CASE STUDY
rules to ensure all the correct information is provided . This not only ensures accuracy but speed as well .
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 .”
Kaka added that : “ The team were open , frank and clear in their capabilities and reporting and since the inception of Finsurv BoP reporting , it means that we are at the forefront of all the new SARB reporting initiatives ,” he said .
Results
With the role of a CIO , COO , IT Director or IT Head constantly evolving over the years with more C-level and business line executives getting involved in making IT and technology purchasing decisions , it is important that those entrusted with driving technology strategies to push the business forward get buy-in from their peers .
According to Kaka , the decision to modernise the bank ’ s core banking systems was not a difficult one . “ Being a relatively ‘ small ’ bank , we run an agile approach to business , being very embracing of technology . The bank views technology as an enabler and the focus for us is on utilising technology as
WE CONTINUE TO DEVELOP ASTUTE RELATIONSHIPS WITH FINTECHS . AN EXAMPLE OF THIS IS THE DEPOSIT AT TILL OFFERING , WHICH IS SPEARHEADED BY A FINTECH AND ALLOWS BANK CLIENTS TO DEPOSIT CASH AT MAJOR RETAILERS .
delivered timeously . They worked hard to ensure very tight deadlines were achieved and delivered a solution that is robust and simple to use . Our relationship commenced in 2013 when we initially started searching for a solution . Based on proposals received , their understanding and skills , it was a logical partnership to partner with Synthesis .”
Assad pointed out that the overall project took three months to complete and was initiated offsite with 80 % completed remotely while the last 20 % of the implementation was done onsite . “ Synthesis assisted in infrastructure setup , API creation and fault resolution with respect to this part of the project . Synthesis has 18 years experience with regard to SARB a means of bridging the gap that we have to the larger banks ,” he said . “ We have always been aligned to work with fintechs , with entire portions of our business being completely outsourced to them . We continue to develop astute relationships with fintechs . An example of this is the deposit at till offering , which is spearheaded by a fintech and allows bank clients to deposit cash at major retailers . The majority of our IT infrastructure is on premise , however , we are steering towards hosting our new mobile banking application in the cloud .”
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 fullyautomated system , AlBaraka benefits from daily reporting that updates every time SARB requirements change ,” said Assad .
Kaka pointed out that the bank is 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
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