USE CASE

Core banking integration. Regulatory. Mobile

BENEFITS

Time to market. Meet compliance deadlines

KEY PRODUCT COMPONENTS

Fiorano Integration Platform, Fiorano Tools

Business Challenge

In 2016, National Bank of Cambodia (NBC), in co-operation with 13 commercial banks and several MDIs (Microfinance Deposit taking Institutions), launched a national interbank payment transfer system called FAST (Fast and Secure Transfer). The system was introduced to provide immediate funds to consumers with liquidity needs.

NBC mandated that all the banks use the newly launched FAST system within a specified time frame. In order to leverage this service, banks had to integrate their core-banking systems with the new FAST system and comply with the associated ISO 20022 message specifications as soon as possible. For outgoing transactions, the core banking messages had to be transformed to corresponding ISO 20022 formats and incoming messages and outgoing returns had to be transformed from ISO 20022 and updated in the core banking system.

Apart from the compliance with NBC, Canadia bank also had plans to introduce new services to its customers through ATM transactions. These new services had to communicate with the bank's Temenos T24 Core banking system. Point to point integration was proving to be very expensive and inefficient; the IT team foresaw huge integration bottlenecks which could put the project behind schedule.

300%

IMPROVEMENT IN PROJECT IMPLEMENTATION TIME

The Fiorano Platform
enabled timely compliance, faster customer service
and cut development costs

Business Challenge

300%

IMPROVEMENT IN PROJECT IMPLEMENTATION TIME

The Fioran Platform
enabled timely compliance, faster customer service
and cut development costs

Mr. Luis Chen, EVP, Canadia Bank explains how Fiorano helped Canadia Bank speed up project implementations from 2-3 months to 2-3 weeks.

Solution

With the objective of meeting the customer needs and NBC's regulations, Canadia Bank selected Fiorano Platform to serve their integration needs. Fiorano solution architects and consultants studied the bank's existing architecture and laid out a plan to address the integration challenges, keeping the implementation of the FAST system as a priority.

Post FAST - T24 integration, the Canadia team performed several follow-on projects including integration of AML (Anti-money laundering) over the Fiorano Platform.

Solution

Post FAST - T24 integration, the Canadia team performed several follow-on projects including integration of AML (Anti-money laundering) over the Fiorano Platform.

Fiorano Deployment architecture at Canadia Bank

Flexibility of Fiorano Platform to expose required services

NBC - FAST & solution: This integration scenario required that any payment done in the core banking system (CBS) triggered a process in the FAST payment system. All integrations were developed on Fiorano e-Studio which features a drag and drop interface for building flows.
Connectivity to the Temenos T24 platform was provided by Fiorano T24 adapters deployed as Microservices. Fiorano pre-built adapters and flows helped Canadia bank to immediately roll out the integration project and comply with the FAST integration with near zero coding and minimal configuration changes in record time.

AML (Anti Money Laundering) Canadia Bank uses the CORAL iSEM™ solution for Watchlist Filtering. This helps the bank perform document verification for new and existing customers. The whole process of Watchlist Filtering includes 8 different steps with multiple decision-making steps and automatic alerts for inserting, approving, rejecting customers.
These flows involve exchange of information among the T24 core, iSEM Webservices and front-end banking systems and are implemented on Fiorano.

ISO 20022 Transformation

Incoming, outgoing, reversal and acknowledgment of transactions to FAST handled using ISO20022 message formats.
Different types of ISO20022 message formats like pain.001.001.05, pain.002.001.06 , pain.007.001.05 used.
For outgoing transactions, Core Banking System messages are transformed to corresponding ISO20022 message.
The incoming message and outgoing returns are transformed from ISO20022 and updated in Core Banking System.

Fiorano Deployment architecture at Canadia Bank

Flexibility of Fiorano Platform to expose required services

ISO 20022 Transformation

Incoming, outgoing, reversal and acknowledgment of transactions to FAST handled using ISO20022 message formats.
Different types of ISO20022 message formats like pain.001.001.05, pain.002.001.06 , pain.007.001.05 used.
For outgoing transactions, Core Banking System messages are transformed to corresponding ISO20022 message.
The incoming message and outgoing returns are transformed from ISO20022 and updated in Core Banking System.

Results

Quick Compliance to Regulatory Norms - Fiorano’s pre-built adapters and templates helped Canadia bank easily meet all necessary FAST-related ISO 20022 transformation requirements with almost zero coding and minimal configuration changes to existing systems, in record time. One of the biggest achievements of Fiorano Platform implementation was that it made Canadia Bank one of the first banks in Cambodia to integrate with NBC's FAST system.

Reduced Development Costs - Canadia Bank saved significantly on development costs as Fiorano Platform is a codeless Fiorano Platform. Moreover, Fiorano Platform obviated the need to invest in additional software for ATM and SWIFT integrations resulting in an estimated 30%-40% reduction in overall costs.

300% Faster time to market Development of flows for FAST integration took only a week and the flows for ATM integration were built within 10 working days. With increased developer productivity Canadia bank saved almost 80% in development time, rolling out services at a 300% faster rate, resulting in significantly improved customer satisfaction and customer acquisition rates.

Canadia Bank meets NBC's ISO 20022 Compliance mandate with Fiorano

Canadia Bank releases new services to customers 150% faster

USE CASE

BENEFITS

INDUSTRY

KEY PRODUCT COMPONENTS

USE CASE

BENEFITS

INDUSTRY

KEY PRODUCT COMPONENTS

Business Challenge

Business Challenge

Canadia Bank

Solution

Solution

Fiorano Deployment architecture at Canadia Bank

Flexibility of Fiorano Platform to expose required services

ISO 20022 Transformation

Fiorano Deployment architecture at Canadia Bank

Flexibility of Fiorano Platform to expose required services

ISO 20022 Transformation

Results

Results

Schedule demo

Get In Touch

Download Product

Schedule demo

Get In Touch

Download Product

Canadia Bank meets NBC's ISO 20022 Compliance mandate with Fiorano

Canadia Bank releases new services to customers 150% faster

Business Challenge

Business Challenge

Canadia Bank

Solution

Solution

Fiorano Deployment architecture at Canadia Bank

Flexibility of Fiorano Platform to expose required services

ISO 20022 Transformation

Fiorano Deployment architecture at Canadia Bank

Flexibility of Fiorano Platform to expose required services

ISO 20022 Transformation

Results

Results

Schedule demo

Get In Touch

Download Product

Schedule demo

Get In Touch

Download Product

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