January 16, 2024
January 16, 2024
Case Studies

Case Study: Largest European Multinational Bank by Asset Size - Payments

No items found.
No items found.
Background challenge

The client faced various obstacles, including rejected payments, missed SLAs and an overburdened investigations team. These issues stemmed from data limitations in their core payment platform, outdated SSI data, and third-parties inability to support  specific data formats.

A mistake from a third-party data supplier led to costly misdirected payments and unplanned expenses for recovery.

Political situations and the addition of Sanctioned BICs have increased costs and time required for compliance. The client also required business and compliance rules optimisation and prioritisation of internal payment routing networks.

Approach & Solution

Streamlined Integration  

Converted high-quality, comprehensive SSI data into a custom format compatible with the legacy banking platform.

Automated Rule Engine          

Refined payment SSIs to align with the bank's specifications, compliance standards, and preferred local routes.

SSI Data Accuracy Checkpoint

Resolved data accuracy issues, mitigated the risk of misdirected payments and increased the accuracy and security of transactions.

Value & Outcomes

Increased Cost Efficiency by streamlining processes and optimising payment routing. Reduced expenses associated with payment repairs, third-party correspondent banking fees, internal operational and IT costs, and costly core platform updates. Improved delivery timeframes tied to rule changes, compliance, and routing priorities.

Reduced Payment Failures by providing accurate and up-to-date reference data.

Enhanced Customer Experience  by reducing friction, processing times and the need for follow-up verification or corrections.

Improved Team Efficiency and Data Accuracy by streamlining the payment repair process, meeting the internal 5-second repair SLA and maintaining ongoing compliance adherence.

Be part of the growing community striving to improve correspondent banking for everyone.

Join thousands of users worldwide sharing the latest information for KYC, AML, and payment operations.

Talk to us

Join Our Newsletter

Keep up to date with our latest news and how we're making changes.