Bank format following the bank data structure but also to integrate with the corporate internet banking system.Â
Bank needs changed the existing system to replace the current toolkit and enhance security. Stream proposes the new system to support automatic transformation processing between the Bank with partners and clients. The Bank’s clients can use the Web UI screen to upload file, while the tracking, reporting and data transformation will happen automatically. The Bank’s objective is to achieve fast onboarding to strengthen their competitiveness.
Stream proposes the Universal Connector System to assist Bank in the scope based on our initial discussion. To improve the on-boarding process for the external corporate clients and Internal systems, Stream provides a gateway to cater to different client on-boarding and cash management services. This helps eliminate the different toolkits that send data to the centralized back-end system. The system supports the data transformation for external corporate clients’ formats and internal bank payment formats.
Functional Requirements Summary
- Support Integration to Corporate Cash Management and Corporate Internet Banking
- Transformation and Translation ToolsÂ
- For Domestic Payment File (Bank Domestic Payment Standard)Â
- NPMS (XML Format)
- Cross Border Payment files (Bank Outward Remittance)
- ISO15022, ISO20022, MT and MX format
- Fixed Length, Delimiter and Excel Format
- Mapping rules for field and business validation
- Use Authentication and Single Sign On
- User Rules
- Notification, email
- Built in management, implementation, maintenance and housekeeping facilities
- Web-based front end and management system
- Reporting
- Profile Management
- Database look up and reference
- Online logging and historical audit
- Security and File Control as Bank Hashing (SHA1 and SHA2) and Encryption / Decryption Standard Method
Non-Functional Value Summary
- Leverage on common enterprise technical skill set
- Segregate Admin, IT and Business Users needs
- Policy base file routing and governance
- High resiliency architecture improving business service uptime
- Integration asset reusability
- Single monitoring and visibility
- Logical business straight through and flow
- Improve SLA compliance and customer satisfaction
- LDAP, SSO, Authentication, Authorization support
- Single platform solution with lesser systems to maintain, integrate and troubleshoot
Key Achievements
Stream has successfully consulted, designed, implemented and provided ongoing support to these banks and are proud to be a part of the bank’s business growth.
Benefits from the proposed solution:
- Attract new clientsÂ
- Improve customer service
- Get new products and services to market faster
- Avoid liabilities associated with security breaches
- Reduce costs associated with missing SLAsÂ
- Reduce information technology costs
- Reduce transaction costs
Capabilities from the proposed solution:
- Rapid activation and management of business partners for electronic B2B collaboration
- Secure, non-repudiated exchange of B2B information
- Integration of disparate systems to overcome information silos
- Automation of business processes without requiring programming
- Complete and real-time visibility into B2B processes
