The client
The client, formed by the merger of a banking and a non-banking financial institution, is one of the leading private banks in India. With Assets Under Management (AUM) of over $30B, the bank operates out of 800+ branches nationwide.
The Challenge
As a result of the merger, the client had many applications deployed on different platforms (on-prem, cloud, hybrid) operating in silos. Maintaining large data sets that had to be exchanged with other applications to provide real-time, single view of data and derive meaningful business insights was challenging. The client required access to on-demand, real-time data to predict emerging trends that could impact their business. They also needed to collaborate with external partners who required quick access to real-time data.
The Solution
Persistent leveraged its design-led engineering excellence combined with deep industry knowledge to develop multiple solutions to enhance productivity and significantly reduce costs. We developed a state-of-the-art integration architecture to connect 30+ applications and external systems like NSDL, Aadhar, and other mobile devices for real-time data exchange. By deploying a canonical data model that adhered to ISO20022 standards, we were able to establish a highly efficient data exchange system between consumers and providers. Additionally, we integrated Persistent’s Track and Trace Accelerator to implement end-to-end monitoring, which enabled our lean team to provide exceptional support for over 1000 services in production.
We also developed an Escrow Management platform to streamline contract setup, payment automation, reconciliation, and reporting. It simplifies complex relationships between suppliers, financial services partners, customers, and other parties.
Further, we have developed a centralized alert management solution that allows the configuration and management of all alerts in one place. Additionally, we have established a missed call/SMS banking solution hosted in the bank’s environment, which receives the customer’s mobile number and SMS short code (only in the case of SMS banking), orchestrates the business flow, and delivers relevant information to the customer.
Finally, we created a Host-to-Host (H2H) File Exchange solution that enables safe and secure transfer of files between corporate clients and the bank. The solution also takes care of transforming the received files so that they can be easily used by other banking systems for which they are intended.
The Outcome
The bank’s system can now handle 1M+ payments per contract per execution window in a multi-country multi-time zone fashion, via standard ISO20022 file formats. In under 15 minutes, the system processes 1M transactions and 75K grouped payments.
The Integration Platform significantly improved developer productivity and seamless data management with its robust Data Store. It also improved overall turnaround time (TAT) and reduced implementation costs. While the Escrow Management platform reduced the risk of financial disputes, the Alert Engine has reduced operational costs through centralized automation, and the H2H File Exchange has secured the transfer of sensitive financial data.
