INFOGRAPHIC
Solution
Synthesis implemented its BoP and txstream solution into AlBaraka ’ s core platform . This enabled AlBaraka to accurately report on all transactions to the SARB , simplify its deployment of consistent FinSurv rules throughout the bank and provide an application that allows for efficient storage , reporting and audit . Synthesis ’ Chris Assad said that : “ We simplify the payments process and regulatory reporting requirements , resulting in better overall compliance to the SARB rules .”
The rules-based approach of the solution validates the information against the SARB rules to ensure all the correct information is provided . This ensures accuracy and speed .
Assad explained that : “ SARB reporting has onerous validation requirements . txstream incorporates a feature that expedites this . The system applies validation and alerts users if anything is missing . We expose the validation rules via a web service so the bank ’ s internal system can leverage off it . Also , our software takes care of the complex re-submission process . To re-submit , one needs to delete the previous transaction and flag the new one . txstream takes care of the complexity of cancelling , waiting for a response and then resubmitting . In other systems , this all has to be done manually .”
Mohammed Kaka , Chief Operating Officer , Albaraka Bank , said : “ The team were open , frank and clear in their capabilities and delivered timeously . They worked hard to ensure very tight deadlines were achieved and delivered a solution that is robust and simple to use .”
Results
Outsourcing this solution resulted in additional time for the AlBaraka developers to focus on their core processes and capabilities , such as creating value-adding additions to the banking platform and client experience . txstream removed the burden and time involved in regulation updates and SARB communication . “ Compliance is held very high in AlBaraka ’ s priorities . By implementing the txstream fully-automated system , AlBaraka benefits from daily reporting that updates every time SARB requirements change ,” said Assad .
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THE TEAM WERE OPEN , FRANK AND CLEAR IN THEIR CAPABILITIES AND DELIVERED TIMEOUSLY . THEY WORKED HARD TO ENSURE VERY TIGHT DEADLINES WERE ACHIEVED AND DELIVERED A SOLUTION THAT IS ROBUST AND SIMPLE TO USE .
Kaka added that : “ We were impressed by Synthesis ’ technical compliance to South African Exchange Control Regulations which was built into the system and txstream ’ s ability to connect with the new core banking solution . Staff have experienced improved efficiencies from this and overall this element resulted in a smooth UAT and sign-off by the SARB .”
The client experience also improved as AlBaraka had updated forms and were able to get all the information from clients without additional calls and queries . This resulted in a smoother and faster process which is a priority to AlBaraka .
“ I would recommend Synthesis and txtream . The team and solution are definitely fit for purpose ,” Kaka said . • www . intelligentcio . com INTELLIGENTCIO
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