CASE STUDY
When Sasfin replaced its legacy
payment system, continued
compliance with the South
African Reserve Bank’s (SARB) Finsurv
reporting regulations was critical.
The Synthesis tXstream Finsurv solution
fitted well. Integrated into the bank’s new
Calypso platform, it enables automated
compliance support, significantly lowering
reporting effort and increasing accuracy
and efficiency.
Marlana Möller, Portfolio and Programme
Manager at Sasfin, said: “The Calypso suite
gives us a treasury trading platform with
advanced functionality that provides the
bank with a foundation for future growth.
The Synthesis tXstream Finsurv solution, with
its modern architecture, dynamic updates,
ABOUT SASFIN
Sasfin is an independent banking and
financial services group, listed on the
Johannesburg Stock Exchange in 1987.
Having evolved from a textile company
in 1951, it is positioned to service the
requirements of entrepreneurs.
Sasfin provides a number of specialised
financial services from stockbroking to
business finance and equity finance.
ease of use and ability to scale, brings us a
world-class regulatory compliance capability
that meets local requirements.”
tXstream Finsurv adds automation, building
validation of payments as well as SARB
Finsurv reporting into Sasfin’s Calypso
payment solution.
new solution. The Synthesis Finsurv solution
was a standard, off-the-shelf solution that
offered plug-and-play functionality.
“Used in many South African banks, it comes
highly recommended. In addition, the
Synthesis team could provide the advanced
support needed to configure, integrate and
maintain this mission-critical solution.
“Together, Sasfin, Synthesis and Andile
Solutions (the Calypso provider) have
delivered a phenomenal solution that paves
the way for Sasfin to expand its offerings
and grow.”
Neethling added: “We worked as a team
to build a proof of concept, embed a
rules engine into the Calypso system and
customise the workflow to drive accurate
and efficient regulatory reporting. The
outcome is fully automated Finsurv reporting
and full continuity – the validation rules can
run in an on or offline environment.”
Marais Neethling, of Synthesis, said: “With
Calypso, Sasfin got increased control and
deeper functionality as multiple standalone
systems were replaced with a single suite
of solutions; the Synthesis tXstream Finsurv
reporting solution adds automation,
building validation of payments as well as
SARB Finsurv reporting into the Calypso
payment solution.”
THE CALYPSO SUITE GIVES US A
TREASURY TRADING PLATFORM
WITH ADVANCED FUNCTIONALITY
THAT PROVIDES THE BANK WITH A
FOUNDATION FOR FUTURE GROWTH.
Challenge
Why choose tXstream?
Iqbal Sheik, Project Manager at Sasfin, said:
“We had to weigh the effort, time, cost and
complexity of upgrading and integrating our
legacy Finsurv solution against acquiring a
Intelligent CIO asked Josh Souchon, CIO of
Sasfin, further questions about the solution.
Can you explain how the solution
enabled you to achieve increased
accuracy and efficiency in the
reporting process?
I asked the COO and business users of the
Synthesis solution for their specific views
and here is their response which I fully agree
with. This is feedback from the FX Back
Office: “In terms of workability on Calypso
I cannot fault the system. It has integrated
seamlessly into our payments system.
Provided all client information is populated
on to their profiles on Calypso, all the CIF
information on each payment is automated.
It is also easy to detect errors before
submitting the BOP information.” Note that
Calypso is our treasury and trading solution
and tXstream is our Finsurv solution.
What IT challenges did
continued compliance with the
South African Reserve Bank’s
Finsurv reporting regulations
present to your company?
Previously Sasfin had to do a system update
on our legacy Finsurv reporting system
each time there was a SARB change. Now
www.intelligentcio.com
INTELLIGENTCIO
51