CASE STUDY FOR SFMS (STRUCTURED FINANCIAL MESSAGING SYSTEM) INTEGRATION

For one of the leading financial services company

SNAPSHOT
Industry
Finance

Company Overview
The client is a leading financial services company with interests in consumer finance, asset management and securities. As one of Asia's largest financial services groups, the client has the resources and expertise to provide the full range of corporate and investment banking services to large corporations, financial institutions as well as small & medium sized enterprises. In addition, the client also services individual customers through its Wealth Management services.

Business Challenge
Changes were supposed to be made with minimum impact on the existing setup. Time was the biggest constraint for testing the solution and implementing The Core Banking System of Singapore was in a remote location There were very less accessibility and privileges to make any changes to the Core Banking System at Singapore Due to lack of the right technology skill sets at Singapore, communication was a big problem

Business Challenges
The client is using Finacle as its core banking solution, which is a comprehensive, integrated yet modular business solution that effectively addresses the strategic and day-to-day challenges faced by banks. Finacle core banking solution supports business event automation and process orchestration, thus eliminating manual tasks and reducing process time. The elimination of error and data redundancies also results in increased branch productivity. Straight Through Processing (STP) abilities enhance reduction in turnaround and processing time, increasing output and enabling speedy completion of tasks. The client was in the process of Integrating the Core Banking Systems with the common interbank payment systems offered by the Reserve Bank - such as the NEFT, RTGS etc., to facilitate Straight Through Processing (STP) modes. This project was divided into three phases of UAT, Production and DR. During the project the clients team had few technical challenges. Changes were supposed to be made with minimum impact on the existing setup. Time was the biggest constraint for testing the solution and implementing the same on production environment. The UAT set up simulating the production setup of India was not ready. The Core Banking System of Singapore was in a remote location There were very less accessibility and privileges to make any changes to the Core Banking System at Singapore. Due to lack of the right technology skill sets at Singapore, communication was a big problem. WebSphere Message Queuing Settings and Message Formats received from Singapore were not as per their requirement.

Omnitech Solution
Omnitech offered its services to help client integrate their core banking solution with the RTGS and NEFT solutions.

Business Benefits
Shorter processing times (operational efficiency). Process higher volumes with greater accuracy. Reduced operational risk and data errors. Enhanced internal collaboration and communication. Straight through Processing capabilities allowed to automate system-to-system steps without human intervention.

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Solution
Omnitech with over five years of experience in implementing the SFMS (Structured Financial Messaging System) solutions for banks all over India evaluated the existing setup at the clients site. After successful evaluation, Omnitech offered its services to help client integrate their core banking solution with the RTGS and NEFT solutions. The integration was done with the skilled resources coupled with the in-depth knowledge of the technology in fund transfer solutions. Assisted in defining the strategy to implement the new system with minimal changes in the current system and no impact on current system. The UAT system was created similar to the Production system for testing the setup in a short duration. Installation and configuration was done for the SFMS software in India. Installation and configuration was completed for WebSphere Message Queuing Software in India and helped with all the configuration settings at Singapore Omnitech communicated with IDRBT to help Singapore Branch to correct the SFMS Message format for the correct communication. The test cases were then documented in such a way that it made it easy for the test automation team to automate these test cases to reduce the test execution time during every release.

Result:
The client managed to successfully implement the Core banking system within the given deadline, with the constant help from Omnitech. A permanent UAT setup was made readily available for all future testing and implementation, thus saving on time and improving efficiency. With implementation of Straight Through Processing in their production environment, the client got the following benefits: Shorter processing times (operational efficiency). Process higher volumes with greater accuracy. Reduced operational risk and data errors. Enhanced internal collaboration and communication. Straight through Processing capabilities allowed to automate system-to-system steps without human intervention.

About Omnitech InfoSolutions : Omnitech InfoSolutions is an ISO 9001-2000 certified technology services and solutions provider company in the Business Availability and Business Continuity space. The Business Availability services include Infrastructure Management, Application Management and Performance Management services whereas Business Continuity services include Disaster Recovery Consulting and Management, Data Vaulting and Workplace Recovery Services. Omnitech InfoSolutions is also a world-class provider of turnkey IT solutions like Server & Storage Consolidation, Virtualization, Network Integration Solutions and Data Center Management Solutions, Omnitech provides end-to-end support with guaranteed SLA (Service Level Agreements) in order to optimize infrastructure management and align IT with business goals.

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Omnitech InfoSolutions Logo is a registered trademark of Omnitech InfoSolutions Limited. (C) 2009 Omnitech InfoSolutions